BURY North MP James Frith has spoken of his anger after a proposed takeover bid for Bury FC collapsed.

C&N Sporting Risk had been in discussions to buy the Shakers from owner Steve Dale and were set a deadline of 5pm today to complete a deal and avoid the club being expelled from the Football League.

However, they have now pulled out, claiming the financial situation is simply too complicated for them to proceed.

It means the Shakers are in need of a saviour at the 11th hour.

Speaking to BBC Radio 5 Live, Mr Frith, who has been involved in negotiations, described the news as a "sucker punch" and said he was feeling "stunned and angry".

The MP took aim at "financiers", who he accused of blocking the takeover's progress and having "signed the death penalty for Bury Football Club".

He added: "There are financiers who have no care for Bury Football Club, who are completely ignoring the fate that now awaits us, the efforts to save the club, the community's wishes, the heritage, history and prospects of our dear club, and refused, as recently as this afternoon, to budge on an overvaluation of the ground they hold the mortgage on, refusing to concede on a price or on a deal, and ultimately being the block to any progress being made here on this.

"This afternoon, they refused to speak with the chief executive and leader of Bury Council who, through my facilitation, were on hand to speak to the mortgage owners, the debtors. They said they had no interest in talking to them and they have signed the death penalty for Bury Football Club.

"To have a scenario where there are lifetime financial speculations on car park spaces on the front of Bury Football Club, owned by Far East and elsewhere investors, as well as 130 per cent plus interest on loan mortgages against the ground of Bury Football Club is a disgusting and disgraceful indictment of the financial pursuits of a small minority of people at the expense of the many interested in a future for Bury Football Club.

"What have we become when a football club so rich in history is consigned to no future because of interest rates that would make a high street loan shark blush? It is an absolute disgrace.

"We have a situation where loans have been taken that now are prohibitive to a credible takeover option that consigns us, according to the EFL's deadline, to history in the Football League.

"This financial mismanagement and financial speculation has prevented every single bit of good intention on a takeover that was fully capable and able to provide an immediate and sustainable future for Bury Football Club.

"This is a studs up, sliding tackle on due process. It is disgusting and it needs red carding for good.

"It has come to a point where all actors in this play are culpable as failing Bury Football Club, Bury town and its fans."