League one club Bury have been expelled from the EFL after 125 years as a proposed takeover to save the club collapsed.
The EFL confirmed on Tuesday that a proposed takeover from C&N Sporting Risk was off – but three new bids were later launched for the League One side.
And the Shakers have now been expelled from the EFL for failing to prove their financial viability.
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A statement by the EFL 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and, after a long and detailed discussion, determined that Bury FC’s membership of the English Football League be withdrawn after the deadline passed at 5pm today (Tuesday 27 August) without a successful resolution.
“Despite repeated requests to its owner Mr Dale over a sustained period of time, the necessary evidence in respect of how the Club would meet its financial commitments, has simply not been provided and, as a result, attentions turned to securing new ownership at the Club.
“At its meeting on 24 August 2019, the Board agreed a short extension to 5pm today (Tuesday 27 August) to enable Mr
Dale and the Club to explore the possibility of a proposed sale with C&N Sporting Risk Limited, with Mr Dale having accepted their offer. Following due diligence, C&N Sporting
Risk Limited opted not to pursue its interest.
“Therefore, having fully considered all available options, including a number of late expressions of interest provided to the EFL, the EFL Board has unanimously determined with enormous regret that Bury’s membership be withdrawn.”
Bury have had to postpone five League One fixtures and an EFL Cup tie so far this season.