The EFL announced in a statement, that an independent review of the financial aspects of the competition will be carried out. It will be led by Jonathan Taylor QC, an expert in commercial and regulatory issues in sport and Bury's case will be investigated to prevent it happening again in the future.
According to the organisation in their statement, the investigation will consist of two phases. The first will focus exclusively on the Bury situation to see what happened and how it occurred.
After that is completed, the EFL will release Taylor's findings and then go onto the second phase which will study the effectiveness of the EFL's regulations and procedures regarding guaranteeing their clubs are financially stable.
Debbie Jevans, EFL Executive Chair, said: "“The withdrawal of Bury FC’s membership is one of the most difficult decisions we have ever had to take at the EFL. This review will help everyone to understand what happened at Bury and ensure that, collectively, we learn and apply the right lessons for the future.
"The financial sustainability of EFL Clubs is of vital importance to supporters and communities across the country as well as to the growth and development of the League itself. The EFL recognises its responsibility to examine whether we can improve our regulations and procedures in this area," she concluded.