Bury’s proposed takeover is in serious doubt ahead of their 5pm deadline to find a new owner.
The proposed purchase by C&N Sporting Risk is off, meaning Bury could be expelled from the Football League on Tuesday.
Bury owner Steve Dale was given until 5pm on Tuesday to find a new owner.
However, C&N Sporting Risk say they are ‘unable to proceed’ with the takeover.
“As part of our due diligence, we set ourselves a list of key criteria regarding the CVA, the ground and the overall financial state of the club that had to be met in order for us to be satisfied that we have enough knowledge to proceed with the takeover,” a C&N Sporting Risk statement read.
“The complexities involved in each of these matters escalated and continued to do so.
“It is therefore with regret that we will be unable to proceed with the takeover of Bury FC.
“This decision has not been taken lightly.
“We fully understand the importance of the club to the community and it is with this in mind that we have informed the EFL of our possible decision at the earliest possible opportunity.
“We are grateful to the EFL for the short extension they granted us so that we could continue with due diligence, and for their acceptance of our proof of funds capable of mounting a credible takeover.
“This has been worked on around the clock by our team and advisors for the past 72 hours.”
An EFL statement read: “The league announced at the weekend that it was working exclusively with the club and C&N in an attempt to finalise a change of control at the club.
“However, following a period of due diligence, C&N have opted not to progress matters.
“The league continues to be in discussions with Bury FC in advance of today’s 5pm deadline and will provide a further update as appropriate.”
Bury would become the first EFL team to liquidate since Maidstone in 1992.
The EFL have suspended Bury’s six fixtures this season after demanding the club could prove funds to last the remainder of the season.
Their original deadline was last Friday, however, Bury were handed an extension until 5pm on Tuesday.
Around 300 volunteers cleaned Gigg Lane in hope of their fixture against Doncaster going ahead on Saturday.
However, those efforts may not save the club unless a new owner is found before the deadline.