The board at Morecambe Football Club say they’ve met with a representative of the prospective new owners of the Shrimps.
The Shrimps have been up for sale since September 2022, but as yet no deal has been agreed to purchase the controlling interest in the club currently owned by Bond Group Investments.
On Thursday evening Morecambe FC issued a statement which revealed they had had talks regarding the sale, as part of the latest board meeting at the club.
The statement said: ‘’This evening, 31 October 2024, an online meeting between the Board of Directors of Morecambe Football Club and a representative of the prospective purchasers of the controlling interest in the Club took place.
‘’This was a very cordial and constructive session where the many various aspects of the Club’s interests and aims were discussed in a positive way.
‘’Although we are not at liberty to reveal the identity of the purchasers at this stage, it is positive to be engaging directly with them.
‘’We will provide further updates once more information is received from Bond Group Investments, the current owners of Morecambe Football Club.’’
The body who represent Morecambe fans, the Shrimps Trust, said that they were in contact with the English Football League, but a deadlock remained.
A statement from the Trust said: “The EFL remain in contact with us. They are unable to provide clearance for a change of control at Morecambe FC at this stage.
“They have confirmed that all parties are fully aware of what is required to move matters forward to a positive conclusion.
“They continue to monitor the club’s compliance with its obligations in accordance with the regulations.”
The Trust has also announced a ‘members meet’ at Morecambe Cricket Club on November 8, starting at 7pm.
Next steps will be discussed, including the possibility of using Morecambe’s next home League Two fixture on November 16 as a ‘positive protest match’, with details to be agreed at the meeting.
Further steps at more action would then be considered if a sale then wasn’t completed.
The English Football League (EFL) has to approve any prospective new owner of any club.
In any potential ‘takeover’ or acquisition of control as it is formally known, it is the responsibility of the club in question to inform the EFL of a proposed change.
Once the League has been made aware, the process of making the necessary checks against the requirements of EFL Regulations will then begin. The Regulations ultimately set the criteria regarding who is permitted to own a club - or exercise control over it - and whether they meet the requirements to do so.
Every acquisition process is different, but there are three key parts in each case.
First, there is the Owners’ and Directors’ Test, an objective test where prospective owners and directors have to evidence the fact they are not subject to any disqualifying events. The disqualifying events are clear and set out in the Regulations.
Second, the Club and prospective owners must submit Future Financial Information (FFI) to demonstrate how the Club will operate over the period ahead, from which any additional cash requirements to support the running of the Club can be identified.
Finally, any potential owner must demonstrate to the EFL the ultimate Source and Sufficiency of Funding which will underpin the purchase and future operations. Or in simple terms, how much money they have and where it has come from.
Only once all Regulations are satisfied will the EFL issue clearance for any change of control.
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