mo4ch:> Bury FC wait on EFL extension as last-minute takeover set to save club from extinction | Mo4ch News - Mo4ch News

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Saturday, August 24, 2019

mo4ch:> Bury FC wait on EFL extension as last-minute takeover set to save club from extinction | Mo4ch News

Debt-ridden Bury FC have asked the English Football League to grant an extension to the deadline set for them to secure funding, which may save them from expulsion from the league, after a late takeover bid was received.

Bury owner Steve Dale confirmed on Friday that a deal had been agreed with analytics company C&N Sporting Risk to provide funding to secure the club's short-term future ahead of a midnight deadline set by the English Football League. 

Failure to secure the funds would mean that the club would be expelled from the EFL and forced to reapply for admission several divisions below their current status. 

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The EFL was notified of a potential takeover on Friday, before the deadline, and is now considering whether to grant an extension to allow talks to progress.

"We are currently in discussions with the potential purchaser and await information to allow the board to consider a request for an extension to Friday's deadline," said an EFL spokesperson.

Dale came under fire as the deadline drew nearer and, with seemingly no takeover offers on the table, he appealed to local businesses and the community in Bury to help raise funds to save the club.

However, he announced on Friday that a "prospective buyer" had been found and he was waiting for clarification from league officials on a number of points.

"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," Henry Newman and Rory Campbell of C&N Sporting Risk announced in a statement.

"It is a very complicated scenario and there remain a number of outstanding legal and other issues that have to be addressed.

"Our background is in football and data analytics and it should therefore not be surprising that we are taking a very detailed forensic look at the realities of Bury FC's finances. A club like Bury ought to have a viable long-term future even if the short-term future is clearly very challenging. To that end we have been in discussions with the EFL about an extension so that we can continue to explore the prospects for a purchase."

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The club have had the first six games of their League One season suspended and have been withdrawn from the Carabao Cup as a penalty for their financial complications, while any failure to secure the takeover could mean that they become the first team to be removed from the Football League since Maidstone was liquidated in 1992.


Source : RT Sport News

Bury FC wait on EFL extension as last-minute takeover set to save club from extinction

Bury FC wait on EFL extension as last-minute takeover set to save club from extinction