Bury, who had been given until 17:00 BST on Tuesday to complete the deal, now face expulsion from the English Football League.
The Shakers would become the first team to drop out of the EFL since Maidstone’s liquidation in 1992.
The EFL said it “continues to be in discussions” ahead of the deadline.
“The league continues to be in discussions with Bury FC in advance of today’s 5pm deadline and will provide a further update as appropriate.”
The EFL suspended each of Bury’s first six fixtures this season, requesting evidence that the Shakers could pay off creditors and had the funding to make it through the entire campaign.
They were initially given until 23:59 BST on Friday to either provide the required information or find a buyer to take them over.
With the third-tier side effectively an hour from being thrown out of the EFL, owner Steve Dale told BBC Radio Manchester he had sold the club and they were set to survive.
An estimated 300 volunteers turned up at the club’s Gigg Lane home on Tuesday to help get the ground ready for Saturday’s scheduled game against Doncaster Rovers, but their efforts could prove to be in vain.
The demise of a 134-year-old club?
Founded in 1885 and first elected to the EFL nine years later, Bury were playing in what is now known as the Championship as recently as 1999 and have twice won the FA Cup.
No club has ever dropped out of the third tier before, and the Shakers will also become the first FA Cup winners to have been expelled by the EFL.
England women’s manager Phil Neville, whose mother Jill resigned as Bury’s club secretary last week, described their demise as an “absolute disgrace” on Friday.
Supporters staged numerous protests in the build-up to the deadline, with former director Joy Hart handcuffing herself to a drainpipe outside their Gigg Lane home and a coffin with the words ‘RIP Bury FC 1885-?’ painted on it was placed at the directors’ entrance.
Greater Manchester Mayor Andy Burnham also wrote to EFL chief executive Debbie Jevans asking for the club to be granted more time “given the urgency of Bury’s plight”.
How did we reach this point?
At the end of April, Bury were celebrating promotion back to the third tier of English football, but were already enduring major issues off the pitch.
The club was in financial trouble even before Dale bought it for £1 in December from previous owner Stewart Day, with players and staff often being paid late.
A winding-up petition filed against the club was adjourned three times before eventually being dismissed by the High Court on 31 July.
By then, creditors had approved a company voluntary arrangement (CVA) put forward by Dale, which was proposed to help settle some of their debts.
Furthermore, the EFL were unsatisfied Bury had given enough evidence of their financial viability, leading to a string of postponed fixtures while the organisation awaited “the clarity required”.