Prospective new Bury owners C&N Sporting Risk have asked the EFL for more time to complete a deal for the stricken Shakers

At 10pm, Steve Dale announced he had agreed to sell the club to the football analytics company just a couple of hours before the midnight deadline set out by the league.

Directors Rory Campbell, the son of political figure Alastair, and former interim Barnet head coach Henry Newman released a statement shortly after however making it clear that there was still work to do to get the takeover completed thus preserve the club’s proud 134-year history.

"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,” it read.

"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 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. We will be making no further comment at this stage."

The pair have both worked in Premier League football and are believed to be well-connected in the game.

The league however are still to determine whether they will allow the club more time with a final decision on their Football League future expected on Saturday. 

"The EFL has received notification that Steve Dale has accepted an offer from C&N Sporting Risk," a statement said late on Friday evening. 

“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.”