20-year-old business tycoon at centre of new Morecambe FC buyout rumour

The Daily Mail reported that a 20-year-old business tycoon who is a Sikh entrepreneur called Sarbjot Johal is set to complete a takeover at Morecambe.

Sportsmail reported they had learned that wealthy investment mogul Johal is in advanced talks over a buyout of the Lancashire club.

Mr Johal, chairman of private equity firm Sarb Capital, attended Morecambe's 5-0 win over Burton Albion on New Year's Day.

Morecambe is valued in the region of £20million, but it is unclear what price Johal has agreed to pay.

An agreement between Johal and current majority shareholders Bond Investments Ltd - owned by businessmen duo Colin Goldring and Jason Whittingham - is in place with the deal now just awaiting EFL approval.

A statement from Morecambe FC said: “The Club is aware of an article released today by the Daily Mail regarding a potential sale.

“At this point, we are not in a position to comment as it would be inappropriate to do so.

Should any sale be completed, we will share this with supporters at the right time."

Morecambe, who are currently third from bottom in the third tier, have been up for sale since the summer amid concerns from the EFL over Jason Whittingham and Colin Goldring’s ownership.

But the transaction is set to safeguard the club's long-term future, news that will arrive as a huge relief to Morecambe's supporters.

In October, world heavyweight boxing champion Tyson Fury, who owns a gym at Morecambe's Mazuma Stadium complex, declared an interest in buying the League One club.

The news ends Fury's documented interest in buying his local club.

The Sikh entrepreneur's vast wealth derives primarily from the soft drinks industry and private equity firm Sarb Capital which he is sole owner of.

The League One club were formally put on the market in September and uncertainty has engulfed the club ever since.

Morecambe currently lie 22nd in League One in the relegation zone, having moved off the bottom following back-to-back wins over the Christmas and New Year period.