Former Watford owner Laurence Bassini is in talks to takeover troubled Bolton Wanderers, according to reports.

Both the Sun and the Telegraph are reporting the controversial businessman is in discussions to buy the Championship club from Ken Anderson.

Wanderers have until Wednesday to pay their debts of face the prospect of liquidation over an unpaid £1.2 million tax bill.

Club staff were told via email earlier this week that a takeover by a mystery buyer was agreed in principle and the deal could be completed by the weekend.

Twice declared bankrupt, Bassini was banned from holding a position of authority with a Football League club for three years in March 2013 after a disciplinary commission found him guilty of financial misconduct.

Bassini took over the Hornets in May 2011 but his short, and controversial tenure, was to end 13 months later when he sold the club to the Pozzo family.