Latest news with #BondGroupInvestments
Scottish Sun
a day ago
- Business
- Scottish Sun
Controversial non-league owner sacks ENTIRE board after they threatened to plunge crisis club into administration
He also set ambitious deadline for a final outcome over sale SHRIMP SHOCK-TALE Controversial non-league owner sacks ENTIRE board after they threatened to plunge crisis club into administration Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) MORECAMBE are facing administration following their relegation from the EFL after the club's board was sacked as takeover talks hit a massive roadblock. Tyson Fury's beloved Shrimps were left stranded on the financial rocks following the row between owner Jason Whittingham and his directors over the proposed sale. Sign up for Scottish Sun newsletter Sign up 1 Morecambe's owner has sacked the entire board as the club face administration Credit: Rex EFL bosses gave the green light to the Panjab Warriors consortium headed by London-based businessman Kuljeet Singh Momi at the start of June. Despite the proposed new owners posing for pictures with Morecambe scarves, the deal has yet to be completed, with club directors suggesting Whittingham and his Bond Group Investments 'appear to be considering reneging on the deal'. They set Whittingham a deadline of 4pm on Tuesday, accusing him of not having the funds to meet the club's salary bill and threatening to call in the receivers. But Whittingham has now responded by booting the board - insisting it is the only way for Morecambe to find a solution to keep the club going and denying he is 'stalling' on the sale. READ MORE IN FOOTBALL 'SINCERELY APOLOGISE' Newcastle apologise and remove video after fans spot 'offensive' flag In a statement explaining the move to fans, Whittingham said: 'There is no doubt that the Club is in a precarious position and is at a crisis point. 'We also appreciate the stress this is causing for all connected with Morecambe FC. 'As majority shareholder we are making every effort to resolve any issues that have arisen and are working to protect the best interests of the club.' He added: 'Bond Group Investments has started the process to dismiss the board in order that we can take control over the situation giving us the required additional time to ensure that the club has the best chance to avoid Administration. BEST FREE BETS AND BETTING SIGN UP OFFERS 'We hope the board put the interest of the club before any personal grievances and during this delicate time of negotiation to save the club, refrain from their propensity of issuing negative statements. 'The notion that Bond Group Investments is stalling is not true. We are deeply sorry for the distress and uncertainty this is causing. Abandoned EFL stadium left to rot with pitch covered in weeds just five years after hosting final match 'Bond Group Investments need to ensure that any transfer of shares, in a sale, is done in a way that holds no recourse for either the Club or Bond Group. 'The safety of the club's future is paramount and our focus is to work to find solutions to resolve the matter of staff salary and the sale of the club to avoid administration at all costs.' Whittingham promised a final outcome in the next 24 hours but 10 weeks after their 18-year EFL story came to a crashing end, the entire future of the club is under huge doubt.
The Sun
a day ago
- Business
- The Sun
Controversial non-league owner sacks ENTIRE board after they threatened to plunge crisis club into administration
MORECAMBE are facing administration following their relegation from the EFL after the club's board was sacked as takeover talks hit a massive roadblock. Tyson Fury's beloved Shrimps were left stranded on the financial rocks following the row between owner Jason Whittingham and his directors over the proposed sale. 1 EFL bosses gave the green light to the Panjab Warriors consortium headed by London-based businessman Kuljeet Singh Momi at the start of June. Despite the proposed new owners posing for pictures with Morecambe scarves, the deal has yet to be completed, with club directors suggesting Whittingham and his Bond Group Investments 'appear to be considering reneging on the deal'. They set Whittingham a deadline of 4pm on Tuesday, accusing him of not having the funds to meet the club's salary bill and threatening to call in the receivers. But Whittingham has now responded by booting the board - insisting it is the only way for Morecambe to find a solution to keep the club going and denying he is 'stalling' on the sale. In a statement explaining the move to fans, Whittingham said: 'There is no doubt that the Club is in a precarious position and is at a crisis point. 'We also appreciate the stress this is causing for all connected with Morecambe FC. 'As majority shareholder we are making every effort to resolve any issues that have arisen and are working to protect the best interests of the club.' He added: 'Bond Group Investments has started the process to dismiss the board in order that we can take control over the situation giving us the required additional time to ensure that the club has the best chance to avoid Administration. 'We hope the board put the interest of the club before any personal grievances and during this delicate time of negotiation to save the club, refrain from their propensity of issuing negative statements. 'The notion that Bond Group Investments is stalling is not true. We are deeply sorry for the distress and uncertainty this is causing. Abandoned EFL stadium left to rot with pitch covered in weeds just five years after hosting final match 'Bond Group Investments need to ensure that any transfer of shares, in a sale, is done in a way that holds no recourse for either the Club or Bond Group. 'The safety of the club's future is paramount and our focus is to work to find solutions to resolve the matter of staff salary and the sale of the club to avoid administration at all costs.' Whittingham promised a final outcome in the next 24 hours but 10 weeks after their 18-year EFL story came to a crashing end, the entire future of the club is under huge doubt.
BBC News
a day ago
- Business
- BBC News
Morecambe owner sacks club board 'to avoid administration'
Morecambe owner Jason Whittingham has sacked the club's board a day after they said they would place the club in administration if it was not beleaguered Lancashire club's board put two statements out on Tuesday that gave Whittingham's Bond Group Investments until 18:00 BST to complete a protracted sale to Panjab the deal was not finalised and Whittingham has now said he has "started the process to dismiss the board of directors with immediate effect in order that we can take control over the situation".He added this would give the Bond Group "the required additional time to ensure that the club has the best chance to avoid administration".The Shrimps will play in the National League next season after they were relegated from League MP Lizzi Collinge said on Monday that Bond Group should "get on with" the deal to sell the 105-year-old Tuesday the directors initially released a statement saying they would give Whittingham until 16:00 BST, before allowing an extra two hours after "new information came to light".This second deadline passed without the sale going through and in a third statement of the day, the board said that they would be contacting administrators "at the earliest opportunity", external on who said the club was at a "crisis point" but denied claims he was stalling on the deal, said there would be further communication on Thursday. Morecambe misery continues Whittingham, who oversaw the takeover of the club in 2018, previously told BBC Radio Lancashire that he "could not wait to get out" of the then League Two club in an interview in then the club, which reached League One in 2021, have been relegated from the English Football League (EFL), meaning they will play in the National League next season for the first time since deal to sell the club to Panjab Warriors was approved by the EFL earlier in Warriors said last week they had already paid £3.8m to Bond Group, alongside a separate payment of £630,000 to clear outstanding loans against the group claimed they had also loaned a further £1.7m to the club over the past 14 months to "ensure its ongoing survival".
The Guardian
2 days ago
- Business
- The Guardian
Morecambe on verge of administration amid infighting and stalled takeover talks
Morecambe are on the verge of entering administration after talks between the club's directors and owner Jason Whittingham failed to find a breakthrough regarding a potential takeover. The Panjab Warriors consortium received clearance from the Football League to complete a takeover of the Shrimps at the start of June but the process remains incomplete and on Friday Morecambe's board said Whittingham and his Bond Group Investments 'appear to be considering reneging on the deal'. Early on Tuesday the board set a deadline of 4pm for Whittingham to conclude the deal as his group did not have the funds required to meet the club's payroll commitments, saying they would call in the receivers if the deadline was not met. That deadline was later extended to 6pm 'after new information came to light', but a further statement on Tuesday evening said that no progress had been made. The statement read: 'Following further discussions with Jason Whittingham this afternoon and evening, it is apparent to the board of directors that he is, for some reason, stalling for time and attempting to drag out what is a truly horrible situation and decision for as long as possible. 'We must emphasise that this is without providing the board with any substantive or convincing reasons for us to responsibly delay triggering the administration process. 'The board of directors have this evening informed Jason that administrators will be called, at the earliest opportunity, tomorrow morning. Jason still has the chance to do the right thing, agree to sell his shares tomorrow morning, but that opportunity expires once and for all after that.' Morecambe suffered relegation from League Two at the end of last season and are due to compete in the National League next term.
