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The EFL admit such a move would be unprecedented, but they recognise the efforts being made to save the Shakers.
He said: "I know the club is trying to work with the EFL. At this moment in time, there's a bigger picture here.
EFL boss Debbie Jevans With no right of appeal, Bury can only write to Jevans and the EFL board to ask for a change of heart, but there appears to be absolutely no prospect of that.
"This will ultimately lead to its liquidation, the expulsion of the club from the EFL and the inevitable loss of over 150 jobs."
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."
The EFL said in a statement on Saturday afternoon that, shortly after 11.59pm on Friday, it had "received notification that an offer for the club had been accepted" and a request was made for an extension to the deadline."
An EFL statement issued yesterday afternoon said: "The EFL board met this morning in regard to Bury FC.
EFL confirm what would happen in League One should Bury be expelled - what it means for Sunderland
The EFL has stressed it remains committed to working with owner Steve Dale to find a solution but time - and patience - is running out.
Once issued, clubs have 14 days to meet all outstanding requirements of the League's insolvency policy or membership of the EFL may be terminated.
The first weekend of August is to host the opening round of league fixtures, with August 3 the date set for the first set of traditional Saturday games in the EFL, while round one in the Carabao Cup is to take place week commencing August 12.