C&N Sporting Risk have confirmed that they've pulled out of a deal to take over Bury ahead of the EFL's deadline to secure their future.
Bury were told that they had to complete the deal before 17:00 BST on Tuesday August 27.
But C&N Sporting Risk, the firm who were close to taking over Bury, have now confirmed that they are 'unable to proceed' with the takeover.
"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," a statement read, quoted by the Manchester Evening News.
"It is therefore with regret that we will be unable 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 added that they're continuing to look for a solution before the deadline.
Hundreds of supporters were in attendance at Gigg Lane on Tuesday to help prepare the Stadium for their league match with Doncaster this weekend.
The club still haven't played a single game this season and have been docked 12 points in League One.
Unless a solution can be found within the next few hours, however, their efforts could be in vain as Bury edge closer towards liquidation.