Confused: Has a sale been agreed?

[dazza]

im confused i see a lot of topics saling a sale has been agreed ,,, i saw posts about the board having concerns about potential new owner ,, but im lost i havent seen anything about any of this
where has it come from,, has the club confirmed a sale agreed is it all pie in the sky ? has the directors said they see it as a bad thing ?

[redrobo]

I posted the other day about the proposed sale and suggested that the BoDs were unhappy about the outcome.

Let me make it clear..... my point was that potential sale to Sarbjot which I understand the Directors were unhappy about given his financial dealings elsewhere.

Quite rightly any BoDs at any club I'm sure would have serious misgivings about a take over by an individual who only recently purchased a Midlands engineering company only for it to go into administration and for its staff not to receive their wages for 4 months.

Fundamental questions remain about whether he has the financial muscle to take control of our club and I for one doubt he has the money to guarantee the future of MFC.

I may be wrong.....but hopefully the EFL will come to a conclusion that forbids him taking control.

Hopefully Freez is right when he posted on X that Sarbjot is NOT the proposed buyer...

[BerlinWaller]

JW informed the Trust last week that a deal had been struck with a buyer and that the deal has been put before the EFL for them to look at and decide on.

It turns out that JW didn't inform the Directors at the same time which has caused anger on their part.

JW hasn't disclosed who the prospective buyer is.

[black morse]

So as the only firm information has been initiated by JW can we believe anything? Surely the EFL would be prepared to confirm an application has been received if nothing else. As we understand it both the Board and the Trust have had communications with the EFL before....can they not confirm that the application is with the EFL?

[BerlinWaller]

JW has proven himself to be a liar and it is hard to take his word for anything. Clearly there has been a breakdown in his and the Boards relationship with Graham being the only one in contact with him. The Board and the Trust have both tried smoking him out but he holds all the cards and tell us what he wants when he wants.

I'm not sure that it is the job of the EFL to disclose sensitive info as it is a business transaction

[redrobo]

Where are the media whistle blowers when you want them....

Come on Radio Lancashire and Radio Beyond......do us a favour and find out from your contacts at EFL HQ...after all it's only just down the road from both of you....



ALSO why is it reported on X that Freez has said it isn't Sarbjot.....when others are claiming it is

[BerlinWaller]

The club say that they can not comment due to legal reasons so not sure how people know who the buyer is.

[redrobo]

The club say that they can not comment due to legal reasons so not sure how people know who the buyer is.

What legal justification is there for our BoDs not to say that as they know it at the moment that NO sale has been agreed by Jason....

However IF a sale has been agreed and the BoDs know who the proposed buyer is then to disclose his / her / their name(s) would be in breach of any legal reasons currently in place.

[BerlinWaller]

The club say that they can not comment due to legal reasons so not sure how people know who the buyer is.

What legal justification is there for our BoDs not to say that as they know it at the moment that NO sale has been agreed by Jason....

However IF a sale has been agreed and the BoDs know who the proposed buyer is then to disclose his / her / their name(s) would be in breach of any legal reasons currently in place.

The sale of the club is nothing to do with the Board.

[redrobo]

Agree Berlin Waller that any sale of our club is nothing to do with the BoDs.....so looks as though Jason has instructed them to not say anything, in other words he has issued a gagging order on the Board.

Wouldn't surprise me if it is just another ploy by Jason to deflect from his inability to agree a sale figure with anybody other than Sarbjot and all the baggage that would come with him.

[captain sparkle]

If it's 'illegal' to say who the prospective buyer is,
surely it can't be illegal to say who the prospective buyer ISN'T?

[redrobo]

If it's 'illegal' to say who the prospective buyer is,
surely it can't be illegal to say who the prospective buyer ISN'T?

Is the gagging order actually legally binding unless of course a contract saying as such has been drawn up and signed by those parties concerned.....

[Billy bodger]

I just don’t want the Club to be treated as a Commodity any more, unfortunately I just don’t think JW will care in anyway what so ever and I certainly don’t think it will have been in his thoughts what type of new owners Morecambe FC end up with.

I do think this week just before our first home game of the season would be a great time to announce the new owners.

[Keith]

I would think, the Board have a legal obligation with regard to the good governance of the business, and therefore must be kept up to date with any sale. However, there may be a non-disclosure agreement in place regarding the purchaser, while it is ongoing. Therefore, putting two and two together, and possibly coming up with seven, that may be why they can't 'legally' disclose anything?

Or, it may simply be Whittingham is full of brown smelly stuff and is feeding it to us?

[KenH]

The Board will probably be keeping quiet so as not to sour any relationship with the current or potential owners. As has been shown during the last few years and previous takeover fiascos, it's only been the Board that has steered the club through them and ensure we still have a club. If the current or new owner decide to sack the Board, then we're in ship creak without a paddle. I imagine Rod, Graham and co are having a hard time keeping quiet but need to so that they stay in their positions. What's the old saying, "keep your friends close and your enemies closer!".

[Billy bodger]

If it's 'illegal' to say who the prospective buyer is,
surely it can't be illegal to say who the prospective buyer ISN'T?

“IT ISN’T ME!” and that’s a certainty even, thou I’ve really tried to win the Euro Lottery and failed miserably. Thou I expect a lot of us have.

[Keith]

I've edited the title thread, just to make it clear a sale hasn't (as far as we know) been agreed.

[BerlinWaller]

But Whittingham has told the Trust that a sale has been agreed? I don't get where the confusion is coming from.

[nobbyshrimp]

No confusion.
Club sale has (apparently) been agreed.
Sale agreement subject to EFL approval and all documentation has (apparently) been given to them.

EFL approve sale then sale goes through and we have new owners.
EFL approval fails then sale falls through or it gets tweaked (further paperwork required) or buyer walks away, back to square 1

I concur & imo the board have a very difficult job and have been gagged for months by JW. They have to toe the line or risk being removed and none of us want that

[Phoenix Shrimp 2017]

The useful information I take amongst a myriad of crap and guesswork is a statement from a very well connected Freez. Minimal but to the effect that something is with the EFL but it doesn’t involve Sarbjot. Certain in the know individuals seem to have a handle on events behind the scenes but obviously ain’t going to broadcast it from the rooftops just yet.

[black morse]

The useful information I take amongst a myriad of crap and guesswork is a statement from a very well connected Freez. Minimal but to the effect that something is with the EFL but it doesn’t involve Sarbjot. Certain in the know individuals seem to have a handle on events behind the scenes but obviously ain’t going to broadcast it from the rooftops just yet.

Let us all hope that Freez has the right information. I am certainly not ruling it out.
We might be rejoicing yet!

[BerlinWaller]

Don't get excited about the not being Sarbjot bit. Clearly the people behind the bid have been trying to find the best person to pass any EFL test and we know that Sarbjot was never going to be able to.

[redrobo]

Don't get excited about the not being Sarbjot bit. Clearly the people behind the bid have been trying to find the best person to pass any EFL test and we know that Sarbjot was never going to be able to.

That is a serious concern and something that I never thought about. BUT to get basically a Proxy Director to pass the fit and proper test is a possible outcome with the the Proxy Director only in place for 3 months when he or she will opt out leaving Sarjot in complete control.

Hopefully the EFL would be able to see through such an underhand way to take control of our club.

Worrying times....

[Keith]

BUT to get basically a Proxy Director to pass the fit and proper test is a possible outcome with the the Proxy Director only in place for 3 months when he or she will opt out leaving Sarjot in complete control.

But surely the proxy would have to demonstrate access to legitimate funding?

This appears to all be based upon what Whittingham is saying, but we all know he's a liar, so why are people believing anything he says?

When we hear a sale has been completed, we can rejoice. But now?

[Old Man Kensey]

These threads are a little on the pointless side with pretty much everything just pure guesswork.

We only have JWs word for a buyer being agreed and we all know how little his word is worth.

Until we hear something from the EFL that they are either in receipt of paperwork or indeed have passed or failed someone, I wouldn't waste my time speculating.