Bury's opening League One game, at home to MK Dons on Saturday, has been suspended.
The EFL said the club had been given a deadline of 5pm yesterday to provide confirmation about its finances - and is "not satisfied it has received the necessary evidence" about how the Club will be funded.
In a statement posted online, the EFL Board said it "feels it has been placed in an unenviable position and, regrettably, has opted to take the reluctant decision to suspend Saturday’s opening day fixture".
A decision about Bury's away match against Accrington Stanley will be made on Friday.
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What about Bolton Wanderers?
Bolton were also given an extended deadline by the EFL to prove that they can meet the requirements of the league.
The club has been in administration since May and have cancelleda number of pre-season friendlies - with players saying they had not been paid.
A takeover of the club by Football Ventures was due to be completed at the end of last week, though it is yet to be confirmed.
The EFL Board says it "has fully considered the club's further submissions and is satisfied that they are sufficient to meet the requirements of the league, subject to the completion of formal documentation."
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