Tyson Fury suffers defeat in Morecambe FC takeover bid as League One club confirm 20-year-old businessman will become youngest owner in the Football League

Tyson Fury has failed with his Morecambe FC takeover bid.

The League One club says they are in the process of being taken over by 20-year-old entrepreneur Sarbjot Johal who is set to become the youngest owner in English football, subject to approval from the Football League.

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A recent statement from Morecambe chairman Graham Howse read: "It is fair to say the sale process hasn’t progressed as quickly as we all would have liked - that said, my understanding is that exciting times are ahead both on and off the pitch.

"Sarbjot Johal is eager to start the project to take the Club on to a new level, subject to satisfactorily navigating the EFL Owners and Directors’ test.

"Sarbjot, through his company Sarb Capital, has recently purchased equity in the Club, injecting more than useful income into us.

"I am, along with Sarbjot, keen that the process should now move on at pace to come to a positive conclusion."

In October, Fury, who lives in Morecambe, revealed to talkSPORT that he was considering buying his local club.

He told Jim White and Simon Jordan: “I’m thinking about buying Morecambe Football Club, they’re in League One at the moment. So I was thinking I invest X amount of millions in them.”

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“I’ve been offered to buy Morecambe Football Club “I own all the training facilities anyway and the training gym. So, who knows? You might be looking at a football club owner.”

Last month, it was reported that ‘The Gypsy King’ had been pipped to the post by Johal who was in attendance when Morecambe beat Burton Albion 5-0 at the Mazuma Stadium on New Year’s Day.

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The club refused to comment on speculation at the time but have now confirmed that Johal, who amassed his wealth through his venture capital and private equity firm, Sarb Capital, is the man who will take them forward.

Fury is yet to react to his failed takeover bid and is currently continuing preparations for a historic fight with Oleksandr Usyk that will crown the first-ever four-belt heavyweight champion.

Talks are currently at an advanced stage for the two world champions to square off in Saudi Arabia on April 29 and an official fight announcement is thought to be imminent.