The future of both Bolton Wanderers and Bury remains in serious doubt ahead of a English Football League deadline set for 12 p.m. ET on Tuesday.
Unless something drastic happens both will be liquidated, have their licenses revoked by the EFL and be expelled from the Football League.
A late bid from from C&N Sporting Risk to buy 134-year-old Bury collapsed, and that news spread around their Gigg Lane stadium as it was being cleaned by volunteers ahead of a possible weekend fixture against Doncaster Rovers.
C&N released a statement detailing how hard they had tried to save Bury, who have won the FA Cup twice in their history and had been promoted to their third-tier over the summer.
“We are grateful to the EFL for the short extension they granted to us so that we could continue with due diligence, and for their acceptance of our proof of funds capable of mounting a credible 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 released the following statement after hearing that C&N had pulled out of the deal to save Bury.
“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.”
As for Bolton, their situation remains dire as a potential takeover appeared to collapse on Monday.
However, Bolton’s administrator Paul Appleton released a more positive update on Tuesday ahead of the deadline.
“Following my statement of yesterday morning, I am glad to report there is continuing dialogue between the parties whose positions will ultimately decide the fate of the club,” Appleton said. “Myself and my team will continue to do everything possible to facilitate a deal and we will work tirelessly to get this finalised for the club, fans, staff and wider community. The future of Bolton Wanderers is still in doubt but I have to believe there can be a positive outcome before today’s 5pm deadline set by the EFL.”
The Trotters had been fielding their youth team in League One games so far this season, but their most recent matches were called off due to fears over the players’ health.
Bury have yet to play a game this season, as they sit bottom of the third tier on -12 after reaching a company voluntary arrangement (CVA) which triggered an initial 12 point penalty. Bolton are second from bottom on -11 points.