The National League has approved the takeover of Morecambe by Panjab Warriors.

The suspension on the club will now be lifted upon receipt of the sale and purchase agreement. However, the transfer embargo will remain until players, staff, creditors and HMRC have been paid.

A National League statement read: “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 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.”

Morecambe’s first game of the National League campaign is set to be played on August 23 at home against Altrincham FC.

The news arrives after an agreement in principle was reached on Thursday between Panjab Warriros and Bond Group for the transfer of the majority shareholding of the club.

Bond Group said in a statement: “We would like to thank all of the staff at the club for their forbearance and can only apologise for the stress this has caused.”

The club said final legal documentation was now being prepared, and that “immediate steps” were being taken to inform key stakeholders, including the National League.

The club said they hoped the agreement “paves the way for continued stability and a positive future both on and off the pitch”.

Morecambe fans have cautiously welcomed the announcement.

Fans’ group, the Shrimps Trust, confirmed a “constructive” meeting had taken place between Panjab and Bond, adding: “This represents a significant step forward in the process. While we remain cautious until the necessary approvals have been confirmed, all parties have verified this information with us, giving us some assurance that a resolution is in sight.”

The Shrimps, who were relegated from League Two at the end of last season, are at risk of closure because of financial problems and have been suspended from the National League in a decision which is due to be reviewed on August 20.

Sports investment company Panjab Warriors have been trying to push through a takeover this summer.

In July, owner Jason Whittingham sacked the Shrimps’ board of directors a day after they announced they would put the Lancashire club into administration.

The club’s plight has drawn political attention, with Prime Minister Sir Keir Starmer expressing his concern last week and urging everyone involved to “do the right thing”.

That followed Culture Secretary Lisa Nandy writing to Whittingham, calling on him to sell up.