Bury on the brink as firm pulls out of deal to save club from liquidation
Written by News on 27/08/2019
Bury are on the brink of being thrown out of the English Football League after a proposed takeover of the club fell through at the last minute.
With just 90 minutes before a deadline for a deal to be completed, C&N Sporting Risk said it was “unable to proceed” with its takeover of the Lancashire club.
Bury have until 5pm to prove a deal has been done or provide reasons for requiring an extension, or else they face being kicked out of the EFL after 134 years.
Another EFL side, Bolton Wanderers, are also on the brink of liquidation and face the same 5pm deadline.
Administrator Paul Appleton has said the future of the team is “still in doubt” but hopes there will be a “positive outcome” before the deadline.
The team are yet to play a game this season, having already been docked 12 points when they were placed into administration by current owner Steve Dale, who bought the club for £1 in December.
He had been in talks with the London-based data analytics company over a potential takeover.
Mr Dale had originally been given until midnight on Friday to prove he could pay off the club’s debts and fund the next two seasons – or find another party that could.
Two hours before that deadline, Mr Dale said he had sold Bury to C&N.
This prompted the EFL to extend its deadline to 5pm on Tuesday to give both sides more time to complete the deal.
But C&N wanted more time – and the firm has now said it cannot go ahead.
The company said in a statement: “As part of our due diligence, we set ourselves a list of key criteria regarding the CVA, the ground and the overall financial state of the club that had to be met in order for us to be satisfied that we have enough knowledge to proceed with the takeover.
“The complexities involved in each of these matters escalated and continue to do so.
“It is therefore with regret that we have decided not to proceed with the takeover of Bury FC.
“This decision has not been taken lightly.
“We fully understand the importance of the club to the community and it is with this in mind that we have informed the EFL of our decision at the earliest possible opportunity.”
The EFL said: “The league announced at the weekend that it was working exclusively with the club and C&N in an attempt to finalise a change of control at the club.
“However, following a period of due diligence, C&N have opted not to progress matters.
“The league continues to be in discussions with Bury FC in advance of today’s 5pm deadline and will provide a further update as appropriate.”
C&N was set up in 2017 by former Labour spin doctor Alastair Campbell’s son Rory Campbell and former Barnet caretaker manager Henry Newman, who met while scouting for West Ham.
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(c) Sky News 2019: Bury on the brink as firm pulls out of deal to save club from liquidation
