A buyer has been found for twice FA Cup winners Bury FC and their Gigg Lane stadium after the club were expelled from the Football League (EFL) in August 2019 due to financial problems, administrators said in a statement on Friday.
Administrator Steven Wiseglass had been overseeing the sale of the club's 12,000 capacity ground and other assets.
A consortium headed by supporters group Est. 1885 have entered a period of exclusivity to buy the club and ground.
"We have accepted an offer to purchase the Gigg Lane stadium and other assets, and have agreed heads of terms with the interested party," said Wiseglass, director at Inquesta Corporate Recovery and Insolvency.
"We remain hopeful that the deal will be completed in a timely fashion and will be a major step towards securing the future of football at Gigg Lane.
"My hope has always been that Bury FC could be rescued and seek readmission to the football pyramid system, and this now seems a step closer to becoming a reality."
The 136-year-old club have been inactive since the EFL expelled them after former owner Steve Dale failed to provide proof of funds for the 2019-2020 season.
The third-tier club was placed into administration in November 2020.
Bury joined the Football League in 1894, nine years after they were founded, and won the FA Cup in 1900 and 1903.
(Reporting by Dhruv Munjal in Bengaluru; Editing by Ken Ferris)