Majority Shareholding of the Club Sold

[Bare Grills]

To all those who are critical of this deal and the way it's been handled ...what are the alternatives...

To date nobody has come forward with an alternative that is feasible and financially viable.

Administration. If Morecambe FC Ltd were a dog, it'd have been put down long ago.

We've heard all this before. Safe for 2 years, someone else paying the bills and look where we are, directors paying salaries a few months later. Another share sale with the same promises.

Why am I so sceptical? I'd expect to understand the reasons someone would buy a football club. A foreign company looking to raise their profile in the UK. A football fanatic with more money than sense. An ex-player fronting a consortium for the love of the game. There's plenty of sensible reasons.

What do we have? The majority shareholder is a newly formed company with no signs of any football interest and the same leader who's brought us down to a relegation battle. It's as if someone somewhere wants us to fail. Where's the obligatory scarf photo with them? Will they be at any matches?

[Christies Child]

Your observations and objections as well as those expressed by others can be put forward to all parties concerned at the planned Fans Forum.

[Bare Grills]

Your observations and objections as well as those expressed by others can be put forward to all parties concerned at the planned Fans Forum.

You asked the question (twice and in bold), you got an answer and that's the best you can say? I see fans forums as a complete waste of everyone's time.

[Christies Child]

Administration.....sorry but not for me.

As to the Fans Forum being a waste of time....so you are prepared to criticise on a forum but refuse to confront those you criticise face to face....

[Bare Grills]

Maybe I'm 1 step ahead of you CC

[NPL Daze]

As to the Fans Forum being a waste of time....so you are prepared to criticise on a forum but refuse to confront those you criticise face to face....

Just what I was thinking.

[bigreddog]

I can't believe what I'm seeing and hearing at the moment. We're taken over by what appears at least to be the corporate equivalent of Wonga and the best those defending it come up with is "a bad deal is better than no deal". I've listened to both radio interviews and, unsurprisingly like some, I'm not convinced. There has been no attempt to sort out the fundamental problems at the club and no attempt to allay the understandable fears of supporters who, quite frankly, have seen and heard this kind of BS before. When the club talks openly and honestly with us our fans respond positively e.g. Jim's fine. That has to be the way forward or we'll be doomed on and off the pitch.

[KenH]

I agree that nobody on here (other than possibly Posh ) know if a feasible alternative has been put forward. And if it has and has been rejected then that is the business of the Board exclusively.

But do "the Board" have any say or is it all controlled by the majority shareholder(s)?

As for people coming up with alternatives, the owners/Board are so secretive, it's impossible for anyone else to come up with any alternatives. Whenever even the simplest and most basic of questions are asked, they're fobbed off with the "commercial confidentiality" excuse or their other favourite of "none of your business". Us fans don't even know whether hospitality makes a loss or a profit, whether the academy makes a loss or profit - without that kind of even the most basic of information, it's completely unreasonable for you to criticise others for not coming up with alternatives. For heaven's sake, the club don't even comply with their legal requirements to file their formal yearly accounts on time.

That's why people regard the fans forums etc as a waste of time. Questions are asked, but aren't answered citing "confidentiality", i.e. keep your noses out! Until the owners/board stop treating fans as mushrooms (keep in the dark and feed manure), and start showing fans some respect, the club will just continue to decline. There's massive goodwill towards the club out there, huge numbers of people with time/skills to contribute, but the owners/board have to take the initiative and work with the community, not just keep expecting us to turn up and pay regardless with their "we know best" arrogance.

[morecambegeek]

To all those who are critical of this deal and the way it's been handled ...what are the alternatives...

The alternatives are theoretical and irrelevant.

Just because the situation the club finds itself in is better than something you have imagined in your head, doesn't mean it is a good deal for the club.

[Bare Grills]

As to the Fans Forum being a waste of time....so you are prepared to criticise on a forum but refuse to confront those you criticise face to face....

Just what I was thinking.

I'm not afraid to face anyone and I've faced most of them over the many years but any interesting questions are deflected, to be replied to another day, and the rest scripted. I've learned the hard way that these are a waste of my time.

[P/T Indie]

[quote="Christies Child"]Administration.....sorry but not for me.


CC if went into administration you might then finally get your dream of a local consortium taking over as they would be able to pick up the club on the cheap and not have to pay back all the directors loans.

[Ntini]

What we know:

+ Mayfair Fin UK Ltd, a finance company, secured a debenture against the club on 29th March.

+ A related company, Bond Group Investments Limited, stated as a company in the business of the 'buying and selling of own real estate', reportedly 'bought' the majority shareholding of the club with the announcement made on 1st May via the OWS.

+ In the event of a default the lender is entitled to appoint a receiver to satisfy the fixed charge or to negotiate an alternative arrangement.

+ In the event of liquidation, debentures trump shares. Therefore the land (fixed charge) would be sold off and the debenture repaid to the lender.

Q1: Was the majority shareholding actually sold? The information in the public domain looks strongly like a default on the debenture.

Q2: How can this 'deal' look like anything other than an attempt at asset stripping when the 'purchasing' company is detailed as trading in the 'buying and selling of own real estate'?

[fulwoodshrimp]

We are in serious trouble and the chairman that led us into the trouble with the sale to Diego is now imo compounding the trouble selling out to the asset strippers. In two years time we will default on payment and the asset strippers will move in and break up our club and facilities. I am sorry but we need a change in leadership and we need the fans of our club to be told the true story not receive some lecture in the media on stability for the club which is guff pure and simple.

[Keith]

My concern is:

After Saturday, the value of the club could crash if relegated.
After Saturday, the value of the land remains exactly the same regardless.

On that basis, I'd suggest that the new 'investors' are more interested in the land or security than the football club. If they were genuinely 'investing' in the club, for the benefit of the club, surely they'd have waited until they knew what league we were playing in next season?

[bill ding]

Exactly

[J.S.]

My concern is:

After

On that basis, I'd suggest that the new 'investors' are more interested in the land or security than the football club. If they were genuinely 'investing' in the club, for the benefit of the club, surely they'd have waited until they knew what league we were playing in next season?

But what land is it that they could do anything with? I was under the impression that all of the pitch and stands and Christie Way are covered by the J.B. Christie trust. The 3G pitches and community block are not part of the club, so what exactly can anyone do with the land?
I might be a bit thick, but just don't understand this. Either way, I can see it all going tits up.

[John L]

A surprise appearance on Granada Reports, and I don't just mean Chesh!

https://twitter.com/GranadaReports/status/992091445464051712?s=09

[Bare Grills]

Let's not forget the original terms of the trust. When the club ceases, the land returns for the use of the community. They've already moved the land in trust once, what's to stop some expensive legal team doing it again, despite what we've been told about it. Demolish the club, buy a piece of wasteland elsewhere, make it trust property and knock up some more houses.

If that's being a keyboard warrior, perhaps a director can come on here and guarantee that is not possible. It would be nice to hear.

[Bare Grills]

A surprise appearance on Granada Reports, and I don't just mean Chesh!

https://twitter.com/GranadaReports/status/992091445464051712?s=09

I can imagine CC on his way to the Morecambe Hotel right now. Coincidence of course

[sandgrown]

it's bloody obvious, they want the land and nothing else

[George Dawes]

What if they want all the Land and made an decent offer to buy the land off Christies Trust?

And we moved again, and built a fit for purpose Ground in a better location, what's maintenance friendly.

And we All live happily ever after

[sandgrown]

What if they want all the Land and made an decent offer to buy the land off Christies Trust?

And we moved again, and built a fit for purpose Ground in a better location, what's maintenance friendly.

And we All live happily ever after

there's no land left in the town !

we could always buy Sainsburys out

[John L]

What if they want all the Land and made an decent offer to buy the land off Christies Trust?

And we moved again, and built a fit for purpose Ground in a better location, what's maintenance friendly.

And we All live happily ever after

there's no land left in the town !

we could always buy Sainsburys out

Turner's Field?

[George Dawes]

p

Seriously valued at 7.3 million, the property market hasn't changed a great deal if at all.

If somebody made an offer near to 7.3 million, who would take it and build a new ground?

[Christies Child]

it's bloody obvious, they want the land and nothing else

l

You could always confront them with that thought at the fans forum.....but then again would you believe their answer