The Shakers had been poised to be expelled from the English Football League for failing to prove the Gigg Lane outfit’s financial viability.

But the EFL is considering extending Friday’s expulsion deadline after being informed a deal had been struck to sell the embattled club.

Just minutes before the League One side were due to lose their Football League status, the EFL announced owner Steve Dale had accepted an offer from C&N Sporting Risk.

The governing body said it was in ‘discussions with the potential purchaser and await information to allow the board to consider a request for an extension to Friday’s deadline’.

Dale had been given until 23.59 on Friday to either provide proof to the EFL he could fund the Shakers this season or hand the club over to someone who can.

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Extinction was the option if not but, after a day of claim and counter-claim, Dale told the PA news agency on Friday night he had agreed a deal.

Rory Campbell and Henry Newman’s C&N Sporting Risk, whose bid was made on Friday, have been working closely with Bury North MP James Frith.

Before the EFL’s announcement, Campbell and Newman told PA in a statement: “We can confirm that over the past 10 weeks we have been in discussions with Bury FC, the EFL and others with a view to putting forward a proposal to buy the club.