Stewart Day has been named as the new chairman of Bury.

The Shakers, who were relegated from League One last season, were recently placed under a transfer embargo due to their troubled financial situation.

However, the club's takeover was ratified earlier this week and, following Day's unveiling as chairman, the transfer embargo has now been lifted.

Day told the club's website: "I am extremely proud to take over the role and responsibility of putting Bury Football Club back onto a strong football and financial footing.

"After spending the last three weeks in the due diligence process, I am delighted to officially confirm my position at the club.

"Over the next few days the new board of directors will be announced and key appointments made."

Bury won just 10 of 52 matches in all competitions during the 2012-13 campaign.