Morecambe takeover moves one step nearer following National League approval
Panjab Warriors’ proposed takeover of Morecambe FC has been given the green light by the National League.
The league’s compliance and licensing committee had been due to meet this Wednesday, August 20, to discuss Morecambe’s future in the competition.
A prolonged ownership crisis had seen the Shrimps suspended from the National League, having previously been placed under embargo.
However, last Thursday brought a joint statement from the club owner, Bond Group Investments, and Panjab Warriors, which said a takeover agreement had been reached ‘in principle’.
Consequently, the National League provided an update on Sunday afternoon, in which it gave its approval to Panjab Warriors’ proposed buyout; following permission from the EFL almost two-and-a-half months ago.
It said: “The National League can confirm that following a meeting of their club compliance and licensing committee earlier today, the takeover of the club by the consortium known as Panjab Warriors Ltd has been approved.
“The suspension of Morecambe FC will therefore be immediately lifted on receipt of the signed sale and purchase agreement.
“However, the transfer embargo will remain until all football creditors, including players, staff and HMRC, have been paid and payments due under the sale and purchase agreement have been satisfied.
“It is the intention for Morecambe’s first National League game to be on Saturday 23 August at home against Altrincham FC.
“The National League would like to welcome the new owners and to thank everybody involved in helping to secure the future of the club and reaching this point.”
The National League’s green light came after an eventful end to last week, which saw the statement from Bond Group and Panjab Warriors followed by a reported winding-up petition from HMRC.
Last Friday then saw Companies House confirm the appointment of two directors, something Bond Group had promised last week.
Rob Smith, Morecambe’s general manager, and Oliver Wilson-Fish, the club’s head of finance, are the men to have taken on the new roles.
Morecambe had been operating without a board of directors since early July when co-chairmen Graham Howse and Rod Taylor, along with Mick Horton, Charlie Appleyard and James Wakefield, left their positions.