Bury are now almost certain to be expelled from the English Football League after a proposed takeover by C&N Sporting Risk has fallen through.
The data analytics company which was attempting to buy Bury Football Club has said they are "unable to proceed" with the proposed takeover.
In a statement, C&N said:
The news Bury had dreaded came with less than 90 minutes remaining before the EFL's deadline.
In a statement, The EFL said:
The League One club's owner Steve Dale was originally given until midnight on Friday to prove he could pay off Bury's debts and fund the next two seasons or find someone who could.
Two hours before that deadline expired, Dale told reporters he had sold the club to C&N, a London-based sports analytics company set up by former Labour spin doctor Alastair Campbell's son Rory Campbell and former Barnet caretaker manager Henry Newman, who met while scouting for West Ham.
This seemed to be the rescue Bury fans had been praying for and on Saturday morning the EFL extended its deadline until 5pm on Tuesday to give Dale and C&N more time to complete the deal.
In a statement, Bury Football Club sympathised with fans but said they are working hard to look at other potential avenues.
Around 300 fans turned up to Gigg Lane on Tuesday to clean up the stadium in hope it would be ready for Saturday's fixture against Doncaster Rovers.
- Sports Reporter Chris Hall has this report:
Elsewhere, Bolton Wanderers are still trying to beat the 5pm deadline to ensure they can continue.
A number of parties are interested in purchasing the Trotters but a deal with Football Ventures collapsed over the weekend when it looked close to completion.