Bolton Wanderers Football Club Fan Forum for all BWFC Supporters.

You are not connected. Please login or register

Bolton Nuts » BWFC » Wandering Minds » Wigan in Administration

Wigan in Administration

Go to page : Previous  1, 2, 3 ... 7, 8, 9, 10, 11  Next

Go down  Message [Page 8 of 11]

211Wigan in Administration - Page 8 Empty Re: Wigan in Administration on Fri Aug 28 2020, 00:55

karlypants

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

Put it in the right section you mod bellends.

Not sure how I missed this post. :rofl:

212Wigan in Administration - Page 8 Empty Re: Wigan in Administration on Fri Aug 28 2020, 11:39

Sluffy

Sluffy
Admin

213Wigan in Administration - Page 8 Empty Re: Wigan in Administration on Fri Aug 28 2020, 12:55

gloswhite

gloswhite
Guðni Bergsson
Guðni Bergsson
Did anyone see that clip on the TV where some Bury fans were watching the Wigan team training, and were asked what they thought about the club's problems?
They said they wouldn't wish it on any team, even Bolton. Then one of them turned around and said, well, yeah, maybe Bolton. Fucking wanker. With an attitude like that, I'm glad your clubs gone. actually, I'm not really).

214Wigan in Administration - Page 8 Empty Re: Wigan in Administration on Fri Aug 28 2020, 13:06

Sluffy

Sluffy
Admin
@gloswhite wrote:Did anyone see that clip on the TV where some Bury fans were watching the Wigan team training, and were asked what they thought about the club's problems?
They said they wouldn't wish it on any team, even Bolton. Then one of them turned around and said, well, yeah, maybe Bolton. Fucking wanker. With an attitude like that, I'm glad your clubs gone. actually, I'm not really).

I posted the link in post 210 of this thread if anyone wants to see it - well worth a watch!

215Wigan in Administration - Page 8 Empty Re: Wigan in Administration on Fri Aug 28 2020, 13:35

gloswhite

gloswhite
Guðni Bergsson
Guðni Bergsson
Sorry Sluffy, I missed that one.

216Wigan in Administration - Page 8 Empty Re: Wigan in Administration on Fri Aug 28 2020, 14:04

Sluffy

Sluffy
Admin
@gloswhite wrote:Sorry Sluffy, I missed that one.

No problem, in fact it gives me another chance to tell people to watch the clip, I found in quite funny really!

I post below the next video blog from the young Wigan fan - I've really been very impressed with him - he's got loads of stuff out there from interviews with the Administrators to the local MP and from the club manager when this started to one of the Directors of the company (before he was pushed in order to allow all this to happen with the club) and his 'Plan B' bid with their version of the ST (in fact it's quite funny that they are starting a ST as such and spoken to Portsmouth and others as to how to go about it properly by have not mentioned our ST - who not only are in the next town but also went through all they are going through now just a year ago - clearly they don't want to follow our model in the slightest - in fact I don't even think they've even tweeted any offers of help or even support to them - you'd have thought they would have - brothers in arms so to speak?).

Anyway, the interview with Lisa Nandy -




She talks a good fight but I think there needs to be something more substantial in place for the EFL to give them the green light to start the season and I get the feeling they are a long way from that yet.

217Wigan in Administration - Page 8 Empty Re: Wigan in Administration on Fri Aug 28 2020, 18:13

gloswhite

gloswhite
Guðni Bergsson
Guðni Bergsson
I do like Lisa Nandy. My favourite Labour MP. I watched it all the way through, and got a slight feeling that like all politicians, she knew a little more than she could/would say, although certainly seemed optimistic enough.

218Wigan in Administration - Page 8 Empty Re: Wigan in Administration on Fri Aug 28 2020, 21:50

Sluffy

Sluffy
Admin
@gloswhite wrote:I do like Lisa Nandy. My favourite Labour MP. I watched it all the way through, and got a slight feeling that like all politicians, she knew a little more than she could/would say, although certainly seemed optimistic enough.

Thought she was a little naive myself, either that or she probably knew the score but was talking things up for the future votes!

Bottom line is that it seems the EFL want £5m deposited with them to start the season and I simply can't see anyone doing that.

The Council could buy the ground but unless things have changed since my time they are not allowed in law (ultra vires) to run a business/be part of, such as a football club.

So the only way I can see them getting involved is buying the stadium and being the landlord to Wigan football - and even then (again unless things have changed) they have a duty to charges economic rent to play there - otherwise the council taxpayers are subsidising a private business and that isn't allowed.

Even IF they bought the stadium there is an entirely different matter of how they would purchase it - do they have £3m in their capital account sitting spare at the moment for instance?

I can't make any sense of this French/American so called bidder, why would they want to pay a minimum of at least £5m over the next two years to buy a third tier football club, to run it 'sustainably' when the club has no ground to play at, no training ground to work in and no (well hardly any) current players???

Doesn't add up does it?

Although Daily Mail now running with Nixon's story too -

https://www.dailymail.co.uk/sport/football/article-8674179/Tampa-Bay-Rays-owner-Randy-Frankel-ready-complete-4m-deal-save-Wigan.html

Either the much derided Lenagan (Wigan rugby owner) decides to buy the club - and really why should he - he's going to lose £5m in the next two years for a start, or the supporters club takes it on from liquidation.

The supporters Trust have set themselves a target of £500k by the end of the month and raised £100k on day 1, £90k yesterday and £50k today (total £236,001) with tomorrow Saturday, Sunday and finally Bank Holiday Monday - a fine effort so far but they aren't going to make it unless the 'high net-worths' turn up for them.

It's clear the Administrators haven't got a buyer - all this talk about Euxton sale will pay September wages - they need someone to put £5m down now if they want the EFL to let them start the season.

I think Admin want the EFL to make the decision not to let Wigan start the season, so they could say that it is now out of their hands "but we could have gone on for a while longer to find a buyer if they would only have let us" type thing.

Nandy if she wants the club to survive has to find £5m somehow and within days  - until she manages that, they are sunk.

In a way I hope they prove me wrong - but I can't see it.

219Wigan in Administration - Page 8 Empty Re: Wigan in Administration on Sat Aug 29 2020, 09:52

RangersDave

RangersDave
Mario Jardel
Mario Jardel
Cant see it either Sluffy,

the numbers dont add up, and while selling players is a way of getting cash into the business, i dont see a long line of clubs queueing up to buy. The main assets have pretty much gone, so where are the million pound players still at the club?

Wages need to be paid soon, if not already, and as you say the 5m in the bank assurance, the cost of the ground, safety case and inspection, ground staff wages, the mythical 25m to pay back (possibly)........a really exhaustive list could be made if we felt so minded.

Nandy is barking, (in both meanings of the word) and has to be seen to be supporting the 'push' to get the club running again.

so to be a realist they need the following now.......
£5m in the bank to prove sustainability for 2 years
£3m to buy the club

The supporters, god bless em, are fighting but as with any crowdfunding venture you will always see an initial surge then rapid tail off, and thats what we see here.

I doubt there ever was a buyer for the club or it would have happened by now.

I can see Tuesday being their last day to be honest. the EFL will have to, by then, come to a decision based on whats come to pass so far, and the fact they Wigan will need a full team available for the restart, and also for the sake of other teams who have to plan the season around wigan (or not).

They are doomed i believe, but i truly dont want them to go. How many more will follow this coming season?

220Wigan in Administration - Page 8 Empty Re: Wigan in Administration on Sat Aug 29 2020, 10:44

gloswhite

gloswhite
Guðni Bergsson
Guðni Bergsson
In the cold light of day, I believe you two chaps are right. We've seen this before, and the bottom line is money. If it isn't there, no matter how things come and go, it'll force peoples hands. I can always invite Ms Nandy to become a Bolton supporter. 
When I think of it, maybe not. She's part of a losing Party, and a team about to disappear. Doesn't look good for the decisions she's making, does it ?  Very Happy

221Wigan in Administration - Page 8 Empty Re: Wigan in Administration on Sat Aug 29 2020, 10:55

RangersDave

RangersDave
Mario Jardel
Mario Jardel
Oh and just as an addition to my previous post...... how much for the ground when there is no 'obvious' buyer waiting with an open wallet?

Methinks that in a week or 2, once its dead and buried as a club, someone will come in to buy the ground at a snip of a price.

Lets face it, the administrator has a duty to get the best price for it, but if there are no buyers it aint gonna raise much in a 'fire sale', and this could be a clever ploy by unknown developers or current owners of a different code (see what i did there) to the football team.

Also, what price the land? It's surrounded by retail, so maybe leave it standing for 5 years and apply for redevelopement as your case would be 'well no one wants to have a team there' knowing full well that the rent will put peeps off so will almost guarantee it stays empty.

The council will have to either step in and buy it as a council facility (yeah right) or agree to redevelopement for flats and more retail outlets.

Lets face it the DW backs onto the river Douglas so waterside appartments will look good to any developer, and retail for the rest..... coffee culture etc.

222Wigan in Administration - Page 8 Empty Re: Wigan in Administration on Sat Aug 29 2020, 10:57

Sluffy

Sluffy
Admin
@gloswhite wrote:In the cold light of day, I believe you two chaps are right. We've seen this before, and the bottom line is money. If it isn't there, no matter how things come and go, it'll force peoples hands. I can always invite Ms Nandy to become a Bolton supporter. 
When I think of it, maybe not. She's part of a losing Party, and a team about to disappear. Doesn't look good for the decisions she's making, does it ?  Very Happy

She even married a Bury supporter!

Very Happy

223Wigan in Administration - Page 8 Empty Re: Wigan in Administration on Sat Aug 29 2020, 11:18

RangersDave

RangersDave
Mario Jardel
Mario Jardel
Oh the humanity  ..dunno..

224Wigan in Administration - Page 8 Empty Re: Wigan in Administration on Sat Aug 29 2020, 12:24

Sluffy

Sluffy
Admin
Nixon article in todays paper.

Wigan in Administration - Page 8 EgktU3VXkAA1wV9?format=jpg&name=large

A few things don't add up to me from what the Admins said at their presentation on Friday.

The bottom line is how much is everything worth if they liquidated it all?

They are asking for £4m for stadium/training ground including the club which they value for £1.

So I guess that is around the mark and that anything significantly less than that will mean no sale and liquidation instead.

Normal Administrations in the past have always gone along the line that anyone wanting to save the club would have the need for their home stadium as well - so the price of the transfer fee worth of players under contract at the club at the time are only meaningful if there is competition to buy the club, otherwise they have no value if the club is liquidated and their contracts terminated.

In a sense land and buildings have some sort of a value in liquidation because they are still under ownership that is not true of the players who are employees of the club whose contracts are terminated at liquidation, and the walk off for 'free'.

So this purchaser if they are real have done things in a different way by saying they want the club and have put a value on the players - but don't want the stadium and training grounds.

Let me stop at that point and say that as far as I'm aware (and I haven't checked this out) I was under the clear impression that the EFL requires an absolute guarantee that any club they permit to play in the league has a guaranteed venue to play all its home matches on throughout the complete season.

Back to my line of reasoning, so this particular Admin would be faced with two bidders, one for the stadium not the team, and the other for the team and not the stadium.

In theory as long as the two separate bids could equal or better the Admins bottom line (based on the value of assets if liquidated) then a sale of everything could be struck.

However IF such thoughts had been made it would seem the proposed buyer of the stadium could not agree with the proposed buyer of the club to play there.

Whilst this has been being mooted and going on (if it has?) the clock has been ticking and as such other assets have to be sold to finance the running of the club into the start of the season, to allow for it to be completed and approved by the EFL.

The Euxton sale is for September wages and although all the 'football creditors' have now been paid off, I suspect there is the little matter of getting enough in the pot to pay the Administrators fess (growing by the day) and my guess is that will be from the sale of the two players in Nixon's article above.

If therefore the proposed bidder for the club wants to reduce their offer, then does that take it below the bottom line the Admin would get from liquidating everything?

As an aside Krasner is alleged to have Whatsapp that the French/USA bid is fake,

Wigan in Administration - Page 8 EghYFbUUwAEPE_U?format=jpg&name=large

...make your own minds up about this, I give it no credence as I have no idea of its authenticity - but it is saying what Krasner has said in the past.

As I said in my posts above I just can't understand why anyone would want to lose a minimum of £5m over the next two years on a club with no assets or players and run it at a level of just sustainability - makes no sense at all to me.

I also point out Nandy didn't seem to indicate any dealings with them in her/supporters association in desperately trying to save the club - latest on their appeal £316,000 - doing better than I thought to be fair.

I guess we will all find out soon enough because the EFL will have to make their decision on Wigan very soon.

225Wigan in Administration - Page 8 Empty Re: Wigan in Administration on Sat Aug 29 2020, 12:39

Sluffy

Sluffy
Admin




Wigan in Administration - Page 8 3670419546

...perhaps???

Very Happy

226Wigan in Administration - Page 8 Empty Re: Wigan in Administration on Sat Aug 29 2020, 13:00

wanderlust

wanderlust
Nat Lofthouse
Nat Lofthouse
It's a familiar scenario: potential buyers looking to minimise their costs whilst maximising the asset they are after, disparities in valuation, costs mounting daily, cashflow hanging like the sword of Damacles.
Every day that passes, the valuation goes down until it becomes a matter of who is going to take the hit and in that respect the buyers hold the cards as they have no emotional attachment to the club.
For the serious buyers - if there are any - the main question is at what point do they jump? The longer they wait the price will come down but the asset will be diminishing.
I'm not writing them off, but I do think that if they survive WAFC will be a much smaller business than it was.

227Wigan in Administration - Page 8 Empty Re: Wigan in Administration on Sat Aug 29 2020, 13:21

Sluffy

Sluffy
Admin
@wanderlust wrote:It's a familiar scenario: potential buyers looking to minimise their costs whilst maximising the asset they are after, disparities in valuation, costs mounting daily, cashflow hanging like the sword of Damacles.
Every day that passes, the valuation goes down until it becomes a matter of who is going to take the hit and in that respect the buyers hold the cards as they have no emotional attachment to the club.
For the serious buyers - if there are any - the main question is at what point do they jump? The longer they wait the price will come down but the asset will be diminishing.
I'm not writing them off, but I do think that if they survive WAFC will be a much smaller business than it was.

Your last point is self evident I don't believe you even need to think it.

If the new owners had big plans for Wigan's future they wouldn't be after squeezing the Administrators at such a late state in the process.

I also believe the EFL will trigger the end of the sale period in that they will want something a whole lot firmer of what the future for Wigan is - good or bad - before they will commit to them starting the season. The last thing they want is for them to fold mid-season - and Wigan simply have no revenue and still have to pay the wages, HMRC (and the Administrators at the end of the process) and I can't see how they are in any position to give such a guarantee right now.

The season kicks off in two weeks.

228Wigan in Administration - Page 8 Empty Re: Wigan in Administration on Sat Aug 29 2020, 16:21

RangersDave

RangersDave
Mario Jardel
Mario Jardel
yup 2 weeks, but they all seem rather bullish on their forums, intimating that the grounds already been sold to someone, and their crowdfunding money is to buy a stake in the company (wigan athletic) so they can have a say in how its run.

Apparently monday isnt D-Day after all as the receiver has said there are a few more days after this that they are keeping the fire sale etc open for.

229Wigan in Administration - Page 8 Empty Re: Wigan in Administration on Sat Aug 29 2020, 23:51

Sluffy

Sluffy
Admin
Fair play to the Wigan fan's, looks as though they are going to make their target easily, currently at £421,000.

The bad news for them is that Nixon is suggesting that Norman Smurthwaite is in for the club who seems, shall we say, a bit of a character!

https://www.stokesentinel.co.uk/sport/football/football-news/smurthwaite-port-vale-shanahans-owners-2839089

Wigan fans not happy - and it leads to an interesting point no one seems to have thought yet - what happens to the £500k IF Smurthwaite buys the club - would the fans still be keen to hand it over to him for 10% ownership and a seat on the board?

A few seats on the board never stopped the last owner did it - and led directly to the mess they are in now!

230Wigan in Administration - Page 8 Empty Re: Wigan in Administration on Sun Aug 30 2020, 10:04

Ten Bobsworth


Tony Kelly
Tony Kelly
@Sluffy wrote:Fair play to the Wigan fan's, looks as though they are going to make their target easily, currently at £421,000.

The bad news for them is that Nixon is suggesting that Norman Smurthwaite is in for the club who seems, shall we say, a bit of a character!

https://www.stokesentinel.co.uk/sport/football/football-news/smurthwaite-port-vale-shanahans-owners-2839089

Wigan fans not happy - and it leads to an interesting point no one seems to have thought yet - what happens to the £500k IF Smurthwaite buys the club - would the fans still be keen to hand it over to him for 10% ownership and a seat on the board?

A few seats on the board never stopped the last owner did it - and led directly to the mess they are in now!
Isn't 'the mess they are in now', Sluffy, the same mess that most Championship clubs would be in when the owner decides they've flushed enough dosh down the drain or have little dosh left to flush?

231Wigan in Administration - Page 8 Empty Re: Wigan in Administration on Sun Aug 30 2020, 12:22

Sluffy

Sluffy
Admin
@Ten Bobsworth wrote:
@Sluffy wrote:Fair play to the Wigan fan's, looks as though they are going to make their target easily, currently at £421,000.

The bad news for them is that Nixon is suggesting that Norman Smurthwaite is in for the club who seems, shall we say, a bit of a character!

https://www.stokesentinel.co.uk/sport/football/football-news/smurthwaite-port-vale-shanahans-owners-2839089

Wigan fans not happy - and it leads to an interesting point no one seems to have thought yet - what happens to the £500k IF Smurthwaite buys the club - would the fans still be keen to hand it over to him for 10% ownership and a seat on the board?

A few seats on the board never stopped the last owner did it - and led directly to the mess they are in now!
Isn't 'the mess they are in now', Sluffy, the same mess that most Championship clubs would be in when the owner decides they've flushed enough dosh down the drain or have little dosh left to flush?

Exactly that Bob.

Wigan's owner decided to pull the plug and in not being the sole Director manipulated the Board in his capacity as major shareholder to stack it in his favour to initiate proceedings for him to commence the process to that end - hence why a 10% ownership and a seat on the board is meaningless in itself unless you have allies that can get you over 50% of the shareholders support when you need it.

Update on their crowdfunding which is now at £471,000 - a fantastic effort and now looks more than likely they will reach and pass their target.

I hold my hand up and admit I didn't think they would as I believed they had peaked just before the halfway mark (which would have been a superb effort in itself) but it seems many of the ex-players started to chip in and boost the momentum again.

When you compare this with the ST's Fighting Fund crowdfunding target of £25,000 of which they managed just short of £20,000 with an almost complete lack of known player donations it shows just how much they were perceived to be creditable in saving us (or in fact creditable at all!).

The Wigan fundraisers (their version of our ST) have also put the money into escrow and will refund ALL the money if their initiative doesn't work out whereas our ST spent around £6,000 on the issues they said they would and pocketed the remaining £13,000 or so - it's all their in there accounts to see.

https://mutuals.fca.org.uk/Search/Society/23715

Ironic really in that the body that doesn't have 'trust' in their name has it from many and the one that does - doesn't!

232Wigan in Administration - Page 8 Empty Re: Wigan in Administration on Mon Aug 31 2020, 08:05

Ten Bobsworth


Tony Kelly
Tony Kelly
@Sluffy wrote:

Exactly that Bob.

Wigan's owner decided to pull the plug and in not being the sole Director manipulated the Board in his capacity as major shareholder to stack it in his favour to initiate proceedings for him to commence the process to that end - hence why a 10% ownership and a seat on the board is meaningless in itself unless you have allies that can get you over 50% of the shareholders support when you need it.

Update on their crowdfunding which is now at £471,000 - a fantastic effort and now looks more than likely they will reach and pass their target.

I hold my hand up and admit I didn't think they would as I believed they had peaked just before the halfway mark (which would have been a superb effort in itself) but it seems many of the ex-players started to chip in and boost the momentum again.

When you compare this with the ST's Fighting Fund crowdfunding target of £25,000 of which they managed just short of £20,000 with an almost complete lack of known player donations it shows just how much they were perceived to be creditable in saving us (or in fact creditable at all!).

The Wigan fundraisers (their version of our ST) have also put the money into escrow and will refund ALL the money if their initiative doesn't work out whereas our ST spent around £6,000 on the issues they said they would and pocketed the remaining £13,000 or so - it's all their in there accounts to see.

https://mutuals.fca.org.uk/Search/Society/23715

Ironic really in that the body that doesn't have 'trust' in their name has it from many and the one that does - doesn't!

I believe Wigan supporters have hit their £500K target and have set a new one at £750K.
 
Not many folk bother reading accounts at all, Sluffy, but Bolton ST's 'fighting fund' raised all of £18,775 in 2018/19. They gave away £8,500 of their funds to the Ladies Football team in 2017/18 presumably on the assumption that they'd got more money than they thought they were going to need and, as you say, now seem to have absorbed the fighting fund into general purposes.

They've also told the Financial Conduct Authority that their accounts have been audited when they plainly haven't been. (See Page 4 of the Annual Return)

233Wigan in Administration - Page 8 Empty Re: Wigan in Administration on Mon Aug 31 2020, 11:25

wanderlust

wanderlust
Nat Lofthouse
Nat Lofthouse
Here is a healthy reminder of how long the road back is...we still have serious debts to settle to avoid further penalties.

234Wigan in Administration - Page 8 Empty Re: Wigan in Administration on Tue Sep 01 2020, 09:30

Ten Bobsworth


Tony Kelly
Tony Kelly
@wanderlust wrote:Here is a healthy reminder of how long the road back is...we still have serious debts to settle to avoid further penalties.
Have you only just noticed, Lusty?

235Wigan in Administration - Page 8 Empty Re: Wigan in Administration on Tue Sep 01 2020, 11:28

sunlight

sunlight
Tony Kelly
Tony Kelly
They have the same value as a chicken and mushroom pot noodle.

236Wigan in Administration - Page 8 Empty Re: Wigan in Administration on Tue Sep 01 2020, 13:11

Sluffy

Sluffy
Admin
STATEMENT FROM THE JOINT ADMINISTRATORS (01.09.20)

The Joint Administrators wish to announce the following:

Discussions have taken place over the weekend with the bidders but at the time of this notice no agreed bid has been made

The Joint Administrators can confirm that completion has taken place on the sale of Euxton Training Ground to Preston North End

Gerald Krasner will be having a discussion with Barry Worthington of the Supporters Club at 5pm today.

If you have any questions you want to ask the Joint Administrators please contact Barry ASAP via one of the following methods:

https://wiganathletic.com/news/2020/september/Statement-From-The-Joint-Administrators-01-09-20-/


They must be getting desperate.

Fair play to the Wigan Supporters club whose appeal has just gone through £600k and clearly the Administrators must be seeing them mainly for that reason - but where is this all going?

EFL must need to make a decision very soon as to letting Wigan start the season or not and it doesn't look to me that anyone can guarantee for certain they can pay for the £4m assets of the club/training ground/chippy and fund the club to complete the season, let alone the two they normally require proof of.

Maybe the thinking is to see if the supporters £600k would be put into the club now to buy more time to find a buyer or maybe build a consortium of say someone (Wigan Council/Wigan Rugby) buy the stadium, etc and hope that someone (probably JJ - former CEO of the club) combined with the supporters club find enough money to guarantee funding for the season with hopefully finding new investors or sale of the club before the season afterwards?

I'm always very dubious of giving someone large amounts of money (£600k) who I don't know from Adam, who undoubtedly has the club at heart but have no idea at all what his business acumen is.

I wouldn't like to be in his/their shoes if they end up putting the money on something that fails.

Would the money better be held and fund a Phoenix club than take a risk on staying in the league and play in a stadium they probably won't own, with no assets to speak of, living day to day and with a team presumably made up of kids and a few old heads?

Some people - EFL, the Administrators, the Supporters Club - have some big calls to make and very little time left to do it in.


Latest from Nixon as at posting this -

237Wigan in Administration - Page 8 Empty Re: Wigan in Administration on Wed Sep 02 2020, 17:09

Sluffy

Sluffy
Admin
Meeting Gerald Krasner – Tuesday 1st September 2020

I had a telephone meeting with Administrator Gerald Krasner on Tuesday evening where there was an opportunity to put forward questions raised by supporters over recent events at the club. The call lasted 33 minutes.

Quite a large amount of the conversation was ‘off the record’ or ‘unable to comment on’ so I cannot report that back, but below is a fair summary of what he answered on the record.

We started with perhaps the most burning issue which is a rumour circulating about the possibility of former Port Vale owner, Norman Smurthwaite, being one of the active bidders.

Norman Smurthwaite, I was administrator at Port Vale 6/7 years ago, but I wasn’t the lead administrator, my partner dealt with Mr Smurthwaite as he lived in Stoke, I never dealt with nor met Mr Smurthwaite.

That doesn’t make me not responsible for the sale as we’re all responsible for everything, but I want to make it clear that, number one: I’ve never met the guy, until recently, and number two: I didn’t do the sale to him.

He’s made himself public, which is a silly thing to do. I’m rough but at least I will try to communicate, he’s boss and everyone has to do as he says.

I am obliged, by law to take the best offer.

Player Sales
We have sold players for £7.4m, the first £1.8m of that is covered by the Weir, Gelhardt and Devine sales, all that money was used to pay the wages because when we walked in on 1st July the wages hadn’t been paid for June and July (would have to be found), we also were allowed to get that money because we sold to Premier League and not EFL clubs, although we have paid the players wages, we haven’t paid the PAYE on it, the wages net were £1m now we have a big PAYE bill to find and it is a loss in administration.

So you’ve got to knock off £1.7m of the transfer income of monies that goes to Football creditors as you can’t use the same money twice. We’re down now to £5.7m of ‘proper’ football sales to use for the Football Creditors. So we are still £700K short.

There’s one more player we’re going to sell to bridge that gap, probably Kipre, everybody knew what we had to do.

Let’s just say then that the money from the footballers have paid net wages and football creditors in round terms, the football creditors will be totally paid off once we get all the money in, if not today or tomorrow, then within a week they will be.

Now the other problem we’ve got is a number of the players that remain have contacted us and said that they don’t want to play League 1 football next season. But nobody wants them and we’re not going to be pressurised, but we’ve had to deal with this as we’ve had to get the wage bill down to £2.5m (salary cap), nobody seems to remember that the wage bill was over £12m. That was just footballers, don’t forget about all the other wages.

That deals with the player sales.

I’m still talking to a number of bidders, no one has disappeared, in fact someone has come along interested but they’ve not dropped their formal offer in yet. Once someone puts an acceptable offer in, we can move very quickly.

I’m still talking to the Americans, they’ve been emailed today, their problem is they’re on different time scales and we can’t answer their emails a minute after we get them, but we’re talking to other people not just concentrating on one. So no matter what the fans are telling me, “I’ve got to give it away to Ganaye” that will not happen, and why won’t it happen? We have to pay at the moment, on top of the Football Creditors, £1.3m to the non Footballing creditors or take a 15 point penalty.

We have to pay the losses in the administration (PAYE + other) which by the end of September will be £3m, and we have to pay the costs – the EFL costs (the appeal), our costs, the legal costs – and that is a figure just over £2m, now as of today I have still not been paid a penny.

We had to do the appeal, we had a marvellous offer if we stayed in the Championship, in excess of £10m, the cost hasn’t come in at half a million, but there is no change out of £300K, though you can see why we had to appeal.

I’ve got to pay £1.3m to the other creditors to stop the penalty next season, HRMC are more than 50%, but there are other creditors, if we don’t pay 25p in the £ by the end of next season, we’ve got three years to pay 35p in the £, but that adds another half a million to the bill.

Now what I am looking at as a last resort is the buyers can be paying all this, but if I say to the buyers that you’ve got to pay £6.4m no one would touch it, which is why we have gone down the strategy we have gone. But I’m looking at saying ‘Right we’ll drop the price by £1.3m but we’re not paying the creditors that’s your problem within the next year’ so it gives them a bit of leeway on cash, but I don’t think the EFL will be very happy with that.

If the debt isn’t cleared there is the 15 point penalty and I want to give the new owners a clean start.

So the bidders are still there but trying to get them to understand what we are doing…

I value the Stadium at £3m, I value Christopher Park at half a million and Sharpey’s at half a million, so that’s the £4 million. Plus add-ons

Now we’re not looking to make a profit, we’re looking to get paid and walk away and let the new owners take it forward, this has been a very difficult job, more difficult than the Leeds one which was £100s of millions, we had six weeks to prepare for Leeds, no time to prepare for this.

The Supporters Club have raised approaching a million pounds, that is real money. You’ve got to get together all of you. Got to look at all alternatives.

Tell the fans to stop WhatsApping me because I’m not answering them anymore.

Meeting with EFL today (Wednesday) regarding starting the season, no announcement until decision made.

I don’t care who buys the club but they have to pay the right price.

If a deal is agreed in outline it can be done in a week.

At the moment the Academy is self sufficient with the money from the Football League, whether it will be in the future or it’s something that the new owners want to keep, is up to them.

By, Barry Worthington

https://www.wiganathleticsupportersclub.co.uk/gerald-krasnors-exclusive-interview/


Continues to sound very ominous to me.

I await the EFL's stance.

238Wigan in Administration - Page 8 Empty Re: Wigan in Administration on Wed Sep 02 2020, 21:39

Ten Bobsworth


Tony Kelly
Tony Kelly
Interesting stuff, Sluffy.

239Wigan in Administration - Page 8 Empty Re: Wigan in Administration on Thu Sep 03 2020, 09:03

RangersDave

RangersDave
Mario Jardel
Mario Jardel
The EFL will roll over, they have done nothing over some of the 'sell your stadium to yourself for double the amount' scams going on, they are really a toothless tiger.

Wigan will survive, because. 
Trouble is, EFL have a different set of rules to everyone else and its a movable feast for them. No set in stone crap, which is why i expect them to allow wigan to play this weekend. Too much trouble for them not to i suppose.

Unless Wigan players say no thanks, and walk away. Rightly scared of injuries, or near future wage problems with a club that wont have any revenue stream to pay them.

240Wigan in Administration - Page 8 Empty Re: Wigan in Administration on Thu Sep 03 2020, 09:08

Sluffy

Sluffy
Admin
Wigan Athletic bidder drops out of the race

Norman Smurthwaite has 'categorically' pulled out of the race to take over at Wigan Athletic - citing three major stumbling blocks.

The 60-year-old former Port Vale owner had been one of the frontrunners to buy the stricken club, which has been in administration since July 1.

He met with Gerald Krasner last week, and visited the DW Stadium and the training ground at Christopher Park.

Initially, Smurthwaite had wanted Latics' training centre at Euxton to be part of the deal, but that was sold by the administrators to Preston North End earlier this week.

And the 'harsh sale of assets' - as well as 'certain aspects of the stadium agreements' and the negative response from some Latics fans - has led him to withdraw his interest.

"I am not buying Wigan Athletic," Smurthwaite told Wigan Today. "All parties know that.

"I do want to get back into football, but I don't want to be swimming uphill like a salmon.

"I understand I'm one of the only four who has passed the fit and proper test, and the only one who has had dialogue with the EFL - which is concerning.

"Once I had an understanding of what Gerald Krasner wanted and the financial requirement to buy and fund the club, to between £7.5million and £10million in 18 months, I was concerned that was a big risk.

"Another reason is over the weekend I had a flavour of the abuse I might get, from some fans.

More here -

https://www.wigantoday.net/sport/football/wigan-athletic-bidder-drops-out-race-2960080



Now I read this as meaning one of two things to me, either he knows the club is definitely going to be sold to someone else OR the Administrators/EFL have pulled the plug and accept the club won't be sold as a going concern as a third tier English football club.

Back to top  Message [Page 8 of 11]

Go to page : Previous  1, 2, 3 ... 7, 8, 9, 10, 11  Next

Permissions in this forum:
You cannot reply to topics in this forum