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).
— EFL (@EFL) August 27, 2019
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 it was still in discussions with the third-tier club ahead of the 5 pm deadline and would provide an update later in the day.
C&N said its decision was not based on the tight deadline but the situation at the club it had discovered during its due diligence process.
“As part of our due diligence, we set ourselves a list of key criteria regarding the CVA (company voluntary arrangement), the ground and the overall financial state of the club that had to be met in order for us to be satisfied that we have enough knowledge to proceed with the takeover. The complexities involved in each of these matters escalated and continue to do so,” it said.
“It is therefore with regret that we will be unable to proceed with the takeover of Bury FC. This decision has not been taken lightly. We fully understand the importance of the club to the community and it is with this in mind that we have informed the EFL of our decision at the earliest possible opportunity”.
Bury issued a statement to their fans but did not address directly the breakdown of the talks and urged fans not to enter the club’s Gigg Lane ground.
— Bury Football Club (@buryfcofficial) August 27, 2019
“We understand that this is a difficult and emotional time for all supporters given the recent news regarding a potential takeover.
“While the Club are working hard looking at other potential avenues with other interested parties, we would like to remind supporters that no one should gain access to inside the stadium (unless authorised).”