A deal was thought to be close for the crisis-hit club, but prospective buyers C&N Sporting Risk have stepped away.
Bury face expulsion from the English Football League (EFL) after a proposed buyer for the beleaguered League One side pulled out on Tuesday.
The EFL said on Saturday that a takeover needed to take place by 5pm local time on Tuesday, or their membership of the league will be withdrawn.
Current owner Steve Dale told BBC Radio Manchester on Friday that a deal with analytics company C&N Sporting Risk had been agreed for the club who were FA Cup winners in 1900 and 1903.