Neil Lennon is adamant Bolton's financial meltdown could drive his side to better results in the league - even though his players weren't paid last month.

The Trotters have debts of £172.9m and failed to meet November's pay day for staff and players.

And long-time owner Eddie Davies has revealed he is no longer willing to bankroll the side currently propping up the Sky Bet Championship as he attempts to sell the club

But former Celtic gaffer Lennon, who is clinging to his job, is refusing to hoist the white flag.

He said: "I think something like this can make you stronger.

"We are going through an adverse period in recent times and the strength is the players and the supporters.

"A couple of wins will change the whole landscape of things, but it's getting those wins. We keep knocking on the door and just falling short."

Meanwhile, Trevor Birch, who was appointed as an advisor to the Bolton board in November, has said that the club's situation is "increasingly perilous."

"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," he said

"The club's position is increasingly perilous and new investment is needed quickly."

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 yesterday, Birch said: "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 the Lancashire outfit.