Owner of Morecambe Jason Whittingham has spoken out, revealing that he is in negotiations with four possible purchasers for the struggling League Two team and intends to sell it “as soon as practically possible.”
Fans of Morecambe began accumulating money last week in an effort to purchase a share in the team. Whittingham has come under heavy fire for his management of the team, with criticism coming from players as well as the board of directors, which has called for the club to be sold.
The club’s board of directors issued a harsh letter two weeks ago, threatening Whittingham with a “catastrophic outcome” if the sale fell through. However, the owner has assured everyone that money is secured while the transaction proceeds quietly.
A week after the season ended, manager Ged Brannan left the Mazuma Stadium amid a mounting feeling of crisis. Meanwhile, Morecambe lost three points as a result of a suspended EFL sanction.
The board of directors has previously stated that administration is a possibility, and the club now only employs a small number of professionals. However, from what I gather, such concerns have greatly subsided recently. That would seem to be supported by the employment of Derek Adams on a rolling contract on Monday afternoon.
Even though a sale doesn’t seem likely, more discussions with potential buyers will happen this week. It is understood that the front-runner is a US investor.
Whittingham, however, stated his Bond Group would keep funding the Shrimps while the sales process is ongoing. Whittingham claimed there was a “ridiculous, one-sided narrative on social media” surrounding the team. It is known that last month’s payment included both a cash infusion and the monthly salary.
Whittingham stated in written responses to questions I asked of him that he was speaking up to “set the record straight” and wanted to rectify a skewed narrative that had developed around Morecambe.
“Conversations are currently ongoing with all four interested parties in parallel until such a time that reasonable terms are agreed upon and accepted with any one of them,” he stated.
“They’re all appropriate owners, and my goal is to reach a deal as quickly as is reasonable.
Despite being criticised of placing an excessive asking price, Whittingham has maintained that the price was chosen based on a “independent valuation” of the club.
He declared: “Any buyer will take into account not only the club’s asking price, which is based on or around an independent valuation, but also any other club-related factors that they feel are relevant.”
“While a specific price is not specified, it is anticipated that buyers will be realistic in their desire to purchase a debt-free League Two team with its own stadium.”
Rod Taylor, the chairman of Morecambe, expressed the club’s concerns about the future last month if a The club’s concerns for the future, in the event that a sale isn’t completed, and the past instances of late wage payments, were expressed by Morecambe chairman Rod Taylor last month.
Whittingham disputed the club’s board of directors’ claim in an open letter that promises to supply future funding were “meaningless.”
He declared, “Bond Group has continued to fund the club and will do so until the club is sold.”
“To be clear, the club has received funding through Bond Group or financial windfalls far in excess of the budget we agreed upon for the 2023–24 season, despite remarks made by the board in their open letter.”
The club’s upcoming developments will be fascinating as a story that has mostly unfolded behind closed doors takes one more turn. Following a productive discussion earlier in the day, the Shrimps decided to reassign former manager Adams on Monday.
The board of directors wants to “get on with on things” following a slow start to the preseason, thus the team also plans to employ a general manager and financial director.
It is thought that last month, Bond Group contributed more monies in addition to paying the payroll, allowing the team to proceed with its pre-season plans.
Whittingham is said to have communicated with the supporters trust this week, after calling off a meeting with them on Friday.
The Shrimps Trust’s “Save our Shrimps” campaign has raised more than £6,000 of its £50,000 goal. Joel Shooter stated that the trust continued to hold that He ought to sell out, but the money could be utilised to buy a portion of the business later on.
