Here's the official line form the EFL on what happens now League One is minus a team:

League One will now comprise of 23 Clubs for the remainder of the campaign and relegation places in the division reduced to three, which will result in a full complement of 24 Clubs in 2020/21.

A discussion will take place with EFL Clubs on the consequential impact in League Two when clubs next meet in September 2019.

Image source, Getty Images

Kyle: I'm a Newcastle supporter and I've never been to Bury but I feel gutted for them this morning. I feel for their fans especially those that have been going for years and years. Its tragic news their owner obviously wasn't a fit and proper person.

The club is 134 years old.

Bury were elected to the Football League in 1894 – so it has been 125 years for them in the league.

Tragic.

Image source, Getty Images

Twitter

Strong words from West Brom's Charlie Austin on social media.

On Steve Dale: "Not even a football fan, didn’t even know that Bury had a football team this man is a joke and destroyed a club but not only that a fan base of young and old.

BBC Radio 5 Live

Presenter Tony Livesey spoke to Bury owner Steve Dale last night.

Here's how that chat went down:

Squirt: My only visit to Gigg Lane was in 1992. Bury beat Colchester (my team) 3-2 and I remember a Bury fan walking away from the ground commenting "It were rubbish, but it were exciting rubbish!". Hope to see you reform soon

Stephen Nichols: There is an eerie but predictable silence coming from #PremierLeague, external clubs counting their endless millions who's owners / directors have just sat and watched the demise of Bury FC. Goes to show what matters to them most: profit>football

Sam: Although it's sad to see the demise of Bury, and possibly Bolton, it's a business which can't pay it's way in the world, much like Woolworths and others. Why should creditors have to bail out this business? or why do people think a football club is different.

The rule was introduced to make sure whoever takes over a football club is a 'fit and proper person'.

Here is the official rule from the EFL, external

BBC Radio 5 Live

Henry Newman from C&N Sporting Risk added: "The financial structures that were put in place were something I had never seen before and were certainly unsustainable.

" Our sympathy goes out to the community of Bury, they’re the ones who have suffered as a result of this. It’s certainly something I had never seen before. It’s imperative structures are put in place to ensure this never happens again

More from Rory Campbell: "We did absolutely everything we could to get everything in place to get the takeover through. It was six years of a combination of financial mismanagement, issues of governance which were much to unravel in a short period of time, but it was not just time it was the difficulties in the structures at the club to unravel them would have been too difficult.

"We would have proceeded if we felt we could have."

Here's what C&N Sporting Risk's Rory Campbell and Henry Newman had to say, after they pulled out of their deal to takeover Bury last night.

"We realised there were more and more complexities over a longer period time," Campbell said.

"A number of areas – an example would be the stadium – there are a number of charges on the stadium as well as leases, which after we were granted the relevant documents it opened up a web of problems in terms of the long term sustainability of the stadium as a whole.

"It was not specifically around the cost – now is not the time to get into commercial matters – but it was the asset of the stadium, which we were looking into. Publicly you can see there are charges and leases which mean the overall ownership of the ground would have been much more difficult."

Image source, Getty Images

Graham Gee: Incredible to think, not only have Bury FC been going for 134 years - they have not played since they were PROMOTED in May !! The authorities sit back and do nothing

Craig Stevanato: The EFL aren't blameless in the Bury and Bolton situations. Their so called 'fit and proper person' test is nothing of the sort. They should be ashamed.

More on that coming up, Craig

BBC Radio 5 Live

Rory Campbell and Henry Newman from C&N Sporting Risk who pulled out of their deal to buy Bury yesterday are on 5 live Breakfast now.

We'll have their comments for you shortly.

Here is what the programme for Bury's home match against Doncaster on Saturday would have looked like.

It features long-standing Shakers fan Kenny

Phil World: A sad day for football and genuinely feel for Bury fans. As @Official_Darlo, external have shown, you can come back, they may not be at the level they were but they have a club that they own and not someone nowhere near fit and proper to run a business

Jennyversesport: The state of football. And maybe society generally when finance, and its mismanagement, can lead to a community being torn apart like this. Feel awful for Bury supporters.

Pakkana:The occurance with bury makes you wonder what the future holds for currents clubs in the EFLs grasp, corruption isn't the word for this act but turning a blind eye to it is.

Scottish club Clydebank FC disappeared in 2002, and they are now reborn.

Here's how there could still be hope for Bury, from one club which has risen from the dead.

Full story

Image source, Clydebank FC chair