Owner Steve Dale has told BBC Radio Manchester he has agreed a deal to sell Bury, as a deadline for their possible expulsion from the EFL approaches.
Dale says the League One club has been sold to a football analytics company.
Bury have been given until 23:59 BST to prove it can pay off creditors and has funding to complete the season.
In an update at 17:00 BST, the English Football League said “limited progress” had been made in either providing the evidence or finding a new owner.
Dale told the BBC earlier on Friday that he had found a “prospective buyer” who was “waiting for the EFL to come back to him on a few points”.
He carried out numerous media interviews throughout the day and had earlier asked members of the public to pledge money to help “save a football club”.
Meanwhile, Bury North MP James Frith claimed a bidder he had been liaising with was going to submit the relevant documentation to the EFL before Friday’s deadline.
EFL chief executive Debbie Jevans said earlier this week that a short extension to the deadline may be granted if a buyer could be found.
On 9 August, Bury were given 14 days to provide evidence of financial viability to the EFL or risk expulsion from the league.
The Shakers have had their first five league games of the season suspended by the EFL and they were also withdrawn from the Carabao Cup.
No club has been removed from the EFL since Maidstone were liquidated in 1992.
