Bury have been given an extension by the Football League to complete the sale of the club and prove their financial viability, as the club attempts to save itself from extinction.
The EFL had initially set a deadline of 23:59 BST on Friday, but said it was aware of an offer being accepted by owner Steve Dale.
Dale said on BBC Radio Manchester that he had agreed to sell the League One club to analytics company C&N Sporting Risk, led by Henry Newman and Rory Campbell.
The Shakers now have until a hard deadline on 17:00 BST on Tuesday, August 27 for the takeover to be completed.
An EFL statement said: “The Board has fully considered the information that has been made available by C&N Sporting Risk and whilst no formal sale has been completed, despite reports to the contrary, enough credible information was presented to allow the Board to agree to work exclusively with the Club and C&N Sporting Risk over this Bank Holiday weekend in an attempt to finalise the change of control and achieve a positive outcome for Bury FC.
“The League cannot be in a position whereby any more of the club’s fixtures will be suspended due to the integrity of the competition, the impact on other clubs in the League and therefore has stated that matters must be concluded by 5pm on Tuesday.
“If in the event a successful outcome is not achieved by this point, then Bury FC’s share in the EFL will be withdrawn and its membership in the League will come to an end.”
Bury have missed six fixtures already this season. Sheffield Wednesday were granted a bye through the first round of the EFL Cup, while League One games with MK Dons, Accrington, Gillingham, Rotherham and Tranmere have been postponed. They are due to face Doncaster at home in their next fixture on August 31.
Bury, automatically promoted from League Two last season, were founded in 1885 and still play at their original home of Gigg Lane – one of the oldest football grounds in the world.
Current owner Dale bought the club for £1 from property developer Stewart Day in December 2018. Dale has hit back at accusations that his asset-stripping is the reason for the club’s trouble, placing the blame on the EFL.
He told Sky Sports News: "We are in a position now where clearly anything I say they don't believe. The media, present company excluded, have made me out to be the bad guy. I saved this club.
"How can you strip from something that's got nowt?”
If the sale doesn’t go through and the club can’t be saved, they would become the first club to be removed from the Football League since Maidstone’s liquidation in 1992. Having won the FA Cup in 1900 and 1903, they would also be the first FA Cup-winning club to be liquidated.