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Morecambe owner Bond Group Investments has put the League One club up for sale, with Jason Whittingham and Colin Goldring stepping down from the board.
Whittingham and Goldring also own financially troubled Premiership rugby union side Worcester Warriors.
Warriors have been served a winding-up petition by HM Revenue & Customs over an unpaid tax bill of around £6m.
London-based investment group Bond Group took over Morecambe in May 2018 after G50 Holdings sold its shares.
Amid speculation over the Warriors’ financial position, Morecambe issued a statement last week saying that the finances of the two clubs were separate.
In a statement on Morecambe’s website, Whittingham and Goldring said “our attentions have been elsewhere”.
Despite assurances that Warriors players would be paid amid a pledge to pay 65% of August’s wages, BBC Hereford & Worcester have been told they have not been paid.
“Bond Group will continue to own and support the board as the majority shareholder until the club is sold. We aren’t in a rush to sell and will make sure we take the time to find the right buyer with the right ambition for the future of the club,” Friday’s statement said.
Having taken over Morecambe just days before the final day of the 2017-18 League Two season, which could have seen the club drop out of the English Football League, Bond Group have been in control during an upturn in the club’s fortunes ever since.
In 2021, under Derek Adams, the club won promotion to League One for the first time in their history as they beat Newport County at Wembley in the League Two play-off final.
After a short stint at Bradford City, Adams returned to Morecambe and led them to safety in the third tier as they avoided an immediate return to League Two last season.