The hard-up League Two club hope that reaching an agreement before the end of May will save them.

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This comes after the Shrimps, loved by boxing legend Tyson Fury, were hit with a three-point deduction last month.

Fury’s favourite club was punished by the FA for “failing to adhere to the terms of an agreed decision”.

Morecambe had previously received a suspended three-point deduction last season after failure to pay their player wages in March 2023.

That suspended punishment has now been activated after the club failed to keep an account with 125 per cent of the forecast monthly wage bill for its players at a required pre-agreed level.

The FA released a statement detailing the punishment which also saw the club’s owner Jason Whittingham handed a £10,000 fine.

The statement read: “An independent Disciplinary Commission (IDC) has determined that Morecambe Football Club are to be deducted three points from the 2023/24 League Two table for failing to adhere to the terms of an Agreed Decision.

“The Club had previously received a three-point deduction, to be suspended until 30 June 2024, after admitting a breach of EFL Regulations for failing to pay its player wages on or around 28 March 2023.

“The Club’s ultimate beneficial owner was also required to deposit an amount equal to 125% of the forecast monthly wage bill in a designated Club account.

“Following the failure to keep the account at the required levels, the suspended three-point deduction has now been activated.

“Owner Mr Jason Whittingham has also been fined £10,000, payable immediately, whilst a suspended fine of £20,000 has also been imposed, to be activated on 31 May 2024.

“Unless he complies in full with his obligation to replenish the Deposit Account under the terms of the Agreed Decision dated 17 August 2023.”

Fury recently sponsored the club and previously expressed an interest in buying the historic outfit.