The EFL have refused to rescind Bury's expulsion from the Football League - despite a late bid to save the club.
An international consortium claimed to have £7million ready to rescue the Shakers after Tuesday's 5pm deadline passed.
But it is understood the EFL have opted not to overturn their decision to expel Bury from the league after 125 years of membership.
Financial turmoil meant the club did not manage to play any of their opening five League One matches of the campaign, or their first-round Carabao Cup tie, following promotion from the fourth tier last term.
Fans group Forever Bury say they are 'looking at all of the options available'.
They tweeted: "We have just been made aware the EFL have refused to rescind their decision to expel Bury FC from the league.
"This is a difficult time for us all. However, be assured that we are looking at all of the options available at this moment in time."
MP for Bury South Ivan Lewis tweeted: "Very disappointed by EFL decision today and their failure to engage seriously with a credible plan to save the club.
"They have shown total disregard for the impact on the amazing fans and our entire town. I will be meeting fans and Forever Bury later. All options are open."
Fans arrived at Gigg Lane on Tuesday morning in buoyant mood to help clean the stadium in anticipation of Saturday's match against Doncaster going ahead.
A proposed takeover by C&N Sporting Risk looked set to save the club after under-fire former owner Steve Dale accepted their bid.
But it collapsed at the eleventh hour leaving the Shakers in a perilous position, and the EFL announced at around 11pm they had expelled Bury from the Football League.
