Morecambe owner urged to speak with other would-be buyers

Next week sees it become 27 months since the club was formally placed up for sale at the start of September 2022.

That wait has caused mounting frustration among players, managers past and present, the board and supporters; culminating in the recent protests at the Shrimps’ home match against Port Vale.

The letter, from Trust chair Tarnia Elsworth, said: “Four months have passed and your prospective buyers appear to have been unable to provide the EFL with the sufficient paperwork they need to complete the sale of the club.

“This indicates to all that the buyers may not have legitimate source of funds to be able to purchase and sustain Morecambe Football Club for the minimum required period of two years.

“Do you still believe this sale to be viable?

“The Morecambe FC Board of Directors released statements, on the 4th of December 2023 and on the 20th of May 2024, referencing that there have been a number of apparently credible buyers interested in purchasing the football club. Is it not time that you turned your attention to one of those interested parties?

“Due to the length of time this is taking, we believe that you have to achieve an unrealistic price for the club in order to avoid your own financial ruin.

“We say this: if that is the case, take responsibility for your actions. Sell the club for a reasonable price and accept the consequences of your financial decisions. Do not take a club and a community down with you. Do the right thing.

“It is your responsibility as owner to fund the football club properly on an ongoing basis.

“We understand this is becoming more and more difficult for you as time goes by. Sell the club to someone who can sustain these financial requirements.

“You wasted our time with Sarbjot Johal, who never had the ability to pass the EFL regulations.

“You appear to continue to waste everyone’s time with these new prospective buyers.

“We have strong evidence of who the current prospective buyers are and, if accurate, we believe that they will not be able to pass EFL regulations either. Can you explain to us differently?

“We also have strong evidence that these prospective buyers were linked to Sarbjot Johal; whilst that may not still be the case, it gives us great cause for concern.

“Can you explain this link and why you are more confident with this party, when Sarbot was such a lost cause?

“If you do not move on from the current potential buyers, we believe that you are moving the club ever closer to administration. Please, open negotiations to other interested parties.

“They may offer you less for the club and you may suffer personally because of that, but that is far better than forcing the whole club into a position it may not recover from. If we have misunderstood this position, please can you explain to us otherwise?

“Our club is a community asset. The decisions you are making can’t be made on a selfish basis.

“We are asking you to make decisions for the good of our club and our community, not decisions that benefit you personally. You have taken this too far to achieve a good outcome for yourself.

“Please, sell the club to a realistic bidder and move on. We look forward to your response. Our members and fans deserve to hear from you. Our community deserves answers.”

Trust representatives have also met with the EFL to outline their concerns over Morecambe’s potential buyers.

That meeting, which saw senior EFL figures in attendance, took place last Friday with the Trust confirming its research as to who it believes the would-be owners are.

The Trust added: “The EFL have confirmed that they have had an application from prospective buyers but was unable to comment further on the status of that application at this time.

“In addition to assessing the criteria of the Owners’ and Directors’ test, the EFL’s role at this stage is to assess any prospective owner’s ability to demonstrate source and sufficiency of funds.

“The EFL explained that specific details on any potential transaction understandably have to remain confidential in the interests of the Club, seller(s) and purchase(rs).

“However, if any transaction is given clearance this will then be announced by the Club and, in certain circumstances, the EFL. Clubs are not permitted to announce that transactions are completed subject to EFL clearance.

“The EFL have confirmed there is no ‘guillotine point’ for a change of control to take place. Applications can always be revised and resubmitted by any prospective buyer.

“We thank the EFL for their time and transparency. We continue to engage with them, the FSA, politicians and others to ensure that the regulations that are currently in place are reviewed to ensure that positions like this can be avoided in the future.”

As a club shareholder, the Trust has also asked the Morecambe board for an up-to-date confirmation of the shareholdings of the club.

It has done so in the understanding that shares have been purchased recently, which will not have reached the public domain as of yet.

Once that information has been received, it will be shared publicly for Trust members to see.