Agreement reached over Morecambe takeover

BBC News

a day ago

Morecambe's owners and prospective buyers Panjab Warriors have reached an agreement in principle to transfer the majority shareholding in the club.The announcement comes after the two parties agreed to a mediation session this week after an initial session failed to take place the week before.Panjab Warriors previously had their takeover approved by the EFL in June following the club's relegation from League Two, but a chaotic summer has since followed, with the Shrimps being suspended from the National League in the midst of an ongoing impasse."This agreement reflects the willingness of both sides to compromise in the best interests of Morecambe FC, its supporters, and the wider community. It paves the way for continued stability and a positive future both on and off the pitch," the two parties said in a joint statement., external"Final legal documentation will now be prepared, with immediate steps being taken to inform key stakeholders, including the National League and the club's management team."Both Panjab Warriors and Bond Group would like to thank all parties involved for their patience and support during this process, and we look forward to a new chapter in the club's history."
Panjab Warriors, who have been trying to take over the beleaguered club for over a year, were joined in a separate bid by businessman Jonny Cato in trying to mount a takeover.Morecambe closed operations in late July shortly after their suspension from the National League, with a takeover still to take place.Meanwhile, culture secretary Lisa Nandy called on owner Jason Whittingham to sell the club, with the Shrimps' plight coinciding with the Football Governance Bill passing into law.It is unclear from Thursday's statement when Panjab Warriors' takeover will be finalised, however."We would like to thank all of the staff at the club for their forbearance and can only apologise for the stress this has caused," added the Bond Group."In particular I would like to thank Rob, Derek, Oliver and Martin for their continued professional conduct and support throughout this process and also their support for the staff and the community."I would hope that the Shrimps fans can now give their full support to the club and its journey ahead."