The EFL has invited potential Morecambe owner Sarbjot Johal to discuss his proposed takeover of the club.
They’ve released a statement, confirming that the situation is ongoing, and further information is required to be provided to them before any approval could be given regarding any purchase of the Shrimps.
Last month it was revealed that Sarbjot Johal, and his company Sarb Capital, were looking to complete a takeover of the Club, with co-chairman Graham Howse issuing a statement in which he said he was ‘’keen that the process should now move on at pace to come to a positive conclusion."
‘’The EFL notes some of the inaccurate and unhelpful public comments being made in respect of a prospective acquisition of control at Morecambe Football Club,’’ says the EFL statement.
‘’As with any proposed change of control at an EFL Club, there are a number of requirements that need to be met in accordance with EFL Regulations which primarily relate to the Owners and Directors’ Test self-declaration, providing Future Financial Information, along with evidencing the source and sufficiency of any funding.
‘’Whilst some of the information requested several months ago has been received, further details are still required, and the League has invited Mr Johal and his advisers to a meeting later this month to discuss further the proposed transaction.
‘’No approval on any change of control at Morecambe will be made until the proposed purchaser and Club satisfy in full the requirements of the EFL’s Regulations and the appropriate levels of due diligence are completed.’’
Mr Johal has already bought equity in the club, which has been up for sale since autumn 2022.
Representatives of the supporters' trust met with Mr Johal and Saidi Kawooya, also from Mr Johal's investment company Sarb Capital, and current Shrimps owner Jason Whittingham, earlier this week, to discuss "concerns" regarding the bid.
This followed concerns raised by other sources over the financial viability of the drinks entrepreneur's possible buy-out of the League One club.
Mr Johal has been a guest of the club at a number of the Shrimps' home games recently.
He is the founder of Vitanic Holdings Limited, a non-alcoholic beverage company based in Birmingham.
In September, Morecambe FC announced that Jason Whittingham of Bond Group Investments and Colin Goldring were stepping back from their positions on the board of directors, as the club was being prepared to be sold.
Bond Group Investments have owned the club since 2018.
Sarb Capital are yet to make any official public comment.
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