Soccer-Bury faces expulsion as C&N Sporting Risk ends takeover bid

C&N Sporting Risk pulled out of its proposed takeover of League One side Bury FC, leaving the club in a perilous position before Tuesday's deadline to complete a sale to prevent expulsion from the English Football League (EFL).

Bury, one of English football's oldest clubs, joined the Football League in 1894, nine years after they were founded, and have always played at their Gigg Lane ground. Club owner Steve Dale had informed the EFL last weekend that he had accepted an offer from the London company.

C&N had said it was in discussions to buy the club but there remained a number of outstanding issues to be addressed. "The EFL Board has been informed that C&N Sporting Risk will no longer be pursuing their interest in Bury FC," it said in a statement.

"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 said they are still in discussions with the third-tier club ahead of the 5 pm deadline and would provide an update later in the day.

Also Read: French club Marseille sack Adil Rami for 'gross misconduct'