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#liveblogMy 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!