Bury have been given until 17:00 BST on Tuesday to complete a sale that would prevent them from being expelled from the English Football League.
Owner Steve Dale said late on Friday he had agreed a deal to sell Bury to analytics company C&N Sporting Risk.
The League One club had originally been given until 23:59 BST on Friday to prove they had funding to survive.
Prospective buyer C&N Sporting Risk said it was “disappointing” the extension granted was not longer.
“As we said last night [Friday], there are a number of serious outstanding issues to be addressed,” the company said in a statement.
“It is disappointing the EFL has chosen to go for such a short extension, especially given this is a Bank Holiday weekend and our main legal adviser is unavailable until Wednesday.
“We will, however, seek to gain answers to the main outstanding questions in the short time available but this does make the task much more challenging.
“It would be a huge pity if the club were to fold because of lack of time to do the due diligence necessary for such a complicated scenario.”
In a statement posted on Twitter, Bury North MP James Frith added that he “fears the extension is not long enough with so much still to be done”.
‘No one wants to see a club lose its place’
Following a meeting of the EFL board on Saturday morning, the league said that no further Bury fixtures would be suspended because of the integrity of the competition and the impact on other clubs in the division.
The Shakers have not played any of their first six games of the season.
Their first five league matches were suspended by the EFL and they have also been withdrawn from the Carabao Cup.
“The board has considered the evidence presented and has determined, in a final effort to allow the club the opportunity to survive, to grant an extension and work exclusively with the club and C&N Sporting Risk to see if a takeover is possible,” said EFL executive chair Debbie Jevans.
“No one wants to see a club lose its place in the league and we will now work with the potential purchasers over the weekend and ahead of the Tuesday deadline in an attempt to find the solutions required for a sale to take place.”
How did we reach this point?
At the end of April, Bury were celebrating promotion back to the third tier of English football, but they were already enduring a torrid time off the pitch.
Players and staff had often been paid late, while 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.
The CVA meant unsecured creditors, including HM Revenue & Customs, would be paid 25% of the money owed – but also triggered a 12-point deduction in the League One table under EFL rules.
No club has been removed from the EFL since Maidstone were liquidated in 1992.