Bury owner Steve Dale has accepted a takeover offer from a London-based consortium, Sky Sports News understands.
With Bury under threat of liquidation and expulsion from League One, Dale had been given until 11.59pm on Friday to either provide proof he can fund the League One side this season or hand it over to someone who can.
The deal still requires EFL approval. If the prospective buyer is deemed credible the EFL could consider extending the deadline of the 'Notice to Withdraw Membership', however, that would need to be completed within a window of 24-48 hours.
Dale bought Bury for £1 in December after previous owner Stewart Day ran up huge debts following years of overspending at Gigg Lane.
Having initially claimed to buy Bury for "philanthropic" reasons, Dale put the 134-year-old club into administration this summer and engineered a debt repayment scheme.
The scheme, known as a company voluntary arrangement, would see creditors paid only 25 per cent of what they are owed, with him and his associates being the main beneficiaries.
His plan, however, depended on Bury being allowed to start the season - with a small squad and skeleton staff - and the English Football League handing over the club's share of its central income.