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BBC News
a day ago
- Business
- BBC News
What's going on at crisis club Morecambe?
Relegation from the English Football League, two proposed takeovers uncompleted, wages partly unpaid, and massive doubt over their future summer has been filled with financial uncertainty, overshadowing their preparations for a first non-league campaign in almost 20 what exactly has led the Shrimps to such a perilous point? How has this situation evolved? Just four years ago Morecambe won promotion to League One for the first time in their history through the 2020-21 League Two play-offs at a Covid-restricted Wembley Derek Adams, who is currently in his third spell as Shrimps boss, left that summer but returned at the tail end of the following season to help them stay in the third tier, finishing two points above the drop zone in was no mean feat for a club of Morecambe's size and stature, with wins against Sheffield Wednesday and Charlton Athletic providing the points to keep them in a division filled with comparative then, though, things have quickly gone downhill for the Lancashire Shrimps were put up for sale by owners Bond Group in September 2022, but a deal has still not been completed, and two relegations in three seasons since have seen the club drop into the National League for the first time since payment of wages, transfer embargoes and points deductions have all overshadowed matters on the club were docked three points late on during the 2023-24 League Two season after failing to adhere to an agreed decision imposed on them for failing to pay players' wages on time the previous were then given a suspended two-point deduction last season for failing to report on five separate occasions the non-payment of amounts owed to HMRC within the required two working just over two weeks until the start of the upcoming 2025-26 campaign, two parties have had bids to buy the club accepted, but it is unclear how close a deal is to getting over the line. Who is Morecambe owner Jason Whittingham? Jason Whittingham, through Bond Group, took over Morecambe in May 2018 with the club then at risk of relegation to the National was also part-owner of rugby union club Worcester Warriors, who eventually lost their place in the Premiership in 2022 having gone into the aftermath of Worcester's demise, Whittingham later put Morecambe up for three years on, a takeover still has not been to BBC Radio Lancashire in January, Whittingham said he "could not wait" to get out of the month the Shrimps were unable to sign players until they offered the EFL sufficient proof of funds that they could operate until the end of the season, which was only secured with days of the transfer window remaining and 19 games beginning that run with victory over Lancashire rivals Fleetwood on 1 February, they managed only four more wins and one draw, and ended the season with a six-game losing run as they finished bottom of League Two and were has been contacted by BBC Radio Lancashire for comment. What has happened at Morecambe during the summer? In April, the club said "positive progress" had been made towards a sale, with Adams predicting the club would bounce back to the EFL. But just days later he criticised the owner and board of directors for "not having a plan" in place for appeared to be good news at the start of June as a consortium known as Panjab Warriors had their takeover bid approved by the after the club's board claimed Whittingham appeared to be "considering reneging" on the deal and raised concerns about the Shrimps' future existence, local MP Lizzi Collinge said the businessman "needed to get on" with the sale. On 1 July, the board said they would begin the process of putting the club into administration if Whittingham did not sell the club, claiming "Bond Group do not have the required funds to meet the club's full payroll commitment".In response, Whittingham sacked the board, claiming he did so in order to give Bond Group the time it needed to ensure the club could avoid 4 July, Whittingham said terms were agreed with Panjab Warriors and invited the former directors of the club back in order to oversee the final stages of the sale process, which he said would take place on 7 that did not happen, the board stepped down, with Whittingham insisting he was still committed to a 9 July, a "last minute bid" was made for the club by an unnamed party which was later confirmed by Whittingham to be from a consortium led by an investor he said is named Jonny weeks on, Cato's bid has not been completed and it is unclear where Panjab Warriors' deal stands. Cato has not been seen or heard from in public. Who are Panjab Warriors and Jonny Cato? Panjab Warriors, understood to be a group of Sikh businessmen, have been attempting to purchase Morecambe for more than a year and claim they have made significant financial contributions towards the running of the club during that previously said, external they had already paid £3.8m to Bond Group alongside a separate payment of £630,000 to clear outstanding loans against the group have also claimed they had loaned a further £1.7m to the club over the past 14 months to "ensure its ongoing survival".In a statement on 19 July, Panjab Warriors said, external their solicitors had served legal notices to Whittingham and Bond Group over "repeated breaches of what has been agreed".As for Cato, not much is known about his identity but in a statement last week, Whittingham claimed Cato did not have a connection to himself or Bond group the Shrimps Trust claimed in a statement, external earlier this week the club's players would not play until the ownership situation was comes after players and staff were only paid a third of their most recent wages and Tuesday's planned pre-season friendly against Barrow was in a statement given to BBC Radio Lancashire on Tuesday, boss Adams said his players were not on strike."The players are not on strike and they all trained today at the training ground," Adams said."Their professionalism has been magnificent during this difficult time. We all want this situation to be resolved and the best outcome for Morecambe Football Club." Where does this all leave Morecambe now? Former co-chairman Rod Taylor said he was fearful for the club's existence last week, and fellow former board member James Wakefield painted a similarly bleak picture, saying he was "amazed the club was still alive".Morecambe's woes continue as the landmark Football Governance Act received Royal Assent on Monday, establishing a regulator to oversee the men's game in England's top five Act grants greater powers to a body that is independent from government and football authorities, and Culture Secretary Lisa Nandy said the bill would make a difference to clubs like Morecambe and "can't come soon enough".Speaking to BBC sports editor Dan Roan, Nandy said: "I'm horrified by what is happening at Morecambe."It's a scenario that too many football fans will recognise up and down the country, including my own in Wigan, and it is heartbreaking for the fans involved who don't know when they wake up in a morning if their club is going to be there or not."This bill will make a significant difference to situations like the one facing Morecambe fans because the regulator will not only have a much tougher owners and directors' test but will also be able to compel owners to sell up if the club is placed at risk of harm. It can't come soon enough for Morecambe." What is the human impact? Morecambe are due to play Boston United on 9 August to kick-off their 2025-26 National League Quinn, who has covered the club for the BBC for 30 years, fears they might not even make it to that stage as things stand."The club is definitely on the brink of going under and it is heartbreaking to see," he said."Players and staff have now not been paid for more than three weeks and community events [at the stadium] such as school proms and private bookings for weddings, funerals and parties have had to be cancelled at the last minute."The sight of one fan, who has supported the club with her family for more than 50 years, breaking down in tears while being interviewed was heartbreaking."For these fans, and thousands of others, this is not just about football - it is about their families and their community."One thing is for sure - there will be far more tears shed if Morecambe Football Club's 105-year existence comes to a crushing end."
The Independent
16-07-2025
- Sport
- The Independent
Utter bull – Paul Rowley denies being told of strike threat by Salford players
Salford boss Paul Rowley insists he has had no dialogue regarding reports his players would make themselves unavailable for Friday's fixture against Leeds. It was reported earlier this week that some senior players had threatened to pull out of the Betfred Super League clash following renewed uncertainty around the Red Devils' financial position and had informed club officials, including Rowley, of this. A Rugby Football League spokesperson confirmed to the PA news agency on Tuesday that a meeting was due to take place on Wednesday with players, the club, the RFL and the Rugby League Cares charity in attendance. Rowley clarified his understanding of the situation prior to taking questions at Wednesday's press conference, saying: 'Just a couple of things so you can get it in early… One, I read an article saying I'd been made aware of certain players not playing, etc. 'That's not true, nobody's approached me. I've not had any dialogue or regard in that. That's utter bull. 'Second, RFL are coming in. That was at the request of the players, they've not come in like on a white horse or anything, it's been at the request of the players just for some clarity and some good chat. 'They're kindly doing that, so that's all good. That's not the gravitas that it was made out to be.' Salford have been operating under salary cap restrictions since the start of the season following a drawn-out takeover process and the late payment of some wages. The club named their 21-man squad ahead of Friday's trip to Headingley, which remains unchanged from the group picked for last week's clash against Castleford – with the exception of three players absent due to injury. Jayden Nikorima, Esan Marsters and Loghan Lewis are all missing after picking up injuries against the Tigers, and Rowley provided an update on their progress. 'Loghan is obviously HIA so he can't play on Friday and the other two boys, they'll definitely be long term,' the head coach said. 'Jayden's got a fractured arm, Esan's got damage to his shoulder so we're just awaiting the appointment with a specialist to talk through the results of the scan. 'That's long term, we're not going to see Esan for a while.' In place of those players, Charlie Glover, Finley Yates and Sam Hill have been named in the squad for the Leeds game. Salford will be looking to build on last weekend's 26-22 victory over Castleford, their second Super League win of the season, which ended a 13-game losing run. However, they face a tough test against Leeds, who are fifth in the table.
Irish Times
27-05-2025
- Business
- Irish Times
The Irish Times view on basic income for artists: keep it going
Reports this week that Minister for Arts Patrick O'Donovan supports the continuation of the Basic Income for the Arts (BIA) scheme will be welcomed by the sector. Introduced on a pilot basis by the Minister's predecessor, Catherine Martin, in October 2022, the scheme provides a payment of about ¤325 per week to 2,000 full-time artists selected by lottery from a larger group of 9,000 applicants. The intention was to gather robust data on whether such payment delivered meaningful benefits to the working practice of participants. Virtually every political party in the Dáil committed during last year's election campaign to the BIA's continuation. But there was more ambiguity on the matter in the Programme for Government. That was perfectly reasonable as the data required examination before any decision could be made. But it caused disquiet among artists' groups as the expiry date in August approached. The Minister has now confirmed he will seek funding to 'extend and expand' the BIA. His comments follow the release of a report which found it 'significantly impacts the subjective experience of financial uncertainty in the lives of recipients'. The scheme is a response to the fact that precarity and low incomes are a reality of life for many professional artists. This diminishes their ability to reach their full creative potential. It also acts as a barrier to entry for those from economically marginalised backgrounds, perpetuating the stereotype of the arts as a middle-class playground. For these reasons, the basic income is an imaginative and positive addition to more traditional funding mechanisms such as the Arts Council. READ MORE The challenge for O'Donovan and his officials will lie in redefining the scheme and securing the necessary funds. How many artists will be supported in future and will their participation be time-limited? The BIA currently costs the department ¤35 million per year, compared to spending of ¤300 million overall on arts and culture, so any expansion could have significant budgetary implications. None of this should be insuperable, though, and the Minister has made the right call.
South China Morning Post
23-05-2025
- Business
- South China Morning Post
‘A bit lost': China's savers search for options after deposit rate cuts
After a landmark decision by China's biggest banks this week to slash one-year deposit rates below 1 per cent for the first time, households across the country are grappling with a pressing question: where should they park their money? Advertisement The dilemma arose for risk-averse savers after six major state-owned lenders and leading joint-stock bank China Merchants Bank (CMB) announced on Monday they would cut their one-year fixed deposit rate to 0.95 per cent, eliminating what was once a safe, if modest, source of passive income. Smaller banks have followed suit, trimming rates across maturities, albeit to a smaller degree. Their one-year rate stands at 1.15 per cent, while three-year rates are at 1.3 per cent. For millions of Chinese families, the decline in deposit yields makes an already challenging financial landscape all the more slippery. Households are wracked with economic uncertainty while facing weak income prospects and a lack of attractive investment options. 'Since the rate cuts, we've seen a surge in clients asking what to do next. Many lament that the days of relying on bank deposits for steady returns are over,' said Liu, a client manager at a Shanghai branch of CMB who requested partial anonymity. Advertisement The move, the seventh such adjustment among China's leading banks since September 2022, officially ushered the country's deposit rates into the sub-1 per cent era.
Yahoo
23-05-2025
- Business
- Yahoo
'I'm A Federal Worker Overseas In Fear Of Losing My Job – Should I Stop Paying Into My TSP And Pay Off Debt?' Suze Orman Weighs In
Facing financial uncertainty can be overwhelming, especially when your job security is in question and you have significant debt. That's exactly the situation a federal worker named Gillian described in a recent episode of the "Women & Money" podcast with Suze Orman. Gillian, a federal employee stationed overseas, wrote in to ask for advice. She supports her spouse and child and is the sole earner in the household. Though she once felt secure in her government position, she now fears being laid off — a concern that's become more common among federal workers this year. Amid federal downsizing and budget cuts under the Trump administration, workers — especially those based overseas — have grown increasingly worried about job stability. Don't Miss: Hasbro, MGM, and Skechers trust this AI marketing firm — Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – With a considerable amount of debt on her shoulders, Gillian wondered if she should stop contributing to her thrift savings plan and instead use that money — along with her emergency fund — to reduce what she owes. Orman didn't hesitate to weigh in. Before diving into the advice, Orman clarified what the TSP is. It's the federal government's version of a 401(k), helping employees save for retirement through tax-advantaged contributions. The question at hand was whether it made sense for Gillian to stop these contributions in order to focus entirely on debt repayment. KT, Orman's co-host, said, "I don't think she should stop paying into the TSP, and I definitely would not use that emergency fund money." Orman agreed — but added several important financial insights. Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — Orman emphasized that in Gillian's case, redirecting funds from her TSP and emergency savings still wouldn't make a significant dent in her total debt. In Gillan's own words, "Doing this won't even cover half of my debt," making the decision even clearer. Orman shared a general rule of thumb: "When you owe more money than you are worth, you are essentially bankrupt." However, that doesn't mean liquidating all available funds is the best approach. In fact, retirement accounts like the TSP, Roth IRA, and 401(k) are legally protected in the event of bankruptcy. That means even if the worst-case scenario happens — like losing a job or filing for bankruptcy — these funds would remain intact. "Do not stop putting money in a place that's safe and sound," Orman for tapping into the emergency fund, Orman was just as clear: Don't do it. The purpose of an emergency fund is to cover essential expenses in the case of income loss or other true emergencies — like, for instance, a layoff. Using it to chip away at debt, especially when it won't eliminate that debt, could leave Gillian exposed if her job situation worsens. In short, Orman's advice to Gillian was to stay the course with retirement contributions and preserve her emergency fund. The debt remains a concern, but the protections and potential growth offered by the TSP are too valuable to give up — especially during uncertain times. If you're in a similar situation, it may be worth talking to a trusted financial advisor about how to balance debt repayment with long-term financial security. Read Next: Nancy Pelosi Invested $5 Million In An AI Company Last Year — Inspired by Uber and Airbnb – Deloitte's fastest-growing software company is transforming 7 billion smartphones into income-generating assets – Image: Shutterstock Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article 'I'm A Federal Worker Overseas In Fear Of Losing My Job – Should I Stop Paying Into My TSP And Pay Off Debt?' Suze Orman Weighs In originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
