BURY North MP James Frith has promised to do "all he can" to ensure a sustainable future for Bury FC.

A winding-up petition against The Shakers was adjourned yesterday after it was revealed that three prospective parties were interested in buying the club.

Owner Steve Dale put the town's football club up for sale last month, claiming the financial situation was far worse than he first thought when he took over from previous owner Stewart Day back in December.

After news of the parlous state the club finds itself in emerged last month, Mr Frith wrote to Mr Dale to express his concern.

In a statement tweeted by the MP this afternoon, he informed Bury supporters that he was keeping a "close on proceedings" and said he had been in contact with Mr Dale via phone calls and text messages on a number of occasions.

He also revealed that Mr Dale had told him his decision to buy the club was one "of the heart and not the head".

Mr Frith went on to question the due diligence Dale had carried out before buying the club, and added that he did not know "the ins and outs of what financial contribution, if any, he has made to the club other than ultimately that he still remains responsible for it".

He added: "Mr Dale has said to me exactly what has subsequently been stated in the press and the fact that he is now putting his share up for sale might be welcome providing we attract a brighter alternative and don’t just jump from the frying pan in to the fire.

"As such, I will insert myself into proceedings to ensure a fit and proper person is lined up to take the club on and I have been in discussion with parliamentary colleagues, including Alistair Burt - former Bury North MP and lifelong Shakers fan - about whether the description and scrutiny of who gets to own a club is fit for purpose.

"What is clear in my mind is that the greatest damage has been done by the former owner, Mr Day."

Last month, it emerged that parts of the club's former chairman Stewart Day's empire had crumbled into dust, owing £27 million.

The announcement came just days before Bury faced a High Court winding-up petition, lodged on behalf of former player and assistant manager Chris Brass.

That was adjourned until yesterday after a judge was told terms had been agreed to pay an undisclosed “historic debt” owed to Mr Brass.

Mr Frith added that he had contacted the English Football League about the financial situation at the club, which heroically achieved promotion to League One last month despite the off-field pressures.

He said: "There is politics at the EFL at the moment with the CEO on her way out and a fair amount of uncertainty there. This isn’t a helpful context for us.

"They have met and discussed the options facing Bury. And their view then was that the club was taking seriously the limited considerations it had in front of it. This included a CVA (company voluntary arrangement) which the owner himself told me he was considering. And of course, selling or going in to administration or worse, along with re-financing in full being the others. Some come with 12 point penalties so will be far less desirable.

"With the good news of promotion comes additional pay terms, higher bonuses and player contract values which I expect will bring further burden, so the impasse is real and I expect there will need to be a reckoning for some as a result.

"While the club is running at a deficit on a monthly basis, it isn’t likely to attract a full re-financing without deep pockets and so I would say we’re far from out of the woods yet.

"In summary, I am across this. There is no silver bullet and we are still dependent on the existing legal ownership charting a course out of this mess.

"I will continue to do all I can to voice and represent the case of the fans and our ultimate aim to ensure and protect a sustainable future for Bury FC on and on, up and up."

Mr Frith concluded the statement by mooting the idea of hosting a fan forum to discuss the issues facing the club, to which both fans and Mr Dale would be invited.