Rochdale investors Morton House MGT to divest shares amid EFL investigation

Rochdale were relegated from League One last season after finishing the season in 21st and a point away from safety

Rochdale investors Morton House MGT will divest its shares in the club after refusing to cooperate with an English Football League investigation into their purchase of them.

It is alleged that Morton House MGT took over the League Two club without consent from the EFL.

The EFL says it issued notice to "multiple individuals" on Monday, with Morton House MGT now "formally withdrawing" from the approval process.

The EFL is to continue investigations.

Anyone wishing to acquire a club must pass the EFL's owners and directors' test prior to completing a takeover.

"Having considered the request for information made of them, Morton House MGT, on behalf of its directors, and representatives, has now informed the league that it is formally withdrawing from the approval process and plans to divest the shares acquired in the club at the earliest opportunity," an EFL statement said.

"More importantly, the EFL will continue to work with Rochdale AFC as we collectively seek to ensure a successful and sustainable long-term future for the club and all those associated with it, particularly its players, staff, and supporters."

Last month the EFL said they were yet to receive evidence that potential, unnamed, investors in Rochdale had the necessary funds.