A working group set up to try to have Bury reinstated to League Two in the 2020-21 season has sent its proposal to the English Football League.
The submission from the Bury FC Rescue Board includes a signed statement from owner Steve Dale saying he is committed to selling the club.
The proposal, signed by Bury North MP James Frith, also contains confirmation of “active committed bidders”.
Bury, who were in League One, were expelled from the EFL in August.
Frith, chair of the board, said the plan is “a simple and common sense solution for everyone involved”.
In a statement from the rescue board, it urges “compassionate re-entry for our club” to League Two.
“We accept that the EFL has had to take action given the mismanagement that has brought Bury FC to this position. However, we believe the expulsion followed by the loss of a season’s football and readmission on terms you dictate is is a fair punishment,” the statement continued.
Alongside Labour MP Frith, the proposal to the EFL has been backed by the Bury FC Supporters’ Trust, Bury South MP Ivan Lewis and Mayor of Greater Manchester Andy Burnham.
Also included is the Greater Manchester Combined Authority and Bury Council, who have both offered “to work together to provide necessary external challenge and diligence to ensure any proposal is financially viable and can deliver stability for both the club and the league in the long term”.
Bury’s 125-year membership of the Football League was ended after a proposed takeover bid from potential owners C&N Sporting Risk collapsed.
The Shakers had already had their first five league games cancelled and been thrown out of the Carabao Cup for non-fulfilment of a first-round fixture.
Bury’s expulsion means that three clubs, rather than four, will be relegated from League One this season and just one, instead of two, will go down from League Two.