It’s been a stressful day for fans of Bury FC and Bolton Wanderers.
Bury is facing expulsion from the English Football League after the company attempting to buy the club, C&N Sporting Risk, said it was unable to proceed with its takeover.
Bury FC had the first six matches of the season postponed and was given a two-week deadline to prove they could pay off creditors and have funding in place for the 2019/20 campaign. The deadline was due to expire at midnight on Friday (August 23).
It seemed that the league one side had been saved in the nick of time when owner Steve Dale said on Friday evening that the club had been sold before the midnight deadline. The prospective buyer was revealed to be C&N Sporting Risk and the EFL announced at the weekend that it was working with Bury and C&N to attempt to finalise a change of control.
However, the EFL announced at 4pm today (August 27) that C&N Sporting Risk was pulling out of the deal following a period of due diligence. The League said it would continue to be in discussions with Bury FC until the 5pm deadline. But no further announcement was made and the club is now facing liquidation.
Bury FC released a statement following the announcement asking fans to be patient and to not trespass on the stadium.
The statement read:
“We understand that this is a difficult and emotional time for all supporters given the recent news regarding a potential takeover.
“While the Club are working hard looking at other potential avenues with other interested parties, we would like to remind supporters that no one should gain access to inside the stadium (unless authorised).
A sale was believed to have been agreed last Friday, but the deal collapsed on Saturday morning, putting the club into administration. Administrator Paul Appleton had been trying to get a deal back on track since.
The EFL said the deal had to be completed by 5pm or that compelling reasons to be given for an extension to be granted. The process of closing down the club will start tomorrow if a deal isn’t done by the deadline today.
A spokesman for Bolton Wanderers said discussions are ongoing with all parties and a further statement will be issued later this evening.
Also published on Medium.