BBC investigates takeover turmoil behind Morecambe suspension

The Lancashire club’s compliance with its rules is “serious concerns,” according to the league, and it was warned last week that there might be “possible further sanctions” if conditions were not met.

The Shrimps’ first three games against Boston, Brackley, and Scunthorpe have now been postponed. They face expulsion if they can’t provide evidence that they will be able to complete the entire season by the time the league’s compliance and licensing committee meets again next month.

The National League stated in a statement on Monday that it was decided that additional sanctions must be imposed, with the club’s membership being immediately suspended.

The committee will meet once more on Wednesday, August 20 to determine whether any unresolved issues have been resolved and whether the club can continue to compete in the future.

Morecambe have endured a turbulent summer since being removed from League Two, with a deal still pending despite two parties accepting takeover bids and the resignation of the board of directors.

Morecambe was purchased by current majority shareholders Bond Group, led by businessman Whittingham, in May 2018. By September 20, 1920, Whittingham had listed the club for sale.

Since then, the club has been relegated twice, but no takeover has been completed.

According to Companies House, Whittingham has worked for 25 companies in his career. 18 of those 25 businesses have either been liquidated, voluntarily disbanded, put in administration, liquidated, or put in receivership (the stage before liquidation).

Prior to his acquisition of Morecambe, two of Whittingham’s businesses had been forced to dissolve by default, but he still managed to pass the EFL’s owners and directors’ test.

Whittingham served as business partner to Colin Goldring, a legal professional turned entrepreneur, for many of the businesses until Goldring resigned in August 2022.

Following a court hearing in 2022, Whittingham and Goldring were given a 12-month suspension.

The Solicitors Regulation Authority forbids Goldring from working for any law firm without obtaining a clearance.

Whittingham claims he has been attempting to sell the club to a group led by Jonny Cato, but that Cato has been put off completing the deal because “continuous negative press statements have had an impact on the club.”

Cato hasn’t been seen or heard in the public since Whittingham selected her as a bidder ten days ago. In fact, there isn’t a single businessperson named Jonny Cato on Companies House, and only one is a single Swedish MP on LinkedIn’s professional networking site.

The BBC received a message from a man who had a slightly different spelling of the name and was informed that he had nothing to do with a potential bid for the club. He is the only person with a credible business background in the UK.

Who is Cato, then? Why is there no business presence in the UK for him? Exists he, or not?

According to the BBC, Panjab Warriors had lined up a replacement who would succeed Derek Adams, who had already agreed to become their new manager. They were so convinced their takeover deal would soon be confirmed.

The Panjab Warriors threatened legal action if their takeover was not completed, claiming they have already put millions of pounds into the organization to keep it afloat.

Lawyers for Morecambe’s minority shareholders announced on Monday that they had been unable to contact Panjab Warriors’ representatives for a week, making it impossible for them to try to sway a deal.

According to their website, Panjab Warriors claim to “invest in sporting excellence” and “execute deals that drive value”. However, the organization does not provide any specific investment information or disclosures about other investments.

The group’s financial sources are also uncertain. A company called JKM Capital, which is largely owned by businessman Kuljeet Singh Momi, owns at least 75% of Panjab Warriors’ shares.

He has been a part of 15 businesses throughout his career, the majority of which have been established since 2023, according to records, but none of them appear to have made a significant profit.

Johal’s campaign and youth garnered a lot of attention, but no takeover was ever completed once the extent of his wealth was questioned.

Singh Momi and Johal’s business relationship is still unknown, but Singh Momi claimed in a statement last year that he had ended ties with Johal.

The club has called off pre-season friendlies and has a squad of just 10 senior players.

Who will the eventual buyers are and when will the sale be completed will determine the club’s financial salvation sorely needs.