EFL has granted an extension to Bury until August 27 to complete sale of the club

The EFL has granted an extension to Bury until 5pm on August 27 to complete the sale of the club.

Bury owner Steve Dale accepted a takeover offer from London-based consortium C&N Sporting Risk late on Friday night.

With Bury under threat of liquidation and expulsion from the league, Dale had been given until 11.59pm to either provide proof he can fund the League One side this season, or hand it over to someone who could.

An EFL statement read: “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, August 27 2019.”

Bury owner Dale bought the club for £1 in December after previous owner Stewart Day ran up huge debts following years of overspending at Gigg Lane.

Having initially claimed to buy Bury for “philanthropic” reasons, Dale put the 134-year-old club into administration this summer and engineered a debt repayment scheme.

The scheme, known as a company voluntary arrangement, would see creditors paid only 25 per cent of what they are owed, with him and his associates being the main beneficiaries.

His plan, however, depended on Bury being allowed to start the season – with a small squad and skeleton staff – and the English Football League handing over the club’s share of its central income.

That, as desperate Bury fans are well aware, has not happened.

On Friday morning, Dale called on supporters and other interested parties to pledge a total of £2.7m to save the club.

Having previously greeted each EFL postponement of a Bury game – five league fixtures and an EFL Cup tie so far this season – with an angry statement on the club website, Dale announced he was willing to listen to offers for the club early last week.

(c) Sky Sports 2019: EFL has granted an extension to Bury until August 27 to complete sale of the club