BURY owner Steve Dale has 10 days to pay £2million to creditors or the Shakers face the threat of being liquidated.

The Guardian reports that Dale has not adhered to the terms of the company voluntary agreement (CVA) agreed last July and has been set a fresh deadline.

After missing the initial six-month timeframe to come up with the money, which expired on January 18, Dale has been given until February 11 to pay the what is owed or the CVA could be ripped up.

That would mean debts totalling £5million would be due and creditors, including former players and HMRC, could petition for the club to be wound up, threatening its existence.

The Shakers already have a separate date in the High Court in London on February 5 to face a winding-up petition brought by HMRC.

Dale took over the debt-ridden club from Stewart Day for just £1 in December 2018, but after failing to satisfy the EFL he had the funds to take the Shakers forward they were kicked out of the league and into potential oblivion in August.

Three routes remain for the future of football in the town.

A consortium of local businessmen are working on a solvent purchase from Dale while entrepreneur Robert Benwell continues to explore the possibility of buying Gigg Lane out of liquidation.

A group behind a Bury AFC phoenix club are working to ensure there is definitely football in the town next season and have applied for a spot in the North West Counties League.

Dale insists he is still in a position to settle the money owed and take the club forward.

“I am in no talks at this current time with ‘another’ consortium,” he told the Guardian.

“Just finalising saving the club through the CVA and applying to play football next season.”