Bolton have been set a deadline of next week to complete the club’s sale or provide ‘credible plans’ they can complete this season or face being expelled from League One.
Crisis hit Wanderers have a meeting with the EFL board on Tuesday at 5pm and they could have their membership to the English Football League withdrawn.
They started the season on minus 12 points after being placed in administration before the start of the season.
Portsmouth are due to hot Bolton at Fratton Park on Saturday, September 28, and then travel up to the North West on January 18, 2020.
A statement issued by the EFL on Saturday evening highlighted the league's frustration at ‘constant contradictory information and no finalisation of a deal’ and suggested the suspension of the Notice of Withdrawal of the club's membership of the league, issued in May, could be lifted.
Bolton also lost large numbers of senior players and fielded the club's youngest-ever side this season against Coventry.
Bolton's manager Phil Parkinson and assistant manager Steve Parkin resigned from their positions on Thursday and the team lost Saturday's home League One match to Ipswich 5-0.
The EFL statement read: ‘The current situation cannot continue and the time to resolve the current impasse is now fast running out.
‘Whilst it is understood as recently as yesterday that the parties were once again in a position to complete the formalities, there appears to be additional frustrating delays that are only serving to have a negative and detrimental impact.
‘If a successful conclusion to a sale is not found or there are no credible plans for the Club to continue the season in administration by the planned Board meeting at 5pm on Tuesday 27 August 2019, then the EFL Board will consider lifting the suspension on the Notice of Withdrawal of the Club's membership of the League which was issued when the Club entered into administration in May 2019.’