BURY FC have been granted more time to complete a takeover that will preserve the future of the club.

The EFL have given prospective owners C&N Sporting Risk until 5pm on Tuesday, August 27 to finalise their deal.

Under-fire owner Steve Dale last night announced he had agreed a deal to sell the club at the 11th hour, shortly before the league’s deadline that could have seen the Shakers thrown out of the league.

The prospective new owners then pleaded for more time to get it over the line and stave off the threat of the 134-year-old two-time FA Cup winners potentially being liquidated.

The EFL, who have already suspended Bury’s first six fixtures of the season,  have granted that wish but want it all done and dusted by close of play on Tuesday with work continuing over the weekend.

Their statement said: “The board has fully considered the information that has been made available by C&N Sporting Risk and whilst no formal sale has been completed, despite reports to the contrary, enough credible information was presented to allow the board to agree to work exclusively with the club and C&N Sporting Risk over this Bank Holiday weekend in an attempt to finalise the change of control and achieve a positive outcome for Bury FC.

“The EFL board, however, remains firmly of the view that the league cannot be in a position whereby any more of the club’s 2019/20 fixtures will be suspended due to the integrity of the competition, the impact on other clubs in the League and therefore has stated that matters must be concluded by 5pm on Tuesday 27 August 2019.

 “If in the event a successful outcome is not achieved by this point, then Bury FC’s share in the EFL will be withdrawn and its membership in the League will come to an end.”

EFL executive chair Debbie Jevans said: “The board has considered the evidence presented and has determined, in a final effort to allow the club the opportunity to survive, to grant an extension and work exclusively with the club and C&N Sporting Risk to see if a takeover is possible.  

“No one wants to see a club lose its place in the league and we will now work with the potential purchasers over the weekend and ahead of the Tuesday deadline in an attempt to find the solutions required for a sale to take place.”