Bolton will start next season with a 12-point deduction in League One after officially entering administration, the EFL has confirmed.
Wanderers had already been relegated to League One having endured a miserable campaign in the Championship, and were forced to forfeit their penultimate game against Brentford.
The club could receive a further six-point deduction for failing to play that fixture.
Bolton's chairman, Ken Anderson, accused Bassini of "time wasting" and making "empty promises" when the club confirmed last week they would file for administration.
An EFL statement released on Monday read: "The EFL can confirm that it has been formally notified that administrators have been appointed in respect of Bolton Wanderers Football Club.
"As a result, the Club is now subject to a 12-point deduction and, in accordance with EFL Regulations, the sporting sanction will take effect next season in League One.
"The EFL will now commence discussions with the Administrators with the aim of achieving a long-term future for the Club."
Bolton, a founder member of the Football League, will now face a difficult task when they start life in the third tier next term.
They were previously relegated to League One in 2015-16 but managed to bounce back to the Championship at the first time of asking.
That will be significantly more challenging this time around, however, given the difficulties Bolton face off the pitch.
One of the two administrators appointed for the club, Paul Appleton, said in a statement: "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 [that represents the family of former owner Eddie Davies] 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.
"Everybody at the club as well as the supporters need a sense of clarity and that is what I will be seeking to provide as quickly as possible."