Last Updated: Fri, 24 May 2013 18:12
Bury's future looks safe after announcing that a takeover of the club has been completed.
The Shakers, relegated from npower League One at the end of the season, revealed the news on their official website.
The takeover sees the current chairman Brian Fenton and board of directors resign with immediate effect to make way for new board members to be appointed in the coming days.
A statement issued by the club said that manager Kevin Blackwell will receive the backing of the incoming board members.
A statement on buryfc.co.uk read: "The paperwork for the takeover of Bury Football Club has been formally completed.
"The current board of directors at Bury Football Club have all resigned from their current positions in order for new board members to be appointed during the next few days.
"It is hoped that the paperwork can be concluded by 5pm on Wednesday, May 29. This will allow wages, HMRC and loans obtained from the PFA to be fully repaid, and allow the club to move forward.
"The new board of directors will be bringing in key individuals to assist in bringing new ideas and business models to ensure the financial security of Bury Football Club moving forward."
Bury announced in April that they needed £1million to survive.
The club was twice placed under a transfer embargo this season after taking short-term loans from the Professional Footballers' Association to solve cashflow problems, leaving Blackwell with a threadbare squad as he battled to save the Shakers from the drop.
Have you an opinion on this story? Put your money where your mouth is and claim a free £25 bet.