Bury FC have been expelled from the Football League after the most notable offer for the club collapsed ahead of their EFL deadline (5pm today).
The Shakers had their original Friday deadline extended after a late bid from analytics company C&N Sporting Risk emerged, with the EFL allowing for the completion of the deal.
But following due diligence, it was determined by C&N Sporting Risk that the more they learned about the club's financial situation, the more they realised the challenges were 'insurmountable'.
Rory Campbell and Henry Newman from C&N Sporting Risk have since spoken to BBC Radio 5 Live, with the former explaining the main reasons for the deal collapsing.
"Ultimately we had 72 hours to do the due diligence that we wanted to do," Campbell told the BBC.
"The more and more information we were getting, combined with some of the information we had previously with complexities relating to the financial management and governments over a long period of time, we were just going to face challenges that were insurmountable to allow us to do actually what we wanted to do if we took over the club."
These comments match up with what Steve Dale said after the collapse of the deal on Tuesday, though the Bury owner was quick to pass on the blame and claim the previous regime was at fault.
"It's disappointing obviously but everyone who has come to the table looks at the debts at the club from Stewart Day's era and the deal collapses," Dale told the BBC.
"These lads (C&N Sporting Risk) came forward and they wanted to get the deal done. They couldn't get anything done on the stadium. Without a stadium, they couldn't continue.
"As you know the loan on the stadium was taken out two years ago way before my time. What I'm getting tired of is me being blamed for it."
Three offers were put to the EFL late on Tuesday evening, according to reports, but were knocked back before Bury's membership of the Football League was withdrawn.
