Bury staff issued a statement on August 12 imploring Dale to accept an offer for the club, who are yet to play a competitive fixture this season.
The club have already been given a 12-point deduction after entering into a company voluntary arrangement (CVA) - which is classed as an insolvency event by the EFL - to try to clear some of their debts, and the threat of expulsion looms large.
In a statement, the EFL said:
That would mean League One continuing with 23 clubs for the remainder of the campaign with the number of relegation places reduced to three, with four still coming up from League Two to restore the full complement for next season.
The EFL statement continued: "Bury would then be free to make an application to the Football Association to re-join league competition further down the English football pyramid from season 2020-21."