Heartbreak for fans as Bury are expelled from the English Football League
Shakers owner Steve Dale had been given until 5pm on Tuesday to come up with a plan for paying the club's debts and funding them going forward or sell them to someone who can.
It had been hoped that C&N Sporting Risk would be the answer but the London-based firm pulled out of the deal 90 minutes before the deadline, citing concerns over the club's confusing debt structure.
And then, just when all hope seemed lost, Dale claimed he had received three new bids for the club, prompting fans, politicians and pundits to call for more time to explore these options.
But shortly after 11pm, the league revealed its verdict.
In a statement, it said: "The EFL board met earlier this evening and, after a long and detailed discussion, determined that Bury FC's membership of the English Football League be withdrawn after the deadline passed at 5pm today (Tuesday 27 August) without a successful resolution."