Bury have expressed their "astonishment and dismay" at the English Football League's decision to expel them from the competition.
The Shakers' EFL membership was withdrawn by the governing body late on Tuesday night following the collapse of a takeover and after the club had failed to show they could pay their debts.
But the club said they could not understand the EFL's decision as they have shown they have received another takeover offer from "a credible bidder".
Bury said in a statement: "Everyone connected with Bury Football Club were shocked, and disappointed with the EFL's decision to expel this wonderful, historic, community driven club from the Football league.
"This decision was taken despite a credible new bidder being made aware to them before Tuesday's 5pm deadline."
The statement continued: "Given this, all staff, players and no doubt fans of Bury Football Club are utterly devastated that despite the new bid to buy the club, the EFL have informed us that they will not be rescinding their decision.
"This is something we are struggling to comprehend as the new bidder has proven significant funds to the EFL, funds to allow them to takeover, run and secure the long-term future of Bury Football Club.
"Everyone at the club believed that such the capabilities of the potential new owner, this would've started a brand new era for the club, seeing it go from strength to strength.
"The extreme lack of communication from the EFL has left all involved with Bury Football Club astonished and in dismay."
Bury said they were now examining what their next step will be and stressed their disappointment at the EFL's "dismal" communication.
"As a club, we are still pursuing other options, based on the outcome of where the EFL place us. Again, we would like to reiterate that the lack of communication from the EFL has been nothing short of dismal throughout this process," the statement added.
"Thank you to all the supporters for staying patient with us while we try to provide you with updates as frequently as possible.
"All of us here at Bury Football Club have been thoroughly overwhelmed with the floods of support we have received from other football clubs, ex-players, fans of other football clubs and everyone else in the industry.
"We are truly grateful for all your thoughtful messages, proving once again the brilliance of the football family."
Additional reporting by the Press Association.
