Bury owner Steve Dale has turned down an offer for the League One side which could have saved the club.
According to the BBC, the new and improved offer was made by a former chairman.
Dale allegedly told the interested party he feels he can get a better deal for the club, even though the threat of being kicked out of the EFL still looms large.
It comes as Bury have had another match – their fourth in League One – suspended while the EFL continue to seek further clarity about the club’s financial obligations.
Saturday’s game with Tranmere has been put on hold while the Shakers’ Carabao Cup first round tie has been awarded to Sheffield Wednesday as Friday’s deadline for league expulsion draws closer.
“The EFL board continues to be frustrated at the lack of significant progress that has been made by Mr (Steve) Dale in providing the information required,” said an EFL statement.
“However, we will continue to work with the current ownership in an attempt to achieve a resolution ahead of the Notice of Withdrawal deadline of Friday August 23.”
Bury staff issued a statement on August 12 imploring Dale to accept an offer for the club, who are yet to play a competitive fixture this season.
The club have already been given a 12-point deduction after entering into a company voluntary arrangement (CVA) – which is classed as an insolvency event by the EFL – to try to clear some of their debts, and expulsion looks a serious possibility as it stands.
“(The EFL) remains in regular communication with Mr Dale but if a solution is not found by the deadline, the board will authorise the necessary share transfer on behalf of Bury FC which shall be legally binding on all parties and result, regretfully, in the club no longer being a member of the League,” added the League’s statement.
“Should this happen, Bury’s record from the 2019-20 season would be expunged.”
MOST READ IN FOOTBALL
Harry Maguire set to land stunning £700k deal after signing for Man United
Leeds boss Bielsa has a warning for fans planning to boo Brentford star Jansson
Durham tips Arsenal to challenge Liverpool and Man City for Premier League title
Rooney goes on foul-mouthed rant before criticising DC United's travel plans
Jose Mourinho in emotional interview as he admits he misses football
Jadon Sancho signs news Dortmund deal – but Manchester United still have hope
'He thinks he is God' – Kompany slammed after horror start at Anderlecht
That would mean League One continuing with 23 clubs for the remainder of the campaign with the number of relegation places reduced to three, with four still coming up from League Two to restore the full complement for next season.
The EFL statement continued: “Bury would then be free to make an application to the Football Association to re-join league competition further down the English football pyramid from season 2020-21.”
Dale, who replaced Stewart Day in December 2018 after buying the debt-ridden club for £1, had insisted on Monday he was ready to sell.