Financially troubled Bury Football Club has been expelled by the English Football League (EFL) after it failed to secure a new owner.

The indebted club was hopeful that a takeover bid from C&N Sporting Risk – led by Rory Campbell, the son of former Downing Street director of communications Alistair Campbell – would have injected enough funds to pay off its creditors and provide the funding to allow it to last the season.

The EFL had set a deadline of 5pm on 27 August for any new owner to complete the deal.

Following a period of due diligence, however, C&N opted to pull out its bid for the historic club.

C&N's withdrawal left the club without any bids – and the EFL with little choice. Following an emergency board meeting, the EFL determined that Bury FC’s membership of the league be withdrawn.

"Having fully considered all available options, including a number of late expressions of interest provided to the EFL, the EFL Board has unanimously determined with enormous regret that Bury’s membership be withdrawn," the league said in a statement.

"Recent events have highlighted how decisions taken at Bury FC over the last few seasons have caused the Club and individuals close to it significant financial distress and there are a number of matters which, in our view, will require further investigation."

Following Bury's expulsion, the EFL League One will comprise of 23 clubs for the remainder of the campaign and relegation places in the division reduced to three.

Bury is one of England’s oldest football clubs, having been formed in 1885. It is a two-time FA Cup winner and has been a member of the Football League for 125 years.

“Today is undoubtedly one of the darkest days in the League’s recent history," said Debbie Jevans, EFL's executive chair.

"The EFL has worked determinedly and tirelessly to avoid this outcome and it is with a heavy heart that this situation has been forced upon us."