The future of Bury FC looks increasingly bleak after the collapse of C&N Sporting Risk’s takeover hours before the EFL deadline.

The Shakers are being threatened with expulsion from the Football League, which could lead to the club being liquidated, if they cannot complete a sale by 5pm.  

The prospective new owners emerged late on Friday night as the Gigg Lane club survived the first deadline and have been working around the clock to try and finalise a deal with under-fire owner Steve Dale.

But directors Henry Newman and Rory Campbell say the financial situation is simply too complicated for them to proceed meaning the Shakers are in need of another saviour at the 11th hour.

“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,” the statement read.

“This had been worked on around the clock by our team and advisors for the past 72 hours.

“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.

“The complexities involved in each of these matters escalated and continue to do so.

“It is therefore with regret that we are 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 decision at the earliest possible opportunity.” 

The firm's statement added that it would like to thank Bury North MP James Frith for his help over the last few months and Accrington owner Andy Holt for his support. It also praised EFL chair Debbie Jevans for her efforts in trying to save the club.

"With this in mind, we will be happy to work together with the EFL to share our findings to help them with their ongoing review of football governance, which is essential for the long-term future of all members of the EFL and the broader football family," it added.

The EFL confirmed C&N's annoucement and said dialogue would continue until the deadline. 

"The EFL Board has been informed that C&N Sporting Risk will no longer be pursuing their interest in Bury FC," their 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."

Hundreds of fans had been cleaning the ground on Tuesday with the hope the club would be able to play their first game of the season against Doncaster Rovers on Saturday.

Volunteers were asked to leave the ground at 3.30pm by a club official when news broke however.