Pete Martin (CTID)
Very well known Exeweb poster
Morecambe FC have been told that they have been placed under a transfer embargo.
A report on their web site states:-
The embargo comes after a mid season financial report presented to the authorities by the board in December showed that the club was spending more than its allotted amount on wages.
League 2 rules state that no more than 60% of income can be spent on wages and the club has been told it has to cut the wage bill or receive an injection of cash before the embargo is lifted.
Vice-chairman Graham Hodgson said: "The embargo means we cannot buy or sign loan players at the moment. There are a number of reasons for this, the main one being that the average gate has dropped from 2,800 last season to about 2,100 this season. The fact we didn't have a major run in the FA Cup also means that the income has not met our projected hopes.
"It is something we have to accept and it is something that only happens in clubs at League 2 level and I don't think we will be the only club to be in this position."
A report on their web site states:-
The embargo comes after a mid season financial report presented to the authorities by the board in December showed that the club was spending more than its allotted amount on wages.
League 2 rules state that no more than 60% of income can be spent on wages and the club has been told it has to cut the wage bill or receive an injection of cash before the embargo is lifted.
Vice-chairman Graham Hodgson said: "The embargo means we cannot buy or sign loan players at the moment. There are a number of reasons for this, the main one being that the average gate has dropped from 2,800 last season to about 2,100 this season. The fact we didn't have a major run in the FA Cup also means that the income has not met our projected hopes.
"It is something we have to accept and it is something that only happens in clubs at League 2 level and I don't think we will be the only club to be in this position."