Bury FC expelled from the EFL after takeover falls through | OneFootball

It is a dark day for English football as League One Bury have officially become the first club to drop out of the EFL since Maidstone’s liquidation in 1992.

The EFL suspended each of Bury’s first six fixtures of the season and requested evidence that the club could pay off creditors and had the required funds to make it through the entire season.

The Greater Manchester outfit were initially given until 23:59 BST last Friday to provide the required evidence or find a buyer and there appeared to be some hope when owner Steve Dale announced he had sold the club and they were set to survive.

The EFL then granted Bury an extension until 17:00 BST on Tuesday to complete the deal but just one hour before the deadline, it was announced that the takeover by a company called C&N Sporting Risk had fallen through.

A statement released by the EFL just after midnight on Wednesday confirmed the club have now been expelled.

Debbie Jevans CBE, EFL Executive Chair, said: “Today is undoubtedly one of the darkest days in the League’s recent history.

“The EFL has worked determinedly and tirelessly to avoid this outcome and it is with a heavy heart that this situation has been forced upon us.

“No one wanted to be in this position but following repeated missed deadlines, the suspension of five League fixtures, in addition to not receiving the evidence we required in regard to financial commitments and a possible takeover not materialising; the EFL Board has been forced to take the most difficult of decisions.”

Bury – known as the Shakers – were founded in 1885 and have won the FA Cup twice in their history.

The Gigg Lane club were playing in the Championship as recently as 1999 and are the first FA Cup winners to have been expelled from the EFL.

Bury were promoted back to the third tier of English football after finishing runners-up in League Two last season but the club has been in severe financial trouble since current owner Dale bought it for just £1 back in December.

Players and staff were often paid late and by the time a winding-up petition was dismissed by the High Court in July, creditors had approved a company voluntary arrangement (CVA) put forward by Dale in an attempt to help settle some of their debts.

Under EFL rules, this triggered a 12-point deduction in the League One table and six matches being postponed.

But the league were ultimately unsatisfied with the evidence of financial viability provided and without a takeover agreement in place before Tuesday’s deadline, they must now drop into non-league football or could go out of business altogether.

The future of fellow Greater Manchester club Bolton Wanderers is also in serious jeopardy after they too were given until 17:00 on Tuesday to prove a takeover deal had been done or provide reasons why they require an extension.

Bolton now have 14 days to meet all outstanding requirements of the League’s insolvency policy or their membership of the EFL will also be withdrawn.

The two sides were due to meet in League One on 8 September.