Bury have been expelled by the English Football League after a takeover bid from C&N Sporting Risk collapsed.
The League One club had been given until 17:00 BST on Tuesday to complete the deal, having been granted an extension to Friday's initial deadline.
Bury are the first team to drop out of the EFL since Maidstone's liquidation in 1992.
League One will comprise of 23 clubs for the rest of the season, with only three teams to be relegated.
"Today is undoubtedly one of the darkest days in the league's recent history," said EFL executive chair Debbie Jevans.
"I understand this will be a deeply upsetting and devastating time for Bury's players, staff, supporters and the wider community. There is no doubt today's news will be felt across the entire football family."
https://www.bbc.co.uk/sport/football/49451896