Wigan in Administration

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.

Training ground at Euxton will probably be sold. Factory behind stand will probably be sold. Did that a couple of weeks back. Don’t think anything wrong with either. AS LONG AS PRICE OF SALE DROPS AS WELL. https://t.co/1vQVLabFhQ

— Alan Nixon (@reluctantnicko) August 23, 2020

Fwiw there is also this going around too!

Some concerning screen shots on my whats app group. So it started with this... if there is any ounce truth in this we must get answers and i dont mean by @JayWhittle6 or @RobboHarry goin on zoom being their best mates i want proper answers and them to be held accountable for this pic.twitter.com/jzrhxp4H2X

— David Naylor (@davidnaylor83) August 23, 2020

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

Make of that what you will.

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.

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.

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.

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.

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.

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!

What with? A car park? https://t.co/6kHXN7106A

— Alan Nixon (@reluctantnicko) August 23, 2020

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.

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?

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!]

Taking a bit of a day off from Twitter today, but let’s hope for some positive news soon #wafc

Some birthday cake by the way, @LaticsOfficial pic.twitter.com/NZ8Eeq738y

— Jay Whittle (@JayWhittle6) August 24, 2020

Funny he has balloons with his age and the average Wigan away following on - spooky 

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-/

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!]

Taking a bit of a day off from Twitter today, but let’s hope for some positive news soon #wafc

Some birthday cake by the way, @LaticsOfficial pic.twitter.com/NZ8Eeq738y

— Jay Whittle (@JayWhittle6) August 24, 2020

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...

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 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

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

Why is a thread about another club dominating the Wanderers section?

Put it in the right section you mod bellends.

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.

Never a good move not owning your own stadium.