A BUYER has finally been found for Bury FC and Gigg Lane, say administrators.

Months of speculation over the future of the ground and the 136-year-old club appear to have come to an end.

The fans-backed consortium Est 1885 and a number of benefactors are behind the bid, it has been confirmed.

Administrator Steven Wiseglass, of Inquesta Corporate Recovery & Insolvency, has been overseeing the sale of the club's asset and historic 12,000 capacity ground since last December.

Last May he announced that the stadium was being put up for sale.

And last night he said heads of terms had been agreed for the purchase of the Gigg Lane ground, along with "the rights, title and interest in and to other assets, namely club memorabilia, goodwill and intellectual property, including the Bury FC name".

Mr Wiseglass added: "“We have accepted an offer to purchase the Gigg Lane stadium and other assets, and have agreed heads of terms with the interested party.

“We remain hopeful that the deal will be completed in a timely fashion and will be a major step towards securing the future of football at Gigg Lane.

“My hope has always been that Bury FC could be rescued and seek readmission to the football pyramid system, and this now seems a step closer to becoming a reality.

“Until the sale is completed, we are unable to make any further comment.”

Following this a statement was released on behalf of Est 1885, which had outlined its blueprints for Gigg Lane to be transformed not only into a home for a revived Bury FC but a community sports and education hub.

The statement reads: "We are pleased to announce that an association of Bury Supporters Groups and Bury-supporting benefactors have today signed a 'heads of terms' agreement for exclusivity to buy Bury FC (all memorabilia and intellectual property including trademarks) and the Gigg Lane stadium.

"The process to completion is expected to take two months, which is standard for this sort of transaction.

"During the due diligence process, we will formalise our previously-stated intention for the club to be held by an organisation that is and will always be majority fan-owned, democratic and debt-free.

"It will also be a platform for a capital influx into Bury and the current bid includes  funds from overseas and a pending application (to) the UK government.

"We are happy to see that the Bury Council sponsored site operation appraisal report showed that the Gigg Lane site had merit for football in Bury, and would be suitable for improvements in a phased approach over time.

"We believe we can achieve much of what is needed in the short to medium term with grants, donations and volunteers, again keeping the club debt-free and enabling funds to be funnelled back into the team.

"This would allow us to make Gigg Lane a multi-use community asset that we can be proud of, and hopefully a platform for the unification of all football in Bury.

"This agreement also allows us to begin the process of working with the FA on the re-insertion of Bury FC into the footballing pyramid for the 2022-23 season.

The club, whose last owner was businessman Steve Dale, was expelled from the Football League in August 2019. This followed a number of attempts at agreeing a company voluntary agreement to stave off Bury's FC extinction.