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Wigan in Administration

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181Wigan in Administration - Page 7 Empty Re: Wigan in Administration on Sun Aug 23 2020, 21:28

Sluffy

Sluffy
Admin
Seems to be a bit of a hoo-ha at the moment at Wigan!

Wigan Athletic administrator taking legal action over 'serious allegation'

Gerald Krasner says he is taking legal action over 'a serious allegation' which was levelled against him and his fellow Wigan Athletic administrators on social media on Sunday.

The posting - from an unnamed party, seemingly involved in the process - made a series of claims about the administrators, and their role in finding new owners for the football club.
With only a week to go until the August 31 deadline - set by the administrators themselves - to find a buyer, Latics fans were understandably up in arms at the controversial content.
Krasner says he will address the allegations 'in due course' but has already started legal action.
"I will be commenting on this in due course," he told the Wigan Post.
"But you've got to ask yourself one question...why would a person want to remain anonymous?
"If it's who I think it is, it will become obvious immediately.
"I have no evidence yet...(but) this is a very serious matter.
"A lot of the matters are not serious, but this is a serious allegation.
"I'm talking with lawyers tonight, and this will be answered in due course, in full.
"But I have got nothing to hide.
"And last but not least, ask yourself again why this person would remain anonymous?"
The Latics Supporters Club also issued a statement on the matter, appealing for calm at a time of obvious high tension.
"We would ask that fans please keep the faith that there is lots of work going on to support the survival of our football club," they tweeted.
"Rumours & negative stories do not help the hard work that is happening.
"We have already achieved so much by working TOGETHER.
"Please let’s continue that!"

https://www.wigantoday.net/sport/football/wigan-athletic-administrator-taking-legal-action-over-serious-allegation-2950605?amp


Seems to about this or a rumour very much like it.

I must point out though that clearly there is no truth about any allegations about the Administrators - they are professionals, with years of experience and do what they do within the law and in the best interests of the creditors.



Fwiw there is also this going around too!



Wigan in Administration - Page 7 EgH4tXpWoAUXpg_?format=jpg&name=900x900

182Wigan in Administration - Page 7 Empty Re: Wigan in Administration on Sun Aug 23 2020, 21:35

Sluffy

Sluffy
Admin
Wigan in Administration - Page 7 EgH4tkLXYAIfeza?format=jpg&name=small

Wigan in Administration - Page 7 EgH4twHWoAAgQFT?format=jpg&name=small

The Chief Executive of Wigan Athletic is someone called Jonathon Jackson.

Make of that what you will.

183Wigan in Administration - Page 7 Empty Re: Wigan in Administration on Sun Aug 23 2020, 23:22

wanderlust

wanderlust
Nat Lofthouse
Nat Lofthouse
@Sluffy wrote:

Well you believe what you want.

As far as I'm concerned you have an official statement from the clubs Administrator (you know, the ones actually doing the job) saying one thing and a newspaper hack on Twitter (who makes his living by writing articles for The Sun newspaper) tweeting something the opposite on social media.

I've chosen to believe the Administrator and you've gone for Nixon, we'll find out soon enough which of us backed the right horse won't we?
I see what you did there.

We've agreed there was an NDA but you've constructed a pretend disagreement between us and then made out it's a competition. 

Mindboggling.

184Wigan in Administration - Page 7 Empty Re: Wigan in Administration on Sun Aug 23 2020, 23:30

wanderlust

wanderlust
Nat Lofthouse
Nat Lofthouse
We lived through a similar soap opera. Sure the names and games have changed but the frenzy of fans grasping at every straw and rumour was similar.
I feel for them.

185Wigan in Administration - Page 7 Empty Re: Wigan in Administration on Sun Aug 23 2020, 23:48

Sluffy

Sluffy
Admin
@wanderlust wrote:
@Sluffy wrote:

Well you believe what you want.

As far as I'm concerned you have an official statement from the clubs Administrator (you know, the ones actually doing the job) saying one thing and a newspaper hack on Twitter (who makes his living by writing articles for The Sun newspaper) tweeting something the opposite on social media.

I've chosen to believe the Administrator and you've gone for Nixon, we'll find out soon enough which of us backed the right horse won't we?
I see what you did there.

We've agreed there was an NDA but you've constructed a pretend disagreement between us and then made out it's a competition. 

Mindboggling.

Scroll back a few posts and I rhetorically asked was Nixon on to something or was it as I expected it to be, just a story in effect for the paper (who pays him for them).  The next thing we know the Administrator says decisively and dismissively that there's nothing in Nixon's story.

You then decide to chip in and say there must have been something of substance in it because there was a NDA in existence.

I pointed out that there are a number of NDA's in existence over the Wigan sale and if you wanted to believe Nixon's story then feel free and that I'll go with the Administrators who are actually running the show, rather than believe his story now in the paper.

You then decided to take this piss and ridicule me because I used the old (and factual) phrase of 'don't believe everything you read in the paper'.

The only reason you even chipped in, in the first place was to attempt to have your little dig at me and then followed it up with another and now (no doubt after having a drink or three) you've decided to have yet another dig and make something out of nothing.

You had a pop at me the previous day trying to stir the shit over spelling on a thread that had long since moved on and everybody being happy to have done so.

I know what you are up to and it really is best you stop as there's simply no need for it.

186Wigan in Administration - Page 7 Empty Re: Wigan in Administration on Mon Aug 24 2020, 10:12

wessy

wessy
El Hadji Diouf
El Hadji Diouf
One hell of a week in prospect that's for sure, they are bobbing about in a dingy hoping to be rescued, this time last year we were bailing water much nicer watching all this through binoculars lol 

Still no real front runner i think it's local interest through the rugby due to the ground situation or liquidation. Like a game of poker at the minute but the tics are toking.

187Wigan in Administration - Page 7 Empty Re: Wigan in Administration on Mon Aug 24 2020, 11:05

Norpig

Norpig
Nat Lofthouse
Nat Lofthouse
Can we afford to buy back Euxton as mentioned above? We could get it cheap and then sell the land for redevelopment as we don't really need another training ground. Do Wigan still owe us any money for the original sale? Seems strange they are asking us if we want it back unless they owe us money.

188Wigan in Administration - Page 7 Empty Re: Wigan in Administration on Mon Aug 24 2020, 12:24

Sluffy

Sluffy
Admin
@Norpig wrote:Can we afford to buy back Euxton as mentioned above? We could get it cheap and then sell the land for redevelopment as we don't really need another training ground. Do Wigan still owe us any money for the original sale? Seems strange they are asking us if we want it back unless they owe us money.

Nixon's reply yesterday to a similar question made me laugh!



I really don't think FV have budgeted for a £1.5m capital purchase and the land has planning constraints stopping housing being built on it.

The Wigan Administrators issued accounts (to presumably Wigan shareholders - like we still had some when Eddie bought almost 95% of the shares of Burnden Leisure???) last week and though I've not seen them I would have imagined someone would have been shouting from the rooftops if they were still owing money to BWFC!!!

So I don't really see us buying it back - but who knows in the world of football!

If it's cheap enough, what FV wants and they can afford it then why not but I can't see it happening myself.

189Wigan in Administration - Page 7 Empty Re: Wigan in Administration on Mon Aug 24 2020, 12:31

Sluffy

Sluffy
Admin
And rather randomly, if you like conspiracy story's, I note that Nixon has not posted at all since it all kicked off at Wigan yesterday with threats of legal action, etc.

Coincidence or is he just taking a day off?

190Wigan in Administration - Page 7 Empty Re: Wigan in Administration on Mon Aug 24 2020, 14:21

Sluffy

Sluffy
Admin
Thought I'd give a bit of a shout out to this lad, the one who did those video interviews I put up previously on this thread.  

He shows what can be achieved with a bit of gumption and effort - certainly puts what Iles achieved under similar circumstances for us last year very much in the shade.

[Note, he seems to live in Bolton (Westhoughton) too - not far for him to travel to see another team if Wigan do unfortunately succumb!]

191Wigan in Administration - Page 7 Empty Re: Wigan in Administration on Mon Aug 24 2020, 14:37

Norpig

Norpig
Nat Lofthouse
Nat Lofthouse
Funny he has balloons with his age and the average Wigan away following on - spooky  Very Happy

192Wigan in Administration - Page 7 Empty Re: Wigan in Administration on Mon Aug 24 2020, 14:46

MartinBWFC

MartinBWFC
Frank Worthington
Frank Worthington








Alan Nixon

@reluctantnicko


Wigan. Lenagan close to a deal to buy stadium. Go from tenant to landlord. American French group to do a deal to take football club and a training ground. More online later ...

193Wigan in Administration - Page 7 Empty Re: Wigan in Administration on Mon Aug 24 2020, 17:32

Sluffy

Sluffy
Admin
Latest from the Admin -

THE JOINT ADMINISTRATORS WOULD LIKE TO PROVIDE SUPPORTERS WITH THE FOLLOWING UPDATE.
The Joint Administrators are calling a press conference on Thursday 27 August in the morning at a time to be agreed. This will be followed by a Zoom conference for those who cannot attend.

The Supporters Club will be invited to the conference and in the light of all the social media comments on Sunday we are quite happy for 10 members of the supporters club to attend and we will give them a special session to deal with their questions and answer them as far as we can. We stress that they must be members of the Supporters Club and sign in as usual when they get to the ground.

https://wiganathletic.com/news/2020/august/Statement-From-The-Joint-Administrators-24-08-20-/

194Wigan in Administration - Page 7 Empty Re: Wigan in Administration on Mon Aug 24 2020, 17:44

wanderlust

wanderlust
Nat Lofthouse
Nat Lofthouse
@Sluffy wrote:Thought I'd give a bit of a shout out to this lad, the one who did those video interviews I put up previously on this thread.  

He shows what can be achieved with a bit of gumption and effort - certainly puts what Iles achieved under similar circumstances for us last year very much in the shade.

[Note, he seems to live in Bolton (Westhoughton) too - not far for him to travel to see another team if Wigan do unfortunately succumb!]

Whenever I see a birthday cake in a team's colours I can't help but think about the Rangers fan whose cake was made by a Celtic supporting baker...

Wigan in Administration - Page 7 2Q==

195Wigan in Administration - Page 7 Empty Re: Wigan in Administration on Mon Aug 24 2020, 17:50

Sluffy

Sluffy
Admin
@wanderlust wrote:Whenever I see a birthday cake in a team's colours I can't help but think about the Rangers fan whose cake was made by a Celtic supporting baker...

Wigan in Administration - Page 7 2Q==

Very Happy

196Wigan in Administration - Page 7 Empty Re: Wigan in Administration on Mon Aug 24 2020, 18:01

Sluffy

Sluffy
Admin
Wigan Warriors owner Ian Lenagan looks set to make bid for DW Stadium

Wigan Warriors owner Ian Lenagan is thought to be positioning himself to make a bid for the DW Stadium.

By Phil Wilkinson
Monday, 24th August 2020, 4:54 pm
Updated 20 minutes ago

Chairman and majority owner Lenagan is understood to have spoken to administrators in charge of Wigan Athletic, which owns the majority of the venue.
If the move goes ahead, Latics would continue to play at the 25,000-seater stadium - presuming they are saved and they start the new season.

So far, no buyer has come forward offering administrators enough money to buy Wigan Athletic as well as the stadium, its two training grounds and the site of Sharpey's fish and chip shop.

But by selling the DW Stadium - or even a majority stake - it may bring the value of the club more in line with the offers currently available.

Administrators are trying to reduce Latics' debt to make the club more appealing to potential bidders - as well as keep the club running.

They have a football creditors' debt of close to £6m and also need to pay £1m to other creditors - as well as money for administrators' fees and legal fees - before they can exit administration.

Of course, there is still time for another buyer to enter the picture and make a lucrative offer for Latics and their current assets, but so far no bids have been forthcoming.

Lenagan, who has kept silent throughout Latics' administration, did not reply to an invitation to comment.

He had initially shown interest in buying Wigan Athletic, but made it clear from the start he needed more investors to make a deal feasible - which, presumably, didn't materialise.

However, he has sold around 25 per cent of his stake in Wigan Warriors to millionaire Michael Danson - as reported earlier today - which is thought to have freed up enough money to make a move to try and acquire the DW Stadium. It is unclear, if the move went ahead, whether the stadium would technically be owned by Lenagan or Warriors.

The two clubs have been stable-mates at the venue since the end of 1999. While there have been occasion issues over the years - usually related to the pitch or fixture clashes - it is an arrangement which suits both outfits financially.

https://www.wigantoday.net/sport/rugby-league/wigan-warriors-owner-ian-lenagan-looks-set-make-bid-dw-stadium-2951564

197Wigan in Administration - Page 7 Empty Re: Wigan in Administration on Mon Aug 24 2020, 18:12

Sluffy

Sluffy
Admin
UK's 128th richest man buys a part of Wigan Warriors

One of the richest people in the country has bought a slice of Wigan rugby league club.

By Phil Wilkinson
Monday, 24th August 2020, 12:07 pm
Updated 5 hours ago

Michael Danson has acquired at least a quarter of the club.

Documents lodged with the government state the 57-year-old has become a "person with significant control".

There has been no official confirmation from the Warriors and chairman - and majority owner - Ian Lenagan did not respond to an invitation to comment.

Danson, who was born in Wigan, is listed at number 128 on this year's Sunday Times' rich list with a fortune estimated at £1.17bn.

He owns two-thirds of information provider GlobalData, holdings valued at around £870m, and previously made £193m from the company he founded, Datamonitor.
He moved into media, buying the New Statesman and Press Gazette, and his entry in the Sunday Times rich list says he owns a £24m six-storey New York mansion which once belonged to Michael Jackson.
Although his involvement with Wigan has not been published, his name appeared on a list of 'ultimate beneficial owners' - along with Lenagan, his sister Ann and his son Simon - on the Open Corporates directory website.
Subsequent checks of the government's Companies House documents show no change to the ownership or directors list at Wigan RL.
But, interestingly, the company which ultimately owns the majority of the Warriors - Lenagan Investments Limited - does report Danson did become a "person with significant control" on July 29.
It is unclear how much he paid for his shares in Wigan, or whether his involvement is connected in any way to the Lenagan-led bid to buy Wigan Athletic.
Their DW Stadium stable-mates have been in administration since July 1.
Days later, Lenagan confirmed he was involved in a consortium, along with Darryl Eales and Gary Speakman, hoping to buy Latics.
His vision was for the Warriors and Latics to continue operating independently under a 'Wigan Sporting Partnership' banner, and he was seeking more investors.
"We strongly believe that Wigan Athletic is better being locally-owned," stated a press release, issued by the Warriors but under the banner of a joint statement from both clubs.
"As sustainability and ownership of the stadium is equally important to both clubs, we are currently working with our longstanding advisers KPMG and talking to external parties."
He did not speak publicly about his plans at the time and hasn't since.
Lenagan took control of his hometown club Wigan at the end of 2007, and until now his family has held 89 per cent of the shares in the club. The rest are owned by individual shareholders.

https://www.wigantoday.net/sport/rugby-league/uks-128th-richest-man-buys-part-wigan-warriors-2951029

198Wigan in Administration - Page 7 Empty Re: Wigan in Administration on Mon Aug 24 2020, 18:13

Natasha Whittam

Natasha Whittam
Nat Lofthouse
Nat Lofthouse
Why is a thread about another club dominating the Wanderers section?

Put it in the right section you mod bellends.



199Wigan in Administration - Page 7 Empty Re: Wigan in Administration on Mon Aug 24 2020, 18:58

Sluffy

Sluffy
Admin
So how I interpret the couple of Wigan news items above and the Administrators meeting on Thursday is like this, they will in all probability announce the sale of the stadium to Wigan rugby (or the company of the bloke Lenagan who is the majority owner of it) - it seems to coincidental that he's sold a quarter of his rugby club shares just now - when he has a golden opportunity to buy the stadium cheap but hadn't got the cash to do so.

He's also on record of saying he would like to save the football club if he could find investment from others - but that clearly hasn't happened.

There is apparently interest from the owner of Preston that he is interested in buying Euxton - I would imagine if that is true that also could be announced at the time.

That leaves the football club itself.

Whoever takes it on has a number of barriers they will face, the first being all 'footballing creditors'.

Now here lies an interesting point, namely footballing creditors are paid 100p in the £ BUT if the Administrators determined the club should be liquidated they would lose that protection and basically become unsecured creditors like more or less everyone else (a few such as club employees have preferential treatment but the majority of others will be treated as equals in terms of creditor status).

SO from an Administrator point of view - and their job is to get the best deal for ALL the clubs creditors, on paper at least they would look to get anyone buying the club to pay all the footballing creditors at 100p in the £ AND receive separately the money from stadium and training ground sales.

I'm guessing the French/American's who Nixon believes will buy the club wants the stadium/training ground sales to pay off/reduce the total of footballing creditors so that they don't have to pay as much for the football club.

My guess again is that the Administrators have done their sums and worked out how much they would get for asset sales and liquidating the club and how much they would get from asset sales and using that money to pay off footballing creditors and what the football purchasers are prepared to pay for the club.

If anyone wanting to buy the club can't get over the figure they've arrived at then the club will be liquidated.

The second big hurdle for anyone buying the club is the need to prove to the EFL they have the funds to run it for the next two years, whilst clearly there is clearly no money coming into the club and it appears they will have no assets to secure investment against if the ground and training ground/s are sold separately to their purchase.

I simply can't see it happening myself - why would anybody want to buy a club with a still massive monthly operating costs, no revenue stream and no stadium or training grounds???

Unless these supposed French/American bidders simply want to buy the 'franchise' and move it to somewhere else (where Leigh, Slough, North Norfolk?) then what's the point?

Nixon seems to think this bid has legs and he's better informed than I am but from where I stand now, I can't see it happening.

Then again we are talking football!

I think Wigan are now on their way out unfortunately for them.

200Wigan in Administration - Page 7 Empty Re: Wigan in Administration on Tue Aug 25 2020, 08:26

Norpig

Norpig
Nat Lofthouse
Nat Lofthouse
Never a good move not owning your own stadium.

201Wigan in Administration - Page 7 Empty Re: Wigan in Administration on Wed Aug 26 2020, 17:32

Sluffy

Sluffy
Admin
The official supporters club has launched a 'Save Our Club' fundraising campaign and set a target of £500,000 - by next Monday.

In a worse case scenario - and no buyer comes forward - this money raised would be a safety net to ensure the League One outfit can start the new season and isn't liquidated.

Jackson, a director of Latics and the former chief executive, is working with the supporters club on the drive.

He said: "We're two weeks from the start of the season, we need to ensure the club survives.

"We're asking the supporters to come together to raise as much as possible for the future of the club.

"Time is ticking... and the alternative is absolutely unthinkable."

If the club is sold in the meantime, the supporters club plan to meet with the potential new buyers about taking a stake in Latics. If they choose not to, those who have pledged money will be refunded.

There are three tiers of pledges, raising from £250 to more than £1,000, though smaller donations are also being welcomed on the Crowdfunder website.

"We've seen examples in the past of clubs owned by supporters trusts, in times of difficulty, they come together and save the club," said Jackson, a lifelong fans and the long-standing CEO.

"We're in a position we do need to save the club.

"If the club is sold in the meantime, if they want the supporters to play a part in that ownership model - if they want them to have equity in Wigan Athletic 2020 - that's a choice for them.

"If not, everyone who pledges money will get their money back.

"I hate to say it, but if there's no solution found... they'll get their money back then as well."

He says liquidation is a "real possibility" if enough isn't raised but hopes fans' support and pledges will stave off that threat, if the administrators - who have been in charge since July 1 - can't find a buyer for the club.

Warriors chairman Ian Lenagan has bid for the DW Stadium and Latics' Euxton training base is set to be sold to Preston North End.

Wigan Council has offered its support and Jackson says they have had talks with the EFL.

"The EFL want Wigan Athletic to survive," he said. "Everyone does. The club is embedded in the community, it's a community trust, it's the 7,000 season ticket holders who come every other week, it's the 88 years of history.

"It means so much to the town, to the community. We can't lose that."

The crowdfunder page can be found

https://www.crowdfunder.co.uk/save-wigan-athletic

https://www.wigantoday.net/sport/football/we-need-fans-help-save-wigan-athletic-says-jonathan-jackson-2953486

202Wigan in Administration - Page 7 Empty Re: Wigan in Administration on Thu Aug 27 2020, 08:22

Norpig

Norpig
Nat Lofthouse
Nat Lofthouse
7000 season tickets holders my arse! Even if that was true they were in the Championship and that is pathetic. Always will be a tin pot club with no fans.

203Wigan in Administration - Page 7 Empty Re: Wigan in Administration on Thu Aug 27 2020, 13:23

wanderlust

wanderlust
Nat Lofthouse
Nat Lofthouse
Preston have apparently bought Euxton - for less than we sold it to Wigan.
Nixon meanwhile, seems confident that a deal will be done and Wigan will be saved. We'll see.

204Wigan in Administration - Page 7 Empty Re: Wigan in Administration on Thu Aug 27 2020, 14:31

Sluffy

Sluffy
Admin
The Administrators held a press conference today and these are the headlines

The 31st August deadline for a sale is being extended.

"Having conducted an investigation, we have seen nothing to substantiate any allegations against Mr Yeung". Blowing my own trumpet I know but that's exactly what I said right back at the beginning of this thread, ie liquidating a company a company to stop future loss or for turning assets into cash is not illegal in itself.

The 'football' debt is now cleared.

Football 'creditors' still need to be cleared before a sale.

All players paid up to this month which includes deferred wages from previous months.

Sale of Euxton money to be received in September. -  "That will allow the September wages to be paid".

" In order to sell the club, certain criteria must be met:

* Football creditors must be paid in full.

* Sufficient monies to pay 25p in the pound to all other creditors. Still remains at £5million even with Au Yeung debt written off".

"I am now faced with a number of bids. I’ve told everyone the same: We are not looking to make a profit on this. We are looking for a figure of £4million. Including in that is the stadium, which we value at £3million".

"If we can sell the three properties we value in total at £4million, we will sell the club for £1. But the buyer would have to have a figure of at least £5million, which would cover the next two seasons".

"We believe the wage bill for next season will be less than £2.5million".

"We believe the club is in line to lose £1.9-2.2million for each of the next two years".

"Add-on clauses will be worth £4.8million over the next five years, which is an asset for the club".

"Where are we now?".
"At the start I sent out 75 packages. I got back 5 replies. The first bid was way above all the others, and had it gone through I would not still be here. Unfortunately, the one condition was that it was a Championship club. And they pulled out.  Of the other bids, none of them remain active, they have all moved the goalposts. One bidder is now on his third consortium. Most were only in it to make money on the property.

I’ve now got two different groups of Americans, and two UK-based bidders. They are the frontrunners and we are talking to these people. I remain optimistic one of these bids will come to fruition.

Talking to the fans now, I must be honest, if none of the bids come to fruition, we have to think about whether the club has a future.

How close to a stadium sale? We’re not selling the stadium as things stand as a one-off item.

Has Ian Lenagan approached to buy the stadium?  Without naming anyone, because of the NDA, I had an approach to buy all the properties but not the club. I also had an approach to buy the properties split between two parties, with one buying the club. That collapsed quickly. There’s been an offer for just the properties, which I will reject.

I've spoken to senior members of the council, they're looking at options, they've been really positive.

We're going back to EFL about new season, we'll see what they raise.. there's a long way to go.

This is not a Bury or anywhere near a Bury. At this moment... I have to add that, in case all the bidders disappear. [Sounds very much like it IS like a Bury to me! - Sluffy]

Bidders have all been doing their due diligence... first person to sign contract, with satisfaction of EFL, will get it. We can't wait for more money. It won't happen before bank holiday.

My understanding, if someone dumps £5million into a special bank account (for a bond), the EFL will want to see this account. The EFL has had a lot of criticism over the change of ownership, and won't be caught out again by someone who can come in, sell off stuff and walk away. Whoever it is will have to demonstrate medium to long term commitment to this club.

"One of the suggestions I put forward when I met the supporters club, was if you can raise enough money, go to a business person and say, 'Look, we have X, we will pledge it, we want a seat on the board or 10% of the shares or a quarterly meeting...' - unfortunately football is about money.

The main issue is the values... we've got £3million in administrators to pay, £1.3million to creditors... you've got 15-point deduction next season.

The fee (we're paid) will be in the report to creditors. If may be six, nine months before we get paid.And we came into this knowing if we don't succeed, we don't get paid. [Interesting - Sluffy]

If we can't pay the wages, there's no club.

Today, we've paid all wages, all referrals. Bang up to date. But the VAT hasn't been paid and it will have to be.

https://www.wigantoday.net/sport/football/live-blog-wigan-athletic-administrators-thursday-press-conference-2954259?page=1#liveblog

My summary

Bottom line is they need someone to pay £4m for the club/ground, an undetermined amount to pay of unsecured creditors (for arguments sake say £2m) and to cover trading losses of around £4.5m for the next two years.

Let's say a round total of £10m

Could they cobble some sort of alliance between the Council, Supporters group, Wigan Rugby, persons or business of high net worth (to coin a phrase!) and that be acceptable to the EFL as I very much doubt there is an individual bidder going to come forward like FV did with us?

The ball as I see it is in EFL's court in that they have to decide to let Wigan start the season in Admin like us, or say no to Bury who was also in Admin - the reason for that being we had a clearly identified buyer and were halfway or more to a sale and Bury didn't and were not.

I see Wigan being in the same position as Bury and if the EFL is consistent in their views from last year then I can't see them allowing Wigan to start the season unless they have a clearly identified, seriously intended buyer - with proof of funds within the next fortnight!

205Wigan in Administration - Page 7 Empty Re: Wigan in Administration on Thu Aug 27 2020, 15:16

Norpig

Norpig
Nat Lofthouse
Nat Lofthouse
Sounds like they might escape going bust but how can that stadium only be valued at £3 million? Sounds low to me.

206Wigan in Administration - Page 7 Empty Re: Wigan in Administration on Thu Aug 27 2020, 16:05

Ten Bobsworth


Tony Kelly
Tony Kelly
'Most were only in it to make money on the property'.
Sounds reminiscent of the position when ED was trying to sell.


'the one condition was that it was a Championship club.'

Does that help explain why KA tried to keep BWFC in the Championship?
BWFC losses were a third of the average for Championship clubs but at least an effort was being put in to try to maintain the hard won position gained over the two previous years.


It would be interesting to know what income Mr Krasner was forecasting for the next two years (I'd say that was very uncertain)and how their expected outgoings compared to BWFC's.

207Wigan in Administration - Page 7 Empty Re: Wigan in Administration on Thu Aug 27 2020, 16:27

wessy

wessy
El Hadji Diouf
El Hadji Diouf
Found it interesting listening to the meeting this morning, having read most of the postings on Latics Speyke they see the administrators as the enemy and selling the crown jewels to line there own pockets.

Hearing the explanation and reasoning behind all the decision painted a very different picture, they may not survive,but for sure at this point the administrator seems to have kept them in with a chance.

Agree with Sluffy with 4 days to go who would stump up 10 million at this point ? always thought it was weird that the new owners would want the stadium selling off, obviously that was rubbish, going back to our predicament FV wanted the stadium and the hotel. So never really saw why they would sell it seperately.  A bare knuckle ride over the next few days.

The Admin did say that they would start the season (EFL approval) if so then they are still running the club and would have to fund it, so does that not say that they think that they have a firm buyer on board ?

208Wigan in Administration - Page 7 Empty Re: Wigan in Administration on Thu Aug 27 2020, 17:52

Sluffy

Sluffy
Admin
@Norpig wrote:Sounds like they might escape going bust but how can that stadium only be valued at £3 million? Sounds low to me.

The value of something is what what someone will actually pay for it - and not what it cost.

I've no doubt the cost to build the stadium was far closer to £30m than £3m but what would anyone pay to own it now is the question.

What can you do with it other than to play football and rugby there?

You can't knock it down and develop the land because there are planning constraints preventing that.  It costs money to maintain even if no one uses it from month to month, and the rugby crowds are insufficient to keep it viable if it cost too much to buy, so if you think about it, there are very few people who would want to buy it at all - so the value is set at a price that somebody will actually be willing to pay for it - hence a £3m value.

They might not even get that much if it went to liquidation and Wigan Rugby were the only ones to make an offer on it!

209Wigan in Administration - Page 7 Empty Re: Wigan in Administration on Thu Aug 27 2020, 18:04

Sluffy

Sluffy
Admin
@Ten Bobsworth wrote:It would be interesting to know what income Mr Krasner was forecasting for the next two years (I'd say that was very uncertain)and how their expected outgoings compared to BWFC's.

I took the above comments from the Marc Iles equivalent from Wigan's local newspaper - unfortunately he only said what he did - but I've taken the following quote from someone on the Latics Speyk - Administrators 'press conference' thread which was this -

"Projected to lose 1.9m-2.2m the next 2 years, with a wage bill of 2.5m on a base revenue of 4m, with a closed stadium and 0 money from gate receipts, with all transfer bills paid off and instalments owed to us over the next few year..."

https://forums.vitalfootball.co.uk/threads/press-conference.107584/

I've not checked it to actual video of the meeting but take it to be what was said.

Video of the presentation -

https://www.facebook.com/watch/live/?extid=2CGhVSCrUfVnfcCC&v=1018583858575761&ref=watch_permalink

210Wigan in Administration - Page 7 Empty Re: Wigan in Administration on Fri Aug 28 2020, 00:46

Sluffy

Sluffy
Admin
Chanel 4 News feature featuring Bury fans wishing us the worst, an Administrator storming off from an interview and Wigan's MP blaming the Administrators and saying the fans will save the club.

Great viewing!

https://www.channel4.com/news/wigan-athletics-administrators-confident-of-completing-takeover-deal-despite-search-for-buyer

Certainly doesn't give you any confident feeling that they're going to get out of this does it!?

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