Bury could have been given an 11th-hour reprieve after owner Steve Dale told the PA news agency he had sold the club.
Dale had been given until 23.59 on Friday to either provide proof to the English Football League he could fund the League One side this season or hand it over to someone who can.
Extinction was the option if not but, after a day of claim and counter-claim, Dale told PA he had agreed a deal.
It is understood the EFL is aware of Dale's claim of a sale and is investigating as a matter of urgency.
No details are known of who Dale has sold to, but it is understood Rory Campbell and Henry Newman's C&N Sporting Risk did make a bid on Friday.
In a statement given to PA, Newman and Campbell said: "We can confirm that over the past 10 weeks we have been in discussions with Bury FC, the EFL and others with a view to putting forward a proposal to buy the club.
"It is a very complicated scenario and there remain a number of outstanding legal and other issues that have to be addressed.
"Our background is in football and data analytics and it should therefore not be surprising that we are taking a very detailed forensic look at the realities of Bury FC finances.
"A club like Bury ought to have a viable long-term future even if the short-term future is clearly very challenging. To that end we have been in discussions with the EFL about an extension so that we can continue to explore the prospects for a purchase. We will be making no further comment at this stage."
