Shrimps subject of takeover talk again

Morecambe are facing another takeover saga, with two potential buyers eyeing-up the League Two outfit.

By The Newsroom
Friday, 27th October 2017, 12:47 am
Updated Tuesday, 12th December 2017, 9:10 am
Morecambe FC's Globe Arena
Morecambe FC's Globe Arena

On Thursday night, Graham Burnard who owns G50 Holdings Ltd - the company which owns 82% of Morecambe FC - released a statement saying an offer had been received for the club.

It was a conditional offer, one of the conditions being that the current board would have to resign.

That demand had taken the board by surprise and they want to meet next week before deciding on the next step.

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The board themselves have spoken to another potential buyer who they feel would be offering a better deal.

A statement on behalf of Mr Burnard read: "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.

"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.

"This offer of refinancing amounting to a payment of £1m immediately is conditional upon:

1. The directors giving up their loans & debentures

2. All the director's resignations which will benefit them because it will relieve them of their personal guarantees to the bank

3. The purchaser having an exclusivity agreement for the necessary period of time to obtain the approval of the English Football League.

"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 that there will be a board meeting next week.

"This is too little too late when the club is faced with paying wages and HMRC and if not paid the only alternative is administration, resulting in a 12-point automatic deduction and EFL withholding league distributions and solidarity payments which is the lifeline of the club."

A statement on behalf of Morecambe Football Club's directors said: "There was communication between Mr Peter McGuigan and Mr Graham Burnard today re a possible buyer for Morecambe Football Club.

"This was discussed via telephone with members of the board and Mr McGuigan sent an email response to Mr Burnard at 14.58hrs.

"The message in this email was very clear and concise with a suggestion that we all meet next week to agree the way forward.

"An email response was received from Mr Burnard at 15.00 hrs stating, 'No problem'.

"The next thing we heard was a call from the press at 19.17 hrs and an email containing Mr Burnard's press release.

"At no time in the earlier conversations or emails was the subject of resignations from the current Board mentioned.

"The majority of wages have been authorised and will hit employees' accounts on time on Friday."