Bury are "actively considering" taking legal action against the English Football League after the club were expelled from League One on Tuesday.
Representatives from the club's executive gathered to discuss their next move on Friday after sending the EFL a letter which questioned the manner in which they have dealt with the situation.
The Shakers were the subject of a proposed takeover from C&N Sporting Risk however, they pulled out of negotiations leaving Bury without a buyer.
After being informed of their expulsion, the club's lawyer Chris Farnell has spoken out saying that 'all options are on the table' and 'one that has to be considered is legal action.'
It's a devastating conclusion to a saga that has gotten worse as the year has progressed. Steve Dale completed a takeover of the club in December 2011 amid whispers of pre-existing financial issues at Gigg Lane.
Players and staff went unpaid, winding up petitions were issued and court cases attended - but Bury continued to fight for automatic promotion from League Two.
Just five months after his arrival, Dale put the club up for sale - yet Bury continued to battle and successfully achieved promotion to League One.
Despite all the adversity and uncertainty, the club carried on as best they could. Players agreed not to discuss the financial troubles and urged Dale to accept an offer to sell the club.
The Professional Footballers' Association paid half of the money owed to Bury's players for two months, while supporters raised money for club staff to buy shopping vouchers.
A winding up petition was adjourned with prospective buyers rumoured to be interested, but the club were hit with a 12-point deduction and saw their opening League One fixtures suspended.
It looked as though C&N Sporting Risk were the lifeline Bury had been hoping for however, they pulled out of negotiations leaving Bury to become the first side to be expelled from the league since Maidstone in 1992.
Two-time FA Cup winners and 134 years of history won't be forgotten and although players, staff and supporters have been lumbered with horrendous uncertainty about their personal and collective futures - they will never stop fighting for each other.
