The English Football League have confirmed that Bury have been expelled after a takeover bid from C&N Sporting Risk collapsed.
The League One club had been given until 17:00 BST on Tuesday to complete the deal, having been granted an extension to Friday's initial deadline.
The League One club’s owner Steve Dale was originally given until midnight on Friday to prove he could pay off Bury’s debts and fund the next two seasons or find someone who could.
Bury are the first team to drop out of the EFL since Maidstone's liquidation in 1992.
EFL executive chair Debbie Jevans said: "Today is undoubtedly one of the darkest days in the league's recent history.
"I understand this will be a deeply upsetting and devastating time for Bury's players, staff, supporters and the wider community. There is no doubt today's news will be felt across the entire football family."
23 teams will compete in League One this season with only three relegated.
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