Morecambe FC has announced it has parted ways with manager Derek Adams just hours after new owners took over the club.
The club announced the departure of Adams on Monday evening.
This came the day after Panjab Warriors officially bought the Shrimps from Bond Group Investments.
"Morecambe Football Club, now proudly backed by Panjab Warriors would like to extend its sincere gratitude to Derek Adams for the leadership and steadiness he brought to the club during a testing chapter for the club," said a club statement.
"His return instilled direction and purpose, helping guide Morecambe into League One for the first time in their history and stabilized the team under immense pressure.
"As the club enters a new era, a strategic transition in leadership, has been made with respect and appreciation for Derek’s services.
"We wish Derek Adams every success in his future endeavours."
Adams was in his third spell at the Shrimps and had been praised by fans, staff and the former owners for how he'd conducted himself during the past few months, when the future of the club was under threat during a financial and ownership crisis.
The Scot became manager of Morecambe for the first time in November 2019, and led the Shrimps to victory in the League Two play-off final at Wembley in 2021, earning the club promotion to League One for the first time ever.
Adams then left the club to join Bradford City, before returning in 2022.
The club remained in League One under his guidance during his first season back, only for Morecambe to be relegated back to League Two on the final day of the 2022/23 season.
With Morecambe sitting ninth in League Two, Adams departed again in November 2023, and rejoined his former club Ross County in Scotland. But he was back at the Mazuma in June 2024.
The Shrimps were then relegated back to non-league football at the end of last season.
In their final statement as owners on Sunday, Bond Group Investments thanked Adams for his "consistent professionalism and support throughout this (sale) process".
In an interview with Beyond Radio earlier this month, club kit man Les Dewhirst said the manager had been "awesome" during the crisis and "he's tried to keep everybody together".
News of the manager's departure came on the same day as Panjab Warriors representatives arrived at the Mazuma Mobile Stadium, on their first official day in charge at the club.
It was announced on Sunday that Bond Group had sold its majority shareholding to the investment company, after the club had been up for sale for almost three years.
Also on Monday afternoon, staff were paid outstanding wages for June.
The club also announced its suspension from the National League had been lifted, and said outstanding July wages would be paid to employees by the end of Wednesday, as well as money owed to other football creditors including HMRC.
Read more: UPDATE: Morecambe FC staff paid outstanding June wages as new owners arrive at club - Beyond Radio
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