NEVILLE Neville has urged Bury FC's creditors to cut their losses and accept an offer tabled by a mystery benefactor which could save the club from extinction.

Shakers were yesterday granted a six-week extension by the High Court to raise £400,000 by the end of the season or face going into liquidation to recover a £1.3million mortgage debt.

An un-named local businessman has this week made a payment offer some way short of the target but Neville, former Bury commercial manager and the driving force behind the club's massive fund raising effort, says the Russell Cooke Trust should accept the lesser sum.

"I understand that nobody likes to lose money but in business you have to accept that sometimes you make bad investments," he said.

"You've just got to cut your losses and take what's on offer. We have a reasonable package on the table and I know that some hard negotiations will need to take place but let's hope the people in London are understanding.

"Hopefully they will see how important this club is to the supporters and the community. We have had an offer from a local businessman through the supporters' trust and I feel what's on offer at the moment is a good deal."

Bury are around £125,000 short of their initial target, which must be raised by April 26. But Matthew Dunham, of administrators RSM Robson Rhodes, said he expected to make an announcement on the club's long term future ahead of that date.

"We are a long way towards the £400,000. Part of the money will come from the existing Save Our Shakers campaign and the rest will come from attendances, so it's still very important that the fans keep turning up to matches," he said.

"We can't give too much away but we are continuing negotiations with a number of interested parties and we are hopeful of brokering a deal some time before the end of the season."

Relieved co-chairman John Smith paid tribute to the administrators for preserving, temporarily at least, the club's 117-year existence.

"Two weeks ago Matthew and his colleagues breezed in here and put the fear of God into us," he said.

"But now I would like to thank him and his staff for what they have done for us. They, along with Neville Neville, have come up with some great ideas on how to get through this and without them, I don't know what we would have done.

"We'd also like to thank the fans. The support we have had in this difficult time has been unbelievable."