Bury have said they are considering all options including legal action against the EFL following their expulsion on Tuesday.
Members of Bury’s executive met on Friday to discuss their options, having earlier sent the EFL a letter questioning the way the organisation handled their ‘unfair’ expulsion.
The Shakers’ expulsion was confirmed after a takeover bid from C&N Sporting Risk fell through.
Club lawyer Chris Farnell said: “All options are on the table. One that has to be considered is legal action.
“At least three bids went in on Friday before the deadline. The EFL allowed an extension for one bid – from C&N – but other bids were attracted and submitted to the EFL and it would appear they weren’t considered.
“There’s been no explanation.”
In a club statement on Thursday, Bury confirmed the EFL would not be going back on its decision to expel the club despite the Shakers saying a £7million takeover bid had been submitted before Tuesday’s second deadline.
The BBC claims the club have sent out a list of questions to the EFL, including:
Why a late bid from Brazilian multi-millionaire pastor Gustavo Benedito, which emerged on Tuesday afternoon, was not accepted.
Why the EFL said that a bid from an Italian consortium had not been received when the club insist it had.
Why the offer from C&N Sporting Risk was the only one accepted by the EFL and the only one granted an extension.
Why is it proportionate to consider dropping Bury five leagues – the club want the EFL to consider dropping them down to League Two instead.
Why owner Steve Dale passed the fit and proper person test.
Why the EFL refused to meet with representatives of Bury on Friday.
Why ex-Port Vale chairman Norman Smurthwaite was not considered to be an appropriate owner.
Bury, who had been in the EFL for 125 years and have twice won the FA Cup, have given the league until 16:00 BST to respond to their letter.
Farnell added: “It seems to be very unfair on Bury because of an artificial timeline.
“The decision to, in effect, kill a club has been made without any explanation as to why a very genuine bid from a very high-net worth individual would not be considered.”
Bury supporters group Forever Bury have also written to EFL executive chair Debbie Jevans pleading to reinstate the club.
The letter read: “The EFL’s misguided handling of this matter has directly prejudiced the interests all Bury FC stakeholders including its creditors, shareholders, players and employees and we reserve all our rights to hold the EFL accountable in this respect.”
The EFL said it had received the correspondence from Forever Bury and would ‘respond appropriately’ after ‘considering its contents’.