Dale Vince has not ruled out Forest Green serving Bolton with a winding-up petition - one day after it emerged they already face two other petitions.
The clubs are in dispute over the transfer of Christian Doidge, with Rovers threatening Bolton and chairman Ken Anderson with legal action.
Forest Green owner Vince has called for football authorities to "get involved", but Anderson denies any wrongdoing.
"I think a winding-up petition may be possible," said Vince.
"If not, it could be a simple pursuit through the High Court for a breach of contract. Quite what legal route we take will be decided in the next few days - it doesn't really matter.
"There are debts and problems all around the club and all around Ken - it's just a big mess. I think the football authorities need to get involved in this before a fantastic club goes down."
Bolton are reportedly facing winding-up petitions from HM Revenue & Customs and agency Stellar Football Limited.
The agency represents former Bolton players Gary Madine, Tim Ream, Derik Osede and Rob Holding.
But a Wanderers spokesperson said "if and when it is served, the club will vigorously defend the petition by Stellar Football Ltd" and that any petition from HMRC "will be dealt with if and when served".
Speaking to BBC Radio Manchester, Vince also reiterated the League Two club's stance that the deal for striker Doidge - due to join Bolton on a permanent deal in January after originally signing on loan - was dead.
Giving his first press conference since the disagreement became public, Bolton manager Phil Parkinson said it had been an "interesting week" but that he had to "focus on the football".
Wanderers, who visit in-form Bristol City on Saturday, are currently 22nd in the Championship and fighting for survival in the second tier for the second season running.
"There's a 20-game season ahead of us and I'd suggest that these 20 games are as big as anything the club's had in its history," said Parkinson.
"In two or three years' time, people won't look back and say 'but remember, that Bolton team had a few problems to deal with'. It'll just be about what position we finish in.
"I can't reassure the fans in terms of what's going on off the pitch. All I can say to them is these 20 games are so important for the club."