Bury: Shakers given 12-point deduction by EFL after creditors approve rescue bid
Bury are to be deducted 12 points by the English Football League after the club's creditors approved a rescue plan to clear some of the Shakers' debts.
Shakers owner Steve Dale put forward a Company Voluntary Arrangement (CVA) proposal in June which would see the club's football creditors paid in full.
Unsecured creditors, including HMRC, will be paid 25% of the money owed.
A CVA qualifies as an "insolvency event" under EFL rules but the League One club have seven days to appeal.
In a statement issued on Thursday, Dale said the CVA would mean the club's "future is secured".
He said: "We have worked tirelessly to achieve the result today whilst taking a lot of flak.
"Some might say our methods were questionable but we can all pass comment with hindsight, my job was to save Bury FC and that's done. We have other hurdles but the main one is complete."
Meanwhile, CVA nominee Steven Wiseglass said the agreement "hopefully secures a brighter future" for the Shakers.
"The agreement means the club avoids going into administration or liquidation, and it provides a degree of financial certainty in that its historic debts will be dealt with," Wiseglass added.
The deduction means Bury join local rivals Bolton Wanderers in starting the season on -12 points after the Trotters went into administration in May.
Bury are due to reappear in the High Court later in July after a winding-up petition brought by HM Revenue & Customs over an unpaid tax bill was adjourned for a third time.
The Shakers are looking for new ownership after Dale put the club up for sale in April.