The recently-formed Bolton Wanderers Supporters' Trust has launched its own bid to purchase the troubled club as it attempts to avoid administration.
Owner Eddie Jones withdrew support for the Championship side and put it up for sale last year with its debts totalling over £170m, leading to staff and players suffering severe delays with their wages.
HMRC has given Bolton until February 22 to meet a £2.2m tax bill, while the Football League has placed the club under a transfer embargo for failing to file accounts on time.
In a statement on Friday, the supporters' trust announced that it had held discussions with Jones about a possible takeover from a consortium including the trust, local businesses and institutions.
"Our objective is to raise sufficient funding to secure the future of the club for the benefit of the supporters, the community and the town," it said. "We would not engage with anyone who didn't share our commitment to a community investment.
"We have requested immediate access to management and financial information and preferred bidder status. We would make every effort to achieve a solvent purchase, to avoid losses for creditors and a points deduction."
Bolton are currently rock bottom of the Championship, five points from safety.