G50 and the EFL

[Christies Child]

No doubt somebody will put be straight on this but my understanding of the initial sale was that it was Lamos who got the approval of the EFL to go ahead and purchase the club. if so then my question is has G50 subsequently been given approval also, as it appears that they were the owners after all hence their somewhat shadey deal in selling to Cala.

Was the intial approval sought by Lemos on behalf of G50 and was our negotiating team aware of this from the beginning?

For what it's worth I suspect that Cala has engineered this from the start after being rejected by Peter McG in the summer but I could and probably am wide of the mark.

[marky No.1]

Was the intial approval sought by Lemos on behalf of G50 and was our negotiating team aware of this from the beginning?

Your answer is in here if I remember correctly

https://audioboom.com/posts/5542813-mor ... psofficial

[Christies Child]

I understand that G50 are the owners but my question is 'was it Lamos who obtained the EFL approval as an individual or was he acting on behalf of G50 who gained the EFL approval....? '

If it was Lamos as an individual then G50 have not got the approval of the EFL to be owners....



....and YES I am clutching at straws that somehow Cala can't become our owner.

[Gone_Shrimping]

Do the EFL just test their fitness to be a director or as an owner ?

Abdul was never a shareholder according to our directors when I asked them but was made a director as soon as he passed the EFL test.

[marky No.1]

Do the EFL just test their fitness to be a director or as an owner ?
.

It's a "relevant" person.. not many of them about nowadays


The intention behind this Appendix 3 is to protect the image and integrity of The League and its competitions, the well-being of the Clubs, and the interests of all of the stakeholders in those Clubs, by preventing anyone who is subject to a 'Disqualifying Condition' being involved in or influencing the management or administration of a Club.
More specifically, Appendix 3:

(a) prohibits a person who is subject to a Disqualifying Condition from becoming a 'Relevant Person' for any Club for so long as the Disqualifying Condition subsists;

(b) requires a person who was already a Relevant Person before the Disqualifying Condition arose to stop being a Relevant Person for so long as the Disqualifying Condition subsists; and

(c) requires each Club not to permit any person who is subject to a Disqualifying Condition either become a Relevant Person or (if he was already a Relevant Person before the Disqualifying Condition arose) to continue to be a Relevant Person for the Club, for so long as the Disqualifying Condition subsists.
Appendix 3 also imposes reporting requirements on Clubs and on individuals who are or propose to be Relevant Persons of Clubs, to facilitate The League's policing and enforcement of these restrictions.

1 Interpretation

1.1 In this Appendix the following words shall have the following meanings:

‘Authorised Signatory’ means any person duly authorised by a resolution of its directors to sign the Declaration on the Club’s behalf.

[mrpotatohead]

Hence the need for him to get rid of the Directors and bring in his own people, it won't really matter who the chairman is then.

[Gnasher]

The EFL checks are not there to double check the share sale, that's called due diligence which both seller and buyer go through themselves. Diego passed and I see Cala's board passing. The deal is done bar a few rubber stamps.

[George Dawes]

think it's been said Cala passed the Portsmouth EFL check, so no reason why he wont again .

[Christies Child]

The EFL checks are not there to double check the share sale, that's called due diligence which both seller and buyer go through themselves. Diego passed and I see Cala's board passing. The deal is done bar a few rubber stamps.

I understand that, but my questin is about the 'fit and proper' of individuals to have control and if Abdul actually obtained that or for that matter the other guy connected with G50. If they haven't then how can they have had control when it's the EFL who have the final say surely.....

If the EFL don't regard Cala as being fit and proper then the sale is history. Hence my question regarding Abdul being approved by the EFL....

[Gnasher]

Diego fronted that deal, he passed. Doesn't matter whether Abdul did or should have, Cala is putting himself forward and has already passed the test once before. If Abdul should have but didn't, what are they going to do? Nothing now.

Anyway, what's the alternative? If Abdul is the one that's been helping with finances and he's the one that sold to Cala then what are you going to do? Screw up his sale then go back to Abdul and ask for more help? There is no viable alternative besides administration.

[mrpotatohead]

so basically Peter now doesn't have to give Abdul his money back, because Joe has paid him, or agreed to pay him, nice....thats Peters way of ensuring the club is in safe hands, thanks Peter

[Christies Child]

So it's Administration or someone who didn't have the financial resources as claimed at two other football clubs.....

Other clubs have gone through Administartion and are still around to be a success ie Plymouth for one.

Admin would give the Tust the ideal vehicle to get involved in the day to day running of our club and would give fans a stake in their club.

[Shrimpy]

So it's Administration or someone who didn't have the financial resources as claimed at two other football clubs.....

Other clubs have gone through Administartion and are still around to be a success ie Plymouth for one.

Admin would give the Tust the ideal vehicle to get involved in the day to day running of our club and would give fans a stake in their club.

I don't think you quite understand the seriousness of the situation.

The trust wouldn't be able to keep the club going in it's present state, it's an absolute mess that requires a lot of money that the trust or the former board of directors don't have.

We're pinning our hopes on Cala's investors having very deep pockets. If they don't then the club will likely go out of existence sooner than later.

[Christies Child]

Believe me I do understand the diabolical position that we are in, but as a fan and shareholder I'm worried that the deal on the table at the moment could ultimately be the end of our club in the long term as I simply don't trust the proposed backer and the way that this entire deal has been put together makes me even more concerend.....but those like me who have similar concerns can do sod all other than sit back and watch our club possibly die.

I don't believe that Cala has any money but is reliant on investors who will want a return on their money but what if they don't get a return....what happens then

To be frank I'd prefer being out of the FL and being in a league where we can pay our way and bring back the spirit of the club that we all love.

We've enjoyed the FL experience but at what cost....



http://www.inbrief.co.uk/football-law/f ... all-clubs/

[Gnasher]

If it doesn't happen, you'll see the end of our club in the short term.

[Posh]

So it's Administration or someone who didn't have the financial resources as claimed at two other football clubs.....

Other clubs have gone through Administartion and are still around to be a success ie Plymouth for one.

Admin would give the Tust the ideal vehicle to get involved in the day to day running of our club and would give fans a stake in their club.

I don't think you quite understand the seriousness of the situation.

The trust wouldn't be able to keep the club going in it's present state, it's an absolute mess that requires a lot of money that the trust or the former board of directors don't have.

We're pinning our hopes on Cala's investors having very deep pockets. If they don't then the club will likely go out of existence sooner than later.

Speaking in a personal capacity, no one actually knows the full state of the club's finances. For example, how much interest are we paying on debt monthly and what could be done to balance the books between now and the end of the season. For me, it is vital that the Trust gets a look at the books of both MFC and PMG Leisure so it can prepare for the worst and hope we never have to use it. If no one knows then nothing can be done.

[mrpotatohead]

No one with the money needed, is going to chuck it into this apparent black hole, with little chance of even a modest return, so we have to assume that anyone now interested has an ulterior motive, lets not forget that one of the few assets is the clubs football league status, and thats not exactly a certainty, I for one, will carry on being a fan, but will not trust any new owner with anything less than an excellent and ethical business standing, and we don't have anything like that on the horizon.

[fulwoodshrimp]

i hope any change in regime leads to some honesty with the fans. I don't believe we have been told the truth in the saga of the sale of the club. How has Abdul been able to sell the club when the story has been that Diego was the owner? How has the previous owner handed over his shares without full payment? The questions go on and on but no one is going to tell us the truth. There is much in this story that we haven't been told and I suspect much of it is dodgy if not illegal. The previous owner's claim that he would only sell if it was in the interests of Morecambe now rings very hollow. I never thought it would come to this but we have been led to disaster and I fear for the very existence of the club. Mr. Cala's track record in football is not very encouraging and if his experiences in Italy are anything to go by our future is very bleak.

[Phoenix Shrimp 2017]

This is all building up to Tuesday, if Cala and cronies are serious about this a substantial amount of finance is required on the day to settle immediate liabilities, NO EXCUSES, it has to be forthcoming because our employees' livelihoods are on the line. The majority of people in the know seem to think that we are f*****d and on the balance of the evidence I am afraid I also put myself in that camp, whilst trying at the very least to keep a vestige of hope.So if the funding does not appear where does that leave us? At the next home game against Cambridge who from the Cala Corporation will be in attendance? Will it be safe for them? We are a moderate group compared to most clubs but at what point do we also become a passionate, militant group where we actually stand up against this s***e we are being subjected to and take positive action? I usually stand on the Omega but if this continues as it is I will be in the main stand and make no mistake they will be left in no doubt that we do not want them driving the final nails into our club like the vultures many perceive them to be.

On the other hand if they are the Guardian Angels then I would ask them to accept my sincere apologies for the above. But I won't hold my breath!

Do we go out with a whimper or show some passion?

[Gnasher]

The current board remain in place until Cala's new structure gets the go ahead from the EFL. Tuesday should see money going into Morecambe FC Ltd to pay wages and creditors but not much might be heard for a good few weeks until EFL make their decision. It would be nice to see Cala's team at the matches until then but it wouldn't worry me if they weren't given everything that has gone on over the last few months.

[KenH]

TAt the next home game against Cambridge who from the Cala Corporation will be in attendance? Will it be safe for them? We are a moderate group compared to most clubs but at what point do we also become a passionate, militant group where we actually stand up against this s***e we are being subjected to and take positive action?

But Cala doesn't appear to have done anything wrong yet does he? It wasn't him who presided over the past six years of losing huge amounts of money (and fans), and who basically pissed away the golden legacy of the £10m from Sainsbury on vanity projects and who ultimately has led the club to financial oblivion. If there are any protests and action, surely that should be aimed at the previous owner who led the club to the brink? I fully appreciate the Cala purchase doesn't look good but he seems to be the only hope at the moment, so until he does something wrong, we have to give him the benefit of the doubt that he is indeed a genuine buyer with funds available. If that turns out not to be the case, then protest all you want, but at this stage, it's too premature. What is the alternative - no other buyer appears on the horizon and the Board members havn't come up with an alternative, so it's Cala or nothing.

[mrpotatohead]

Trying to take counterfeit money through customs doesn't look good Kenh

[Posh]

TAt the next home game against Cambridge who from the Cala Corporation will be in attendance? Will it be safe for them? We are a moderate group compared to most clubs but at what point do we also become a passionate, militant group where we actually stand up against this s***e we are being subjected to and take positive action?

But Cala doesn't appear to have done anything wrong yet does he? It wasn't him who presided over the past six years of losing huge amounts of money (and fans), and who basically pissed away the golden legacy of the £10m from Sainsbury on vanity projects and who ultimately has led the club to financial oblivion. If there are any protests and action, surely that should be aimed at the previous owner who led the club to the brink? I fully appreciate the Cala purchase doesn't look good but he seems to be the only hope at the moment, so until he does something wrong, we have to give him the benefit of the doubt that he is indeed a genuine buyer with funds available. If that turns out not to be the case, then protest all you want, but at this stage, it's too premature. What is the alternative - no other buyer appears on the horizon and the Board members havn't come up with an alternative, so it's Cala or nothing.

It does seem that many will do or take anything to remove the PMG legacy. PMG has gone though. Sold his shares and now someone else is selling them to someone else.

The person who is selling them, Abdullah, of all those involved in this sorry saga, has proven he has the money. He paid for PMG's shares with hard cash and previously gave assurances that he would cover losses, pay wages and see us out to the end of the season. If Cala doesn't come up with the money then why should Abdullah, the owner of Morecambe FC and part of a very wealthy family, not come up with the goods?

Again, just a personal perspective, but I don't think it's all or nothing.

[RapidShrimp]

TAt the next home game against Cambridge who from the Cala Corporation will be in attendance? Will it be safe for them? We are a moderate group compared to most clubs but at what point do we also become a passionate, militant group where we actually stand up against this s***e we are being subjected to and take positive action?

But Cala doesn't appear to have done anything wrong yet does he? It wasn't him who presided over the past six years of losing huge amounts of money (and fans), and who basically pissed away the golden legacy of the £10m from Sainsbury on vanity projects and who ultimately has led the club to financial oblivion. If there are any protests and action, surely that should be aimed at the previous owner who led the club to the brink? I fully appreciate the Cala purchase doesn't look good but he seems to be the only hope at the moment, so until he does something wrong, we have to give him the benefit of the doubt that he is indeed a genuine buyer with funds available. If that turns out not to be the case, then protest all you want, but at this stage, it's too premature. What is the alternative - no other buyer appears on the horizon and the Board members havn't come up with an alternative, so it's Cala or nothing.

It does seem that many will do or take anything to remove the PMG legacy. PMG has gone though. Sold his shares and now someone else is selling them to someone else.

The person who is selling them, Abdullah, of all those involved in this sorry saga, has proven he has the money. He paid for PMG's shares with hard cash and previously gave assurances that he would cover losses, pay wages and see us out to the end of the season. If Cala doesn't come up with the money then why should Abdullah, the owner of Morecambe FC and part of a very wealthy family, not come up with the goods?

Again, just a personal perspective, but I don't think it's all or nothing.

Are you sure PMG actually got his full amount of money though? And why would Abdul come back to save morecambe fc once Cala has taken over, even if he doesn't have any money...? There is no big incentive for Abdul to come and rescue the club unless he's going to sell it on again to someone else but once the deal has gone throh with Cala, he'll be off and probably never seen again. With the current state of the club, you can't put trust in anyone whether they have supodedly 'promised' something or not.

[Gnasher]

Was Abdul only propping up the club financially while he sold it again? Worth bugger all in administration.