Bury are expected to be expelled from the English Football League after being unable to complete a takeover before the 5pm Tuesday deadline imposed by the EFL.
The 134-year-old club were given an extended deadline to complete the sale of the club, after a last-minute takeover from C&N Sporting Risk emerged on Friday.
An extension was granted beyond that 11:59 deadline to allow the League One side to complete a takeover, which would have seen Rory Campbell, son of Alastair Campbell and former Barnet caretaker manager Henry Newman take the reigns from Steve Dale.
The EFL had previously stated they could extend the deadline again if a deal was close to being agreed but, with a deal collapsing, no more leniency is expected from the governing body.
Instead, Bury are set to become the first side since 1992 to lose their Football League status and the first FA Cup winners to ever be expelled from the EFL.
That is a tragic end for a side that were once founding members of the Football League and, with Bolton Wanderers facing similar problems and set to be given a 14-day window until their own removal, gives a clear indication of the financial plight that exists outside of the Premier League's bubble.
A statement from the EFL prior to the deadline said that 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'.
