Much of Lennon’s 17-month reign was dominated by Bolton’s financial troubles.
They were £172.9m in debt but it is believed the majority has been written off by former owner Eddie Davies, who does not wish to reclaim the money owed to him.
Bolton, who have won just four of their 37 Championship games this season, are back in the High Court on Monday over a winding-up petition brought by Revenue and Customs over an unpaid tax bill.
Ex-striker Dean Holdsworth, who leads the Sports Shield group and became Bolton’s chief executive following the takeover, says the bill has been paid in full.
Bolton have not played in the third tier of English football since 1992-93 but are faced with that prospect unless they can achieve an unlikely escape from relegation.
Prior to his arrival at Bolton, Lennon won three Scottish league titles and two Scottish Cups with Celtic, as well as leading the Hoops to a famous victory over Barcelona on their way to the last 16 of the Champions League in 2012-13.
BBC Radio Manchester’s Bolton reporter Jack Dearden
“Four wins all season, bottom of the Championship table, nine games remaining, 11 points adrift.
“I don’t think anyone will be surprised. It’s a results-driven business and Neil Lennon himself has admitted that, but to be fair to him, he has been the manager in suitably difficult circumstances.
“Mathematically it is still possible (that Bolton could stay up). Realistically, not a chance at all. The players have got to accept their share of the responsibility as well and I’m sure that they would do.”