Tuesday August 27 marked D-Day for Bury and Bolton.
Both Football League clubs had until 5pm to sell their club and save themselves from expulsion.
Heading into the day, Bury seemed to be closest to a buyer.
Their owner, Steve Dale, said last week that he had agreed to sell the club to C&N Sporting Risk.
However, a little more than an hour before the deadline, the deal collapsed.
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A statement read: "As part of our due diligence, we set ourselves a list of key criteria regarding the CVA, the ground and the overall financial state of the club that had to be met in order for us to be satisfied that we have enough knowledge to proceed with the takeover," a statement read.
"It is therefore with regret that we will be unable to proceed with the takeover of Bury FC. This decision has not been taken lightly.”
As for Bolton, Paul Appleton, joint-administrator of the club, was hopeful there would be positive news come 5pm.
A statement on behalf of joint-administrator Paul Appleton released on Tuesday morning read: "Following my statement of yesterday morning, I am glad to report there is continuing dialogue between the parties whose positions will ultimately decide the fate of the club.
"Myself and my team will continue to do everything possible to facilitate a deal and we will work tirelessly to get this finalised for the club, fans, staff and wider community.
"The future of Bolton Wanderers is still in doubt but I have to believe there can be a positive outcome before today's 5pm deadline set by the EFL."
It was a horrible, horrible day for Bury, Bolton and football fans in general.
However, Sky Sports News appeared to be revelling in the drama.
While they did an excellent job of reporting the very latest news from Gigg Lane and the Macron Stadium respectably, they also included a countdown clock.
They were treating it like a transfer window when there were people’s livelihoods at stake.
It was certainly poor taste.
We still await confirmation from the EFL on the outcome.News Now - Sport News