Fans of Morecambe football club said they were about to “lose everything”, with the 105-year-old institution facing closure on Monday without an 11th-hour takeover.
Shareholders at the National League club said it would “officially shut” and face “total collapse” in 72 hours unless the owner, Jason Whittingham, agreed to sell up.
In a statement, the prospective buyers, Panjab Warriors, and minority shareholders said the club had “£0 in the bank and no cash on site [meaning] operations cannot continue”.
The collapse of the century-old club, known as the Shrimps, has added urgency to plans for a new football regulator after similar crises at historic clubs including Bury FC, Macclesfield, Sheffield Wednesday and Bolton Wanderers.
Lizzi Collinge, the Labour MP for Morecambe and Lunesdale, said on Friday she was “devastated that this crisis is still dragging on, with the damage being done worsening every day”.
The club’s future has hung in the balance since Whittingham, an Essex businessman, appeared to renege on a deal with the London-based investment firm Panjab Warriors and was planning to sell instead to a mystery third party.
Weeks of delay led to the club being suspended until at least 20 August by the National League, the fifth tier of English football, meaning it cannot play its opening three fixtures, which are due to kick off next Saturday.
Collinge said the crisis would have been “entirely avoidable” if Whittingham had sold the club when the EFL approved the deal in early June.
She said: “I am urging Jason Whittingham once again to just sign the damn paperwork. This state of affairs shows exactly why we need the new football regulator.
“I’m obviously frustrated that this won’t be in place in time to make a difference to the current situation but I know it will stop towns like Morecambe suffering in the future by preventing rogue ownership and strengthening financial governance.”
Pubs and cafes near the club’s 6,400-capacity Mazuma Stadium said they were already suffering from the lack of football.
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Pat Stoyles, interim chair of the Morecambe supporters’ group, the Shrimps Trust, said it was “absolutely devastating” to face losing the club.
All junior-level operations at the club ended on Friday due to a lack of insurance, bringing an end to “every kid’s dream of playing for their local club”, said Stoyles.
He said: “I dont think people thought it would affect every level of football through the club. We are going to effectively lose everything.”
He said there was “anger and frustration” at Whittingham, but added: “As time goes on that anger starts to spread into the governing bodies for allowing it to get to this situation and not learning from experiences like Bury and Macclesfield.”
The Guardian has contacted the club and Whittingham for comment.