Latest update from Trevor Birch: https://t.co/df3mVnrld4 #BWFC pic.twitter.com/bHlof1dr37

— Bolton Wanderers (@OfficialBWFC) December 1, 2015

Any hope of an imminent sale appears unlikely after Birch, hired to facilitate a takeover, confirmed none of those interested in purchasing Bolton were close to taking control from Davies, who is prepared to wipe out £185million of debt owed to him.

Speaking after the players had met with him and a PFA representative on Tuesday, Birch said on the club’s official website: “We spoke to the players today and they remain upbeat and committed to doing all they can to help the club through this difficult time.

“We’re continuing to negotiate with interested parties but unfortunately no one party has demonstrated all the requisite elements needed to conclude a deal yet. The club’s position is increasingly perilous and new investment is needed quickly.

“We’d like to thank the fans for their continued support and all of the behind-the-scenes staff for their continued hard work in difficult circumstances.”

A consortium led by ex-Bolton striker Dean Holdsworth is understood to be among those who have expressed an interest in acquiring Bolton but Birch’s latest update suggests the tough times could continue for Neil Lennon and his squad.

Lennon’s team drew 1-1 with Brentford at the Macron Stadium on Monday night and the Northern Irishman admitted he is operating under a cloud of uncertainty.

Asked after the Bees clash if he was optimistic the situation would soon be resolved, Lennon replied: “I don’t know, is the answer. You’re asking the wrong person, really.

“These are things that are out of your control as manager.

“But the players have done very well in difficult circumstances, and they may need to continue to do that, the longer the process goes on.”