MULTI-millionaire rugby union boss Brian Kennedy insists he will not be a "moneybags" chairman if his proposed takeover of Bury Football Club goes ahead.

The Sale Sharks owner is in talks to buy Bury from the Save Our Shakers Appeal Trust who are due to take over the reins today (Fri May 31) after agreeing settlement terms with creditors.

Kennedy is hoping to buy both the club and its Gigg Lane stadium so he can share it with his Zurich Premiership outfit who are fast growing out of their limited facility at Heywood Road, Sale.

The prospect of Kennedy, worth around £200 million, taking over the cash-strapped Shakers may have fans excitedly anticipating a Fulham-style spending spree and subsequent meteoric rise through the leagues.

But the cautious Irishman said he would not be another Jack Walker or Mohammed Al Fayed.

"I have been talking to Neville Neville (Save Our Shakers chairman) about buying the club for a while now," he said.

"I have by no means made my mind up yet but we're in the process of going through the numbers and checking the viability of the business going forward.

"I am looking at buying both the club and the stadium at this time because both are inextricably linked.

"They are handy because they are in the Manchester region and have a great heritage. I'm just a big sports fan at heart and I wanted to help Bury survive.

"But I would not be taking over to invest millions into the club. I would just be looking at keeping the business on an even keel."

Neville, the driving force behind the fund-raising work which has raked in thousands of pounds to keep Bury from liquidation, welcomed the prospect of a ground share with a club which boasts England international Jason Robinson among its playing staff.

"Having worked with Brian Kennedy and his team over the past couple of weeks, I can see many advantages of forging a relationship with Sale Sharks," he said.

"They are a top Premiership rugby union side and I have no doubt in my mind that any partnership would be of tremendous benefit to Bury FC at this stage.

"No deal has been made as yet but talks are continuing."

Shakers' massive debts were due to be wiped out at a meeting this morning, when their major creditors, the Russell Cooke Trust, would accept an offer of £500,000 instead of the £1.3million mortgage repayment they had been demanding.

SOS will then take control of the club and elect a number of members on to the board of directors, alongside a member of the "Forever Bury" supporters' trust.

But Neville insisted that John Smith and Fred Mason would keep their current positions as co-chairmen.

"John and Fred have done a tremendous job in seeing us through this and they will continue as joint chairmen," he said.

"All the tremendous support we have received from all over the country in our hour of need is now being rewarded by the news that Bury FC is coming through again.

"It has been a fantastic effort from everyone involved and I can't thank them enough."