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.