Home news Morecambe directors urged to resign to allow takeover to be completed

Morecambe directors urged to resign to allow takeover to be completed


Morecambe’s majority shareholders have urged the club’s directors to resign in order for a takeover to be completed.An offer has been made to G50 Holdings to sell their 82% stake in the club for £1, to allow new owners to invest £1m in the League Two side.But the offer is subject to the club’s directors resigning and giving up their loans and debentures to the club.

Morecambe say their directors spoke to G50’s Graham Burnard on Thursday, and have no intentions to resign.The club have been hit by financial problems this year, with staff paid late and uncertainty over the ownership of the club.But Burnard said earlier this month that Morecambe’s financial future was secure for at least the next two years, with funding guaranteed to the English Football League by former co-chairman Abdulrahman Al Hashemi.”An offer has been received by Graham from a purchaser who is prepared to pay off all football creditors, HMRC and the overdraft and then continue funding the club,” a statement from G50 Holdings said.”In return Abdulrahman is willing to secure the future of the club, to agree that G50 Holdings Ltd, which owns 82% of Morecambe FC, be sold for £1 and to forego repayment of his loans.”If this offer of refinancing is accepted, the wages will be paid next week and Graham will continue, as the person approved by the EFL, to run the club until the transaction is completed.”However the board have rejected this offer and say that they have another purchaser and there will be a board meeting next week.”Most staff to be paid on timeBut a statement from Morecambe says Burnard did not mention resignations during discussions on Thursday.”At no time in the earlier conversations or emails was the subject of resignations from the current board mentioned.”The board of directors plan to hold a press conference early next week on a date and time to be confirmed and Mr Graham Burnard will be invited to this.”The Shrimps Trust say the potential sale of the club “contradicts” recent statements made by Burnard and Morecambe, and are “actively seeking clarification” on the situation.Morecambe added that most employees will be paid on time on Friday, with any outstanding wages paid on Saturday, 28 October.
Source: BBC Lancashire