BURY chairman Brian Fenton has confirmed the club will reluctantly go into administration in two weeks if they fail to raise £1 million.

The Shakers chief, who launched an urgent appeal for investors on Wednesday, is adamant his survival plan remains the only viable escape route open to the cash-strapped League One club.

“I don’t want to go down the administration route for two reasons,” he said.

“Firstly, administrators will come in and basically savage the club.

“Secondly, if we go into administration before the end of the season, the Football League will deduct us 10 points and will probably hold that over until next season, and then deduct another 10 points when we come out of administration.

“That means, if we go down to League Two, we would almost certainly find ourselves having to make up 20 points, which would see us hovering above the Football League trap door.

“So either we lose control of our club and start next season with minus points, facing the very real prospect of non-league football, or we find the money to put the club back on a sure footing with a long-term future.”

Fenton confirmed yesterday the board had already held positive talks with potential investors.

They are being offered a “guaranteed return”, although the Bury chairman is open to further concessions.

“My main focus now is finding the right investors,” he said. “As it stands, I would say we have two weeks to do that, or we will go into administration.

“At the moment, we have an interim board. That could change with any new investors, who could be offered a place on the board if they want it.

“And if they want me to step down, I would happily do that tomorrow if the right people come forward.”

The local businessman, founder of the Haslingden-based Bridge Group, says he has invested a considerable amount of his own money to keep the club on an even keel during his three-year tenure as chairman.

And despite the current cashflow crisis, he believes the fact the club owns Gigg Lane and connecting facilities makes it a decent investment prospect.

“It’s a big animal and I just don’t have the kind of money it needs to go forward,” said Fenton.

“It needs fresh investment, a fresh start and a fresh outlook.

“The £1million we have asked for is not just to clear our debts, which are not that big – nothing like the millions that some clubs in League One are carrying.

“The money will also give us much-needed income for next season, to give us a foundation to help build the club up again.”

As well as the club’s £1million survival plan, supporters group Forever Bury is running an appeal to help plug the cashflow problem.

They are appealing for 100,000 new members to come forward, each paying a £10 membership fee.

To find out more visit the website at ForeverBury.org