Bury have issued a desperate plea for investment as the club look to raise £1million to avoid going out of business.

The Shakers are currently under a transfer embargo imposed by the Football League after accepting a loan from the Professional Footballers' Association.

They have now taken the unusual step of releasing a boardroom statement revealing the extent of their financial problems and asking for external help.

The statement read: "At this moment in time the situation is now critical, we are quickly running out of money by trying short-term fixes that are not working long-term.

"Without this investment the club will cease to trade and there will be no more professional football played at Gigg Lane.

"We are looking for a number of people, local businessmen or women to join a consortium and invest £100,000 each, with a guaranteed payback.

"We have a responsibility to all of our staff, players and creditors to not allow the situation to get any worse."