AN army of supporters is being mobilised as the Shakers begin a two-week fight back from the brink of bankruptcy.
The 117-year-old club faces a desperate race to either find a buyer or raise up to £400,000 to enable Bury FC to play on to the end of the season.
On Friday (March 1), joint chairmen Fred Mason and John Smith voluntarily placed the club into administration, paving the way for the High Court to appoint Matthew Dunham and Mike Hore of Manchester-based RSM Robson Rhodes as joint administrators.
In essence, this move freezes any court action against the club which included yesterday's (Mon) scheduled High Court hearing over the repayment of a £1.3 million mortgage loan.
Had that case had gone ahead, then Bury would probably have lost its ground, leaving the team with no venue for tonight's home clash with Oldham.
If the administrators are to seek an extension when they return to the High Court on March 15, there must be sufficient funding in place to prevent the club going into possible liquidation.
However, reaction to the Shakers' perilous financial plight has been swift and positive. Nearly Red Management and Investment in Sport, led by lifelong fan Beau, could make a formal bid to buy the club as early as this Friday (March 8).
As reported in last week's Bury Times the syndicate, which has emerged as potentially the sole saviour of the Shakers, made a £950,000 offer to Ashurst Morris Crisp, the law firm acting on behalf of the creditors of disgraced former Bury owner and majority shareholder Hugh Eaves.
Now, the consortium will have to re-direct its offer to the administrators instead.
"I can assure everyone that we are still committed to Bury," Beau promised.
Meanwhile, a "buy a seat, save the club" initiative, launched by Bury FC, could raise as much as £120,000.
Yesterday (Mon March 4), joint administrator Matthew Dunham said: "Things are moving forward and we're getting fantastic support from the fans. And it was a great result for the club on Saturday."
Underlining the grim reality of the club's financial position, he said Bury FC had only enough resources to continue trading for the next two weeks.
"We go back to the court on March 15, either to say that we've got enough cash to continue until the end of the season or we haven't been able to raise enough money."
He said if there wasn't sufficient capital, then the most likely outcome would involve the club being put into liquidation.
Speaking at a Press conference on Friday, Mr Dunham explained: "We see the decision to move the club into administration as extremely positive.
"It gives the club a two week breathing space during which time we will be able to explore all possible options to ensure the survival of Bury FC."
And he stressed: "The most critical issue is to obtain sufficient funding to ensure the club is able to complete its league programme.
"It is also our intention to find a long-term investor who will be able to provide a stable framework for the future of the club."
Joint club chairman Fred Mason said the appointment of administrators would cover
a limited period, during which discussions with prospective purchasers will proceed.
"The appointment provides protection for the club from its creditors and enables the directors and administrators to proceed with the re-structuring.
"We are now asking all interested parties to make themselves known so that within the next two weeks we will be able to take matters forward positively."
Both chairmen are optimistic the latest action is the "first step towards a re-structuring of the football club following the failure of the proposed Mansport takeover".
Mr Mason went on: "We are looking forward to working with the administrators and all other interested parties to ensure a successful conclusion and the future of Bury Football Club."
Mr Mason also revealed urgent talks were being arranged with Bury Council and local businesses "to explore the options open for the future funding and management of the club".
He concluded: "We remain optimistic that this move into administration is a positive step towards the future and will allow us to fulfil our fixtures."
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