Two-time world heavyweight champion Fury had previously told talkSPORT he was interested in buying the team but it looks like the heavyweight champion has, for once, been beaten to the punch.
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Investment mogul Johal is instead in advanced talks to buy the Shrimps, with an agreement in place that only needs EFL approval, according to the Daily Mail.
A purchase would see Johal become the youngest owner in English league football. He was in attendance for a 5-0 win over Burton Albion at the Mazuma Stadium on New Year's Day.
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"The club is aware of an article released today by the Daily Mail regarding a potential sale," said a statement on Morecambe's website.
"At this point, we are not in a position to comment as it would be inappropriate to do so.
"Should any sale be completed, we will share this with supporters at the right time."
Morecambe have been for sale since the summer with a valuation estimated to be around the £20million mark.
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Last season the team won the League Two play-offs to earn promotion to the third tier of English football for the first time, but are currently struggling in the League One relegation zone.
Morecambe-born Fury was a candidate to purchase the club, telling talkSPORT as much in October.
"I'm thinking about buying Morecambe Football Club, they're in League One at the moment," he told White and Jordan. "So I was thinking I invest X amount of millions in them."
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Former Crystal Palace owner Simon Jordan quipped: "By invest you mean throw it at them, invest is the wrong term."
And Fury replied: "Yeah, basically throw it at them and keep them going up.
"I've been offered to buy Morecambe Football Club," he continued. "I own all the training facilities anyway and the training gym.
"So who knows? You might be looking at a football club owner."
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