MORECAMBE have been saved from going bust after a last-gasp deal was struck for a takeover.
The National League have approved a takeover of the former English Football League club by Panjab Warriors Ltd.
A statement released on Sunday afternoon said: “The National League can confirm its acceptance of the takeover of Morecambe Football Club.
“The National League can confirm that following a meeting of their Club Compliance and Licensing committee earlier today, the takeover of the Club by the consortium known as Panjab Warriors Ltd has been approved.
“The suspension of Morecambe FC will therefore be immediately lifted on receipt of the signed Sale and Purchase agreement.”
However, the statement continued by saying the club would remain under a transfer embargo until all of its debts to players, staff and HMRC had been paid.
The Shrimps are due to play their first National League game of the season at home against Altrincham FC on August 23.
It was announced two days ago that an agreement in principle had been reached for Panjab Warriors and Bond Group Investments Ltd to take over the majority shareholding of the club.
The league’s statement continued: “The National League would like to welcome the new owners and to thank everybody involved in helping to secure the future of the Club and reaching this point.”
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