Fenton has pleaded for help from local businesses, with directors putting an SOS plan together as they try to save the club.
Fenton said in a statement: "As you are well aware, Bury FC has been experiencing financial difficulties all season and we are currently in a transfer embargo imposed by the Football League because of our short-term loan from the Professional Footballers' Association.
"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.
"The club desperately needs £1million of external investment to secure the long-term future of the club.
"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.
"If you are interested please call the club and we will explain in detail our business plan. We need you now because I repeat the club will close.
"We have a responsibility to all of our staff, players and creditors to not allow the situation to get any worse.
"This plea is serious; if you can help us and at the same time enjoy a return on your investment please contact the club."