The EFL have confirmed that Bury have been expelled from the league following a failed late takeover attempt from C&N Sporting Risk.
The Shakers failed to meet repeated requests from the league to provide proof of source and sufficient funding, which has led to drastic action being taken.
Bury have become the first Football League side to drop out of the league since Maidstone United, who were liquidated, in 1991/92.
But why has this happened and what happens next for both the club and the league structure? Tom Carnduff explains...
Why has this happened?
Steve Dale bought the club in December 2018 for a fee of £1 from previous owner Stuart Day. However, following due diligence, he expressed that the financial situation at Gigg Lane was worse than he had expected.
That led to numerous months where players and staff were not getting paid. Despite that, Ryan Lowe led the club to a remarkable promotion from Sky Bet League Two.
From the summer onwards, the EFL have repeatedly asked Dale and Bury to provide proof of sufficient funding which has not happened.
The EFL originally set the Notice of Withdrawal deadline for Friday August 23. However, this was extended following a late approach from C&N Sporting Risk.
The London-based sports analytics company was set up by former Labour spin doctor Alastair Campbell's son Rory Campbell and former Barnet caretaker manager Henry Newman, who met while scouting for West Ham.
With just 90 minutes left before the deadline, C&N confirmed that they would be unable to proceed with their takeover on the club.
They said: "We are grateful to the EFL for the short extension they granted to us so that we could continue with due diligence, and for their acceptance of our proof of funds capable of mounting a credible takeover. This has been worked on around the clock by our team and advisors for the past 72 hours.
"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. The complexities involved in each of these matters escalated and continue to do so.
"It is therefore with regret that we have decided not to proceed with the takeover of Bury FC. This decision has not been taken lightly. We fully understand the importance of the club to the community and it is with this in mind that we have informed the EFL of our decision at the earliest possible opportunity."
What games were called off?
- Milton Keynes Dons (H)
- Accrington (A)
- Sheffield Wednesday (A) - Carabao Cup first round
- Gillingham (H)
- Rotherham (A)
- Tranmere (A)
In total, Bury had seen six of their games called off. They were handed a 12-point deduction at the start of the campaign following the approval of a Company Voluntary Agreement (CVA).
Prior to today's announcement, the EFL had already said that Sheffield Wednesday had been awarded the Carabao Cup first round tie which was scheduled to take place between the two clubs earlier this month.
How does the league work now?
Bury's record for the 2019/20 season has been expunged, meaning that every team will now only play 44 games instead of 46.
League One also now becomes a 23-team competition - as opposed to the traditional format of 24 teams.
Due to Bury not playing a game, there is no direct impact on current points tallies and no adjustment to the league standings above Bury's previously-occupied 24th spot.
This season, only three teams will be relegated from England's third tier. That means that, as usual, those who finish in 21st, 22nd and 23rd will all drop down a division.
In League Two, four teams will still be promoted - the top-three automatically and a play-off winner - to ensure that League One remains at 24 teams for the 2020/21 campaign.
The EFL have said that they will meet in September in regards to the impact this will have on League Two going forward.
What about Bolton?
Sadly, Bury aren't the only club in this situation. Bolton were also set a deadline of 5pm on Tuesday.
Reports say that those involved were optimistic that a deal with Football Ventures could be repaired after it collapsed over the weekend.
With the deadline not being met, the EFL have lifted the suspension on their Notice of Withdrawal. The administrators now have a period of time to successfully conclude a change of control or provide sufficient evidence that they are in a position to fund the club for the remainder of the 2019/20 season.
Wanderers have 14 days, a similar situation that was placed upon Bury.
However, administrator Paul Appleton recently said that if there is no breakthrough "the process of closing down the company will commence on Wednesday".
"In just over 24 hours, the club will have its membership of the EFL revoked," said Appleton in a statement.
"Over and above that, the club is currently not in a position to carry on trading and, as such, the process of closing down the company will commence on Wednesday.
"This will ultimately lead to its liquidation, the expulsion of the club from the EFL and the inevitable loss of over 150 jobs.
"More than that, it will devastate a community for whom the football club is a beacon of hope and expectation.
"I reiterate, unless there is a change of position from any of the parties involved, the process of closing down the club and ultimately placing Bolton Wanderers into liquidation will begin this week."