Bolton have gone into administration and will begin next season in League One with a 12-point deduction.
The club had been given two weeks to appoint to an administrator after last Wednesday's High Court appearance over an unpaid £1.2m tax bill.
They become the first English Football League side to go into administration since Aldershot Town in 2013.
Bolton said they hope the appointment of administrators "will ensure the continued existence of the club".
The appointment comes after notices of intention to appoint administrators was filed by Fildraw Limited, a company which represents the Trust of former owner Eddie Davies, last week.
Davies loaned the club £5m days before his death to help the club avoid administration in September.
Administrator Paul Appleton, of David Rubin & Partners, said: "This has obviously been a long-running situation and it is vitally important that we quickly establish the position of both the football club and the holding company.
"It has got to the stage where the Trust could not sit back and allow the club to go into liquidation. Decisive action had to be taken and the Trust believes the decision is in the best interests of Bolton Wanderers.