Bury Football Club are facing liquidation after officially being kicked out of the English Football League following the collapse of a takeover deal with C&N Sporting Risk.
The club were set with a 5pm deadline on August 27 to at least prove that a takeover was all but complete, having already been barred from competing in matches this season.
Owner Steve Dale said last week that a takeover had been agreed with C&N Sporting Risk, an analytics company, but it was confirmed on Tuesday that the deal had fallen through.
Fans were in attendance at Bury's Gigg Lane to prepare the stadium for their proposed match with Doncaster Rovers this weekend, what would have been their first match of the campaign.
But news that Bury have not been able to complete a takeover has confirmed that they will now be kicked out of the football league.
As quoted by BBC Sport, EFL executive chair Debbie Jevans said it was "one of the darkest days" in the league's history, adding: "I understand this will be a deeply upsetting and devastating time for Bury's players, staff, supporters and the wider community.
"No-one wanted to be in this position but following repeated missed deadlines, the suspension of five league fixtures, in addition to not receiving the evidence we required in regard to financial commitments and a possible takeover not materialising; the EFL board has been forced to take the most difficult of decisions,"
Bury will also face liquidation over the next two weeks, as assets within the club start to be sold off as early as Wednesday.
The Shakers were formed in 1885 and were one of the founding members of the Lancashire League four years later, before being elected to the The Football League (EFL) in 1994.
The two-time FA Cup winners have played at every level in English football's professional pyramid, finishing as high as fourth in the old First Division (now the Premier League) and are the only team to have scored 1,000 goals in each tier.