BoD's and DA to comment on developments?

[redrobo]

Would be interesting to hear from both about the funding now from Bond and whether they see it as an indication of the club stabilizing...and moving forward for life in EFL2...

[Zip It Shrimpy]

I'm not sure Bond Group have pledged to fund the club.

I thought the Board told us the Owners had said that the club would break even, thereby only spending what it earns.

I read it that the Owners' statement about our biggest ever L2 budget fits with living within the income generated by the club.

I'm confident Derek Adams can assemble a balanced, cometetive squad from that.

[redrobo]

I'm not sure Bond Group have pledged to fund the club.

I thought the Board told us the Owners had said that the club would break even, thereby only spending what it earns.

I read it that the Owners' statement about our biggest ever L2 budget fits with living within the income generated by the club.

I'm confident Derek Adams can assemble a balanced, cometetive squad from that.

I think the above post is the reason why we DO need our excellent BoDs to make a statement confirming exactly what the Bond Group have promised so that any confusion over the amount and what DA has been given in terms of a budget are made clear.

A few weeks ago it was posted that the club had to operate in a budget that was from income generated by the club. Is that still the case or as their Press Release suggests ( ) the monies now available to DA are a significant increase on the statement of a few weeks ago.

Also the club should receive a parachute payment following relegation.

Is that sum included in DA's budget for the coming season or is it monies towards general operating costs.

[black morse]

I'm not sure Bond Group have pledged to fund the club.

I thought the Board told us the Owners had said that the club would break even, thereby only spending what it earns.

I read it that the Owners' statement about our biggest ever L2 budget fits with living within the income generated by the club.

I'm confident Derek Adams can assemble a balanced, cometetive squad from that.

I think the above post is the reason why we DO need our excellent BoDs to make a statement confirming exactly what the Bond Group have promised so that any confusion over the amount and what DA has been given in terms of a budget are made clear.

A few weeks ago it was posted that the club had to operate in a budget that was from income generated by the club. Is that still the case or as their Press Release suggests ( ) the monies now available to DA are a significant increase on the statement of a few weeks ago.

Also the club should receive a parachute payment following relegation.

Is that sum included in DA's budget for the coming season or is it monies towards general operating costs.

There may be very valid reasons why the Board are not making a statement. IF the Bond Group are putting more money into the club in order to make players available for the coming season (for whatever reason) the Board may not want to rock the boat at this crucial time.

[black morse]

I think some answers to these questions are addressed in the Trust's e-mail received today relating to a recent meeting between the Trust and Board members.

[Freez]

Bit weird, I and a few other members, not received an email as yet!! What does it say??

[Gone_Shrimping]

Bit weird, I and a few other members, not received an email as yet!! What does it say??

Mine came a couple of hours ago. It's the minutes from the recent meeting.

[red shrimp]

Bit weird, I and a few other members, not received an email as yet!! What does it say??

Says that king Derek is staying!

[Zip It Shrimpy]

This is the wording of the email from Shrimps Trust. If you're not a member of the Trust yet, PLEASE COMMIT and join today or this weekend. Its our club!

1 Jun
Board meeting minutes
Minutes from our recent meeting with members of the Morecambe
Board meeting minutes

Following on from our recent open meeting for fans, we have since been able to arrange a meeting with Morecambe FC board members Rod Taylor, Graham Howse and Ben Sadler for an update on the current situation at the club. Please see the minutes below.

NOTE: This meeting took place on Wednesday 24th May at the club. This was prior to the recent announcement from Bond Group regarding a support package.

Q: There has rightly been calls for the Trust to work together with the Board of Directors to work through the current situation. Are the Board aware of any further steps the Trust can take to navigate the situation and help the Club reach a more stable ownership position?

A: No. We do not see what you can do that you are not already doing. Having the meeting, the open letter and continue what you have been doing supporting the football club and promoting the events. Promoting the season tickets appeal brings money into the club, but so do other events such as the Gala draw. New goal posts are needed at a cost of £2,500. Would the trust be interested in sponsoring these? The most important thing is generate income for the Club to meet its financial targets to operate at breakeven.

Q: How regular is the contact between Bond Group Investments and the Morecambe FC Board of Directors? Do these conversations include an update on the potential sale, and, have you had any indication on how close Sarb Capital are to completing the deal?

A: Rod and Graham have their own roles within the club. Graham is the one who speaks with Jason all the time and this includes discussion re the sale of the club. This contact has been daily. The EFL have been doing all they can, they have been asking the questions but are still awaiting more documentation which has not been provided to them yet.

Q: Can the board confirm that Sarb Capital’s cash injections are unsecured and that there is no recourse on the share capital injection from December? Are there any conditions of repayment on the deal not proceeding?

A: Sarbjot has bought shares in Morecambe Football Club and he cannot claim any money back if the purchase does not go through for the shares but could sell them if he located a buyer. There is no security on any loaned income.

Q: In our initial meeting, Sarbjot suggested that he intended to keep the same board and management in the event of any takeover. Do the current board expect to remain in their roles in the event of a takeover by Sarb Capital?

A: Yes but in the event of any takeover it will be a two way conversation and both parties will need to decide whether we want to work together. This has been the case with previous takeovers.

Q: Is there any truth in the rumours circulating that members of the board have been suspended? Have any ordinary resolutions been passed that minority shareholders should be aware of in relation to this point, as required under the Companies Act.

A: Graham is a company secretary and no resolutions have been passed to that effect.

Q: Is the board aware of any other party interested in buying the club?

A: Yes, the board are aware of other interested parties and these have been passed to Jason. For legal reasons Jason is unable to seek new interested parties at the moment, but they can approach him.

Q: It has been documented that, as it stands, the Club will be operating at a breakeven budget next season. What level of season ticket sales/average attendance is required to achieve this position? Where do you think this budget would leave us in comparison to other teams within the division?

A: With the breakeven budget we would expect to be the lowest in the league. We should remind people that Bond group have put money into the club in the 2022/23 season, but they have requested that the Board operate to a breakeven budget for 2023/24. The money that was paid back in the 2022 financial statements was loans that the previous owner, Peter McGuigan, had signed up for prior to Bond Group acquiring the company, and were attracting a high rate of interest. Based on statistical information, season ticket renewals in the first year after relegation can be up to 98%, with a drop off in the 2nd year. We have budgeted for a lower percentage prudently. To date we have sold 1,100 tickets but expect this to increase by the end of the month due to early bird closing. It’s not only just about season tickets we still have to hit targets in all areas of the club with a baseline that is achievable to secure the football club. Sky have been clawing back money from all clubs through EFL central funding for when there was no televised football due to COVID and we are still paying them now but this is coming to an end. We have repurchased the land at the front of the stadium, but at present we have no money to develop this.

NOTE: Since this meeting took place, it has been announced that Bond Group will be offering ‘support package’ for the club, enabling a ‘playing budget that will be the highest provided as a League Two Club in our history.’ You can see the full statement here.

Q: Is Derek under contract for the coming season 2023/24?

A: Yes.

Q: Do the board of directors’ have any intention to hold a public meeting to engage further with supporters given the current situation?

A: Not at this stage, as there is no further information to provide. We would put out statements through the usual channels. Proposed club AGM with a fans forum afterwards, but only once a new owner is in place.

The staff have been amazing even when morale was low everyone has supported each other. The Club were only late with paying wages once, and there is no expectation that wages will be paid late in the coming months. Our message is support the club and support the staff, there is so much good at this football club and we have great supporters. The desire is that the ownership situation is resolved as soon as possible.

We hope these minutes are able to provide some added clarity regarding the current situation. It’s worth highlighting again that this meeting took place before the announcement from Bond Group about the support package. We’re unsure how this effects the situation alluded to in the meeting regarding a breakeven budget.

Finally, you can continue to support the club by purchasing a season ticket for next season, which can be done here.

Shrimps Trust


Copyright (C) 2023 Shrimps Trust. All rights reserved.

You are receiving this email as you are a current Shrimps Trust member, or have been a member within the last 12 months.


Our mailing address is:
Shrimps Trust
C/O Mazuma Stadium
Christie Way
Morecambe, Lancashire LA4 4TB
United Kingdom

[black morse]

This is the wording of the email from Shrimps Trust. If you're not a member of the Trust yet, PLEASE COMMIT and join today or this weekend. Its our club!

1 Jun
Board meeting minutes
Minutes from our recent meeting with members of the Morecambe
Board meeting minutes

Following on from our recent open meeting for fans, we have since been able to arrange a meeting with Morecambe FC board members Rod Taylor, Graham Howse and Ben Sadler for an update on the current situation at the club. Please see the minutes below.

NOTE: This meeting took place on Wednesday 24th May at the club. This was prior to the recent announcement from Bond Group regarding a support package.

Q: There has rightly been calls for the Trust to work together with the Board of Directors to work through the current situation. Are the Board aware of any further steps the Trust can take to navigate the situation and help the Club reach a more stable ownership position?

A: No. We do not see what you can do that you are not already doing. Having the meeting, the open letter and continue what you have been doing supporting the football club and promoting the events. Promoting the season tickets appeal brings money into the club, but so do other events such as the Gala draw. New goal posts are needed at a cost of £2,500. Would the trust be interested in sponsoring these? The most important thing is generate income for the Club to meet its financial targets to operate at breakeven.

Q: How regular is the contact between Bond Group Investments and the Morecambe FC Board of Directors? Do these conversations include an update on the potential sale, and, have you had any indication on how close Sarb Capital are to completing the deal?

A: Rod and Graham have their own roles within the club. Graham is the one who speaks with Jason all the time and this includes discussion re the sale of the club. This contact has been daily. The EFL have been doing all they can, they have been asking the questions but are still awaiting more documentation which has not been provided to them yet.

Q: Can the board confirm that Sarb Capital’s cash injections are unsecured and that there is no recourse on the share capital injection from December? Are there any conditions of repayment on the deal not proceeding?

A: Sarbjot has bought shares in Morecambe Football Club and he cannot claim any money back if the purchase does not go through for the shares but could sell them if he located a buyer. There is no security on any loaned income.

Q: In our initial meeting, Sarbjot suggested that he intended to keep the same board and management in the event of any takeover. Do the current board expect to remain in their roles in the event of a takeover by Sarb Capital?

A: Yes but in the event of any takeover it will be a two way conversation and both parties will need to decide whether we want to work together. This has been the case with previous takeovers.

Q: Is there any truth in the rumours circulating that members of the board have been suspended? Have any ordinary resolutions been passed that minority shareholders should be aware of in relation to this point, as required under the Companies Act.

A: Graham is a company secretary and no resolutions have been passed to that effect.

Q: Is the board aware of any other party interested in buying the club?

A: Yes, the board are aware of other interested parties and these have been passed to Jason. For legal reasons Jason is unable to seek new interested parties at the moment, but they can approach him.

Q: It has been documented that, as it stands, the Club will be operating at a breakeven budget next season. What level of season ticket sales/average attendance is required to achieve this position? Where do you think this budget would leave us in comparison to other teams within the division?

A: With the breakeven budget we would expect to be the lowest in the league. We should remind people that Bond group have put money into the club in the 2022/23 season, but they have requested that the Board operate to a breakeven budget for 2023/24. The money that was paid back in the 2022 financial statements was loans that the previous owner, Peter McGuigan, had signed up for prior to Bond Group acquiring the company, and were attracting a high rate of interest. Based on statistical information, season ticket renewals in the first year after relegation can be up to 98%, with a drop off in the 2nd year. We have budgeted for a lower percentage prudently. To date we have sold 1,100 tickets but expect this to increase by the end of the month due to early bird closing. It’s not only just about season tickets we still have to hit targets in all areas of the club with a baseline that is achievable to secure the football club. Sky have been clawing back money from all clubs through EFL central funding for when there was no televised football due to COVID and we are still paying them now but this is coming to an end. We have repurchased the land at the front of the stadium, but at present we have no money to develop this.

NOTE: Since this meeting took place, it has been announced that Bond Group will be offering ‘support package’ for the club, enabling a ‘playing budget that will be the highest provided as a League Two Club in our history.’ You can see the full statement here.

Q: Is Derek under contract for the coming season 2023/24?

A: Yes.

Q: Do the board of directors’ have any intention to hold a public meeting to engage further with supporters given the current situation?

A: Not at this stage, as there is no further information to provide. We would put out statements through the usual channels. Proposed club AGM with a fans forum afterwards, but only once a new owner is in place.

The staff have been amazing even when morale was low everyone has supported each other. The Club were only late with paying wages once, and there is no expectation that wages will be paid late in the coming months. Our message is support the club and support the staff, there is so much good at this football club and we have great supporters. The desire is that the ownership situation is resolved as soon as possible.

We hope these minutes are able to provide some added clarity regarding the current situation. It’s worth highlighting again that this meeting took place before the announcement from Bond Group about the support package. We’re unsure how this effects the situation alluded to in the meeting regarding a breakeven budget.

Finally, you can continue to support the club by purchasing a season ticket for next season, which can be done here.

Shrimps Trust


Copyright (C) 2023 Shrimps Trust. All rights reserved.

You are receiving this email as you are a current Shrimps Trust member, or have been a member within the last 12 months.


Our mailing address is:
Shrimps Trust
C/O Mazuma Stadium
Christie Way
Morecambe, Lancashire LA4 4TB
United Kingdom

I did consider setting this out in full with my earlier e-mail but then decided that anyone on SV must have signed up to the Trust already.

As you can see The Trust are connecting with the Board and asking the right questions so sign up and back The Trust, The Board and OUR Club! This isn't over yet!

[black morse]

A couple of things occur to me when reading this -

1) Great news that Derek will still be with us but does this mean that his initial contract has not expired yet or has he signed a new (or extended) one? If a new or extended one it must mean that he is satisfied that a reasonable budget will be there.

2) The other great news is the confirmation that there are other interested parties. Why cannot the present owner 'approach interested parties for legal reasons'? Does that mean a contract has already been signed with Sarb subject to EFL test?

[redrobo]

Great news about DA but still no info about whether Bond have increased their financial investment as obviously that news came after the meeting.

Annoyed but not surprised that Sky are clawing back tv money as a result of covid.
.
Looking forward to news about team rebuilding. See on the EFL2 News site that other clubs are announcing new signing on pre contract basis.

Our friends across the Bay have already agreed terms with acouple of players.

[Keith]

The money that was paid back in the 2022 financial statements was loans that the previous owner, Peter McGuigan, had signed up for prior to Bond Group acquiring the company, and were attracting a high rate of interest.

I thought this was particularly interesting. Unless you were in the know, I suspect that everyone [myself included] assumed that Bond Group were milking the club, rather than it being loans from before they arrived. Apologies to Bond Group!

[redrobo]

Like Keith am shocked that PMG took on loans that had a high rate of interest. No wonder he wanted out ASAP as he didn't want to be saddled with the repayment t issues.

If true then he's gone down in my estimation and this from someone who had defended the man to the hilt.

[Seasider9601]

Whilst on the subject of PMG, I discovered the other day that the company he was most recently involved with as CEO (along with his erstwhile sidekick Mr M.D.) has gone into Administration.

£4.5m debt

https://www.liverpoolecho.co.uk/news/in ... d-25748052

[Gone_Shrimping]

Interesting to see that the club have re-purchased the land next to The Hurley Flyer but at the moment don't have the money to develop it.

That's a pity , maybe one of the hotel groups will re-visit that land now that Morecambe is on the up with Eden Project and the Bay Gateway.

[black morse]

A couple of things occur to me when reading this -

1) Great news that Derek will still be with us but does this mean that his initial contract has not expired yet or has he signed a new (or extended) one? If a new or extended one it must mean that he is satisfied that a reasonable budget will be there.

2) The other great news is the confirmation that there are other interested parties. Why cannot the present owner 'approach interested parties for legal reasons'? Does that mean a contract has already been signed with Sarb subject to EFL test?

Just looked back to Feb 2022 when Derek joined us again. His contract then was until June 2023 with an option to extend. I assume,therefore, that the option has been taken up by both sides which, in my opinion, means that Derek thinks he has a budget he can work with

[redrobo]

Interesting to see that the club have re-purchased the land next to The Hurley Flyer but at the moment don't have the money to develop it.

That's a pity , maybe one of the hotel groups will re-visit that land now that Morecambe is on the up with Eden Project and the Bay Gateway.

Doubt if OUR club ever had the intention or finances to develop the site themselves. More likely that they are looking for the land to be purchased say by a Hotel Group as an example.

With the Eden Project now looking to go ahead maybe this is an excellent re purchase by OUR club in the hope that some business like Premier Inns for example will buy the land as they have no coverage in the town at the moment and with the Hurley Flyer on their doorstep it would prove to be an attractive location for both businesses.

[BerlinWaller]

Interesting to see that the club have re-purchased the land next to The Hurley Flyer but at the moment don't have the money to develop it.

That's a pity , maybe one of the hotel groups will re-visit that land now that Morecambe is on the up with Eden Project and the Bay Gateway.

Doubt if OUR club ever had the intention or finances to develop the site themselves. More likely that they are looking for the land to be purchased say by a Hotel Group as an example.

With the Eden Project now looking to go ahead maybe this is an excellent re purchase by OUR club in the hope that some business like Premier Inns for example will buy the land as they have no coverage in the town at the moment and with the Hurley Flyer on their doorstep it would prove to be an attractive location for both businesses.

Can't imagine a Hotel doing fantastic trade on that site but it is an option. I'd like to see the club develop the site and make money for the club long term. Every other asset was flogged off, be good to see us keep hold of this one.

[redrobo]

The club of course lease the land to say a hotel group and that way get a yearly sum.....BUT I doubt such as deal would be of interest to a hotel group....

[marky No.1]

Put a sports bar there with street food, get our fans together spending money into our coffers instead of all the other places raking it in

[BerlinWaller]

Put a sports bar there with street food, get our fans together spending money into our coffers instead of all the other places raking it in

Yep, totally agree. Pave it and have pop up food and drink stalls on match days.

[redrobo]

Pop up which sounds good would provide only a very limited income which is no good when we need a good financial deal with a developer year in, year out OR a significant one off payment.

The club's experience of developing it's own revenue stream when the Mazuma was first open would suggest that we don't have the experience or knowledge.

[BerlinWaller]

It would generate some decent income on match days pre and after games. You mught be limited in the winter months but I am sure you could erect a temp structure . Can't imagine Marstons being too pleased about it though.

[marky No.1]

The Hurley have prime position and will be very difficult to compete with their facilities.
I know the Club needed money, but to sell that plot will cost us forever