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 ... 7 ... 10, 11, 12 ... 15 ... 19  Next

Go down  Message [Page 11 of 19]

301Wigan in Administration - Page 11 Empty Re: Wigan in Administration on Mon Sep 21 2020, 13:42

Sluffy

Sluffy
Admin
The Administrators not holding back!!!

STATEMENT FROM THE JOINT ADMINISTRATORS (21.09.20)

“In view of the obvious frustration by a number of fans and other interested parties regarding certain recent events at the club we wish to make the following statement and confirm certain facts.

On Sunday 13 September, social media was inundated with news that the French-Americans had made a final bid of £2 million. Despite being in constant communication with the French-Americans, no such bid was received that day. What it did do however was panic some of the very interested buyers and we spent most of Sunday afternoon on the phone with them. As a result of all the adverse publicity this generated, we can advise that one of the principal bidders backed out Monday morning and they were due that day to deposit £4 million with their lawyers on the basis of anonymity at this stage. They said that the publicity had put them off and their bid was withdrawn. It also led to other parties (who were not in the front running for bids) to make similar offers, one of which was as low as £1.5 million for all of the assets. We did in fact receive a bid of £2 million from the French-Americans as predicted on Friday 18 September at 16:25pm. What was not disclosed with this bid on social media however was the strings attached to it – namely that we had to pay the £1.3 million to creditors to avoid the 15-point penalty. This was not feasible under English law as detailed below and we went back within the hour at 17:19pm to inform them that their bid had been rejected and the reasons why. If they want to rethink the bid and remove the clause where we have to pay the £1.3 million then that will be seriously looked at by the Joint Administrators.

Amazingly, within 17 minutes of us sending the email rejecting the bid with reasons these details appeared on social media.

[I presume they mean this? - Sluffy]



We have put in writing to them that this is a complete breach of their NDA and it is for this reason after taking advice that we are going public with the reasons for turning the bid down. Under English law, before we could pay anything to the creditors we must clear the expenses of the Administration. Fans will appreciate that no income has been received and no season ticket sales have taken place. We have therefore had to pay June, July and August wages out of the player sales and these amounts included wage deferrals from early in the season plus a month’s salary at Championship rates to all players who left. As a result of this there is a considerable liability to HMRC for PAYE on wages plus the VAT on player sales. Taken together with the costs of the appeal, the loss in Administration is over £3 million which has to be paid before any dividend can be paid to the unsecured creditors. That becomes an impossibility when the actual offer is only £2 million. As we have said in the above paragraph, if this bid is remade it will be given very serious consideration.

Questions have also been raised why the asking price is still £4 million and the above is the principal reason why. Prior to the sale of the Euxton training ground the asking price was in the region of £6 million but we told all bidders they could have a £2 million discount if they preferred not to buy that training ground as part of the package and the Joint Administrators would conclude a separate sale.

Another question raised is to why we have sold so many players. The reason is that the players wage bill was over £12 million whereas for a League One club there is a wage cap £10 million lower. It was therefore necessary to offload the bulk of valuable players to reach this target and have a club that could still operate efficiently within League One. We should also point out that a number of players did not want to play in League One with the lower wage bill and requested a transfer.

Questions have also been raised about the sale of the training ground and whether it has been used to pay our fees. We will point out that this asset is in a separate limited company and the money to buy it was supplied directly from Hong Kong and not the football club. The answer to this is that since day one we have drawn no monies for any fees and have funded disbursements out of our own pocket. Apart from the legal fees for the appeal, no fees will be charged by the Joint Administrators or their lawyers to the football club. We continue to still discuss at a serious level with at least 3 bidders an offer that would allow us to do all of the above including payment of the 25p. Contracts have been sent out to the most interested parties and once one party signs the contract we shall let you know as soon as practically possible. We would also advise all fans that if they have questions to send them to Barry Worthington (barry@wiganathleticsupportersclub.co.uk) who has a phone call with us every week.”

https://wiganathletic.com/news/2020/september/Statement-From-The-Joint-Administrators-21-09-20-/


All seems rather grim to me though unless their Supporters club can some how save them - and right now they simply don't have anything like the sort of money to do so.

Why anyone else would want to buy the club with no discernible assets (the land/stadium seems to be in effect not worth much of value in the market) and no players apart from the kids contracted longer than a month / bar one who is on loan to January - in the middle of a pandemic with no obvious means of generating much if any match day income for the foreseeable future - is beyond my understanding?

302Wigan in Administration - Page 11 Empty Re: Wigan in Administration on Mon Sep 21 2020, 14:06

RangersDave

RangersDave
Mario Jardel
Mario Jardel
if the admin is waiting for enough money to come in in a bid, then they have shot their bolt
Who is going to look at a club and assets currently at say 5mil, when that kind of info is leaked.

Why not simply wait for them to fold and buy what you want for buttons?

You can hold out for as long as you like for what you want, but when it doesnt happen, whats 'plan B'?
Dont forget since thursday they have lost another £50k  (10k per day)

303Wigan in Administration - Page 11 Empty Re: Wigan in Administration on Mon Sep 21 2020, 14:23

Sluffy

Sluffy
Admin
Nixon now firing back (completely omitting about how he knew/was told about the knockback of the bid within 17 minutes and which was covered under a NDA!!!)





Mysterions -  :rofl:

I think he meant to say Mysterons but it's just as funny!








Games are obviously being played - on the one side Admin wants the most they can for the sale and on the other hand the buyer (if there really is a genuine one?) wants to pay the least they can, obviously.

Seems dirty tricks are being played on both sides.

Let's be honest if you really have £1 billion in your pocket you aren't going to quibble about £1m or two when you get right down to the nitty gritty are you?

As if Ron Billionaire really wanted to buy our club and told the bloke down the pub who told it to Wanderlust to believe over their pink gins at the bar together!

:rofl:

The Administrators obviously want any buyers to think there is a queue of people wanting to buy Wigan - clearly there aren't!

And all the while the sands are running out from the top of the hourglass.

Can't see it happening myself and I think the Wigan fans are beginning to think the same themselves now.

304Wigan in Administration - Page 11 Empty Re: Wigan in Administration on Mon Sep 21 2020, 16:03

RangersDave

RangersDave
Mario Jardel
Mario Jardel
Hi sluffy,

While i do totally agree with you, should the administrator be , ahem, making stories to push the price up?

surely he / she / it must be seem]n to be honest, open, and above question in such matters?

£416.667 per hour the debt rises by there..... its a snowball going down hill getting larger and larger, collecting everything in its path while running inexorably into that big immovable boulder to smash into millions of pieces...

Meanwhile the EFL let them play their games, and their games of football as they dotn have the balls to sack them off, but will run into problems when having to void games very shorty.

Amazing how the EFL keep quiet in such matters.

305Wigan in Administration - Page 11 Empty Re: Wigan in Administration on Mon Sep 21 2020, 16:23

Norpig

Norpig
Nat Lofthouse
Nat Lofthouse
That Krasner is a shifty looking bloke, he looks like he should be selling me a dodgy second hand car  Very Happy

306Wigan in Administration - Page 11 Empty Re: Wigan in Administration on Mon Sep 21 2020, 16:57

Sluffy

Sluffy
Admin
@RangersDave wrote:Hi sluffy,

While i do totally agree with you, should the administrator be , ahem, making stories to push the price up?

surely he / she / it must be seem]n to be honest, open, and above question in such matters?

£416.667 per hour the debt rises by there..... its a snowball going down hill getting larger and larger, collecting everything in its path while running inexorably into that big immovable boulder to smash into millions of pieces...

Meanwhile the EFL let them play their games, and their games of football as they dotn have the balls to sack them off, but will run into problems when having to void games very shorty.

Amazing how the EFL keep quiet in such matters.

I guess it all comes down to how they phrase things!

They are after all representing the court and thus have to be truthful (or they could be prosecuted for breaking the law) but no doubt if push came to shove they could produce evidence in some way or form to back up what they said.

As for the rate their bill increases, what you say isn't strictly true, they bill on a hourly basis yes, but they have to have a record of the work they've done in that hour (in six minute intervals actually) and if they've done no work that day, they don't charge anything. They aren't on salary so to speak but are only paid on work done based on the time to do it.

To be fair to the EFL the officer of the court (the Administrators) have told them they are confident of a sale and that's what they have acted upon. I guess they have given them at least a month (they sanctioned a few monthly player contracts) so I guess they will review the position again with the Admins as that time becomes close in a week or two from now.

I guess no one wants to be seen the bad guy in all of this and maybe, who knows, a white knight might just turn up in time to save them - but I can't think why anyone would?

307Wigan in Administration - Page 11 Empty Re: Wigan in Administration on Mon Sep 21 2020, 17:14

wanderlust

wanderlust
Nat Lofthouse
Nat Lofthouse
@Sluffy wrote:

I guess no one wants to be seen the bad guy in all of this and maybe, who knows, a white knight might just turn up in time to save them - but I can't think why anyone would?

You could always phone up your boyfriend in Switzerland and tell him there's an opportunity to get back into property development AND get back into our good books by closing AFC Wigan down and gifting Euxton to BWFC? 
I'd happily give him a reference. 

Wigan in Administration - Page 11 3670419546

308Wigan in Administration - Page 11 Empty Re: Wigan in Administration on Mon Sep 21 2020, 17:25

Sluffy

Sluffy
Admin
@wanderlust wrote:
@Sluffy wrote:

I guess no one wants to be seen the bad guy in all of this and maybe, who knows, a white knight might just turn up in time to save them - but I can't think why anyone would?

You could always phone up your boyfriend in Switzerland and tell him there's an opportunity to get back into property development AND get back into our good books by closing AFC Wigan down and gifting Euxton to BWFC? 
I'd happily give him a reference. 

Wigan in Administration - Page 11 3670419546

Apart from being obviously obsessed with me in the last days or so you now posted yet another homophobic comment for which you've already been banned for before.

I let you calling me a wanker pass but not this one - see you in a few days.

Maybe you'll have cooled down a bit by then.



309Wigan in Administration - Page 11 Empty Re: Wigan in Administration on Mon Sep 21 2020, 17:53

boltonbonce

boltonbonce
Nat Lofthouse
Nat Lofthouse
Homophobic? You're setting a pretty low bar here Sluffy. We'll all be gone by the end of the week. Very Happy

310Wigan in Administration - Page 11 Empty Re: Wigan in Administration on Mon Sep 21 2020, 18:07

Sluffy

Sluffy
Admin
@boltonbonce wrote:Homophobic? You're setting a pretty low bar here Sluffy. We'll all be gone by the end of the week. Very Happy

I know, I know but he simply doesn't want to toe the line like we all have to do these days.

Cracks like he made were ten a penny when we were younger, so too comments about blacks and women as well.

The worlds moved on since and such things are no longer tolerated - not even on here!

He's been on a mission recently and has ramped it up over the last few days but he's been so desperate to have a go at me - I wasn't even talking to him at the time ffs - that his hatred/despise/anger (any of them the right word to describe it?) of me got the better of his judgement of what to write.

I can take abuse as much as the next man but I'm not here to be constantly shot at/trolled/ridiculed, it isn't a sport I want to play and something needs to change.

If people don't like that fact then simple go and play/abuse/troll/ridicule somewhere else instead.

It really is that simple.

311Wigan in Administration - Page 11 Empty Re: Wigan in Administration on Mon Sep 21 2020, 18:57

RangersDave

RangersDave
Mario Jardel
Mario Jardel
Hi Sluffy,

Yup, get that, but i read that the reveiver has said their debt is costing them £10,000 per day, and they cannot service it unless someone buys, not the receivers bill.

Sorry for not clarifying more.
Cheers
Dave

312Wigan in Administration - Page 11 Empty Re: Wigan in Administration on Mon Sep 21 2020, 20:23

Sluffy

Sluffy
Admin
@RangersDave wrote:Hi Sluffy,

Yup, get that, but i read that the receiver has said their debt is costing them £10,000 per day, and they cannot service it unless someone buys, not the receivers bill.

Sorry for not clarifying more.
Cheers
Dave

Ah ok, I thought you had mean the Administrators charges as you had been talking about them up to that point.

Yes the Administration are still required to run the company until it exits Administration or is liquidated so costs are accruing whilst they are there. They state for instance HMRC are owed for non payment of tax on the players (and staff?) wages and VAT.

As they are accrued under the Administrators 'watch' these debts are required to be paid in full - it's the unsecured creditors of the club up to the point of Administration, that are the creditors the EFL require being paid at 25p in the £ if the new owners don't want to receive a 15 point penalty.

Anyway is that the cavalry I see on the horizon?

My next post below being the latest from the Wigan Post!

313Wigan in Administration - Page 11 Empty Re: Wigan in Administration on Mon Sep 21 2020, 20:28

Sluffy

Sluffy
Admin
'I'll wait to buy Wigan Athletic', reveals Smurthwaite

Norman Smurthwaite says he’ll remain in the wings as a ‘last resort’ to buy Wigan Athletic - despite seeing a bid just short of £3million turned down.

Speaking exclusively to Wigan Today, the 60-year-old – who used to own Port Vale – wants to avoid Latics becoming ‘another Macclesfield’.
And he revealed he’d be happy to work with the Supporters Club, who have raised more than £850,000 since the club was placed into administration on July 1.
“I’ve spoken to an intermediary, and I’ve told them I’m still here as a last resort, if nothing else concrete happens in the coming weeks,” Smurthwaite said.
“If there isn’t a genuine buyer, we don’t want to see another Macclesfield, let’s try and iron out a deal. And I’ve no problems with the fans having representation, through the Supporters Club.

“If the Supporters Club would like to discuss saving the club with me, I would be happy to sit down with them.”
Smurthwaite also revealed how his plan to take control of the club – a £1.5m down payment, with a further guarantee just short of that figure to pay off the creditors – was given short shrift by the administrators.
“I’ve only made the one bid, and it was flatly rejected in a matter of minutes,” he said.
“When I first got involved, I was told I’d need to offer £3.3m, which would cover everything.
“I told them I didn’t think it was worth quite that much, so I went in with a bit less – but would have covered the 25p in the pound requirement.
“They said they would ring me back, they haven’t, so I’ve taken the view they’re not taking me seriously.
“I’m not going to do anything else now. Let’s wait and see what happens.”
Smurthwaite’s pledge followed the release of a quite extraordinary statement from the administrators, which made several jaw-dropping claims concerning the process to date.

https://www.wigantoday.net/sport/football/ill-wait-buy-wigan-athletic-reveals-smurthwaite-2978933


PS in case people are not aware Smurthwaite is seen by many as a Bassini type owner!

Wigan fans certainly are NOT pleased with him being possibly their new owner!

314Wigan in Administration - Page 11 Empty Re: Wigan in Administration on Tue Sep 22 2020, 08:17

Norpig

Norpig
Nat Lofthouse
Nat Lofthouse
@Sluffy wrote:

I know, I know but he simply doesn't want to toe the line like we all have to do these days.

Cracks like he made were ten a penny when we were younger, so too comments about blacks and women as well.

The worlds moved on since and such things are no longer tolerated - not even on here!

He's been on a mission recently and has ramped it up over the last few days but he's been so desperate to have a go at me - I wasn't even talking to him at the time ffs - that his hatred/despise/anger (any of them the right word to describe it?) of me got the better of his judgement of what to write.

I can take abuse as much as the next man but I'm not here to be constantly shot at/trolled/ridiculed, it isn't a sport I want to play and something needs to change.

If people don't like that fact then simple go and play/abuse/troll/ridicule somewhere else instead.

It really is that simple.
And of course you didn't try to wind him up the other day posting about Ron Billionaire did you?  Rolling Eyes

315Wigan in Administration - Page 11 Empty Re: Wigan in Administration on Tue Sep 22 2020, 10:52

Sluffy

Sluffy
Admin
@Norpig wrote:
@Sluffy wrote:

I know, I know but he simply doesn't want to toe the line like we all have to do these days.

Cracks like he made were ten a penny when we were younger, so too comments about blacks and women as well.

The worlds moved on since and such things are no longer tolerated - not even on here!

He's been on a mission recently and has ramped it up over the last few days but he's been so desperate to have a go at me - I wasn't even talking to him at the time ffs - that his hatred/despise/anger (any of them the right word to describe it?) of me got the better of his judgement of what to write.

I can take abuse as much as the next man but I'm not here to be constantly shot at/trolled/ridiculed, it isn't a sport I want to play and something needs to change.

If people don't like that fact then simple go and play/abuse/troll/ridicule somewhere else instead.

It really is that simple.
And of course you didn't try to wind him up the other day posting about Ron Billionaire did you?  Rolling Eyes


There's a whole world of difference between pointing out how ridiculous what someone says and believes is and calling them a homosexual, a wanker and that they are not right in the head on an every day basis don't you think?

Well I do and I'm not prepared to put up with it.

I let the mental health allegations go.

I let calling me a wanker go.

Homophobic comments - particularly because he's banned before for making them before - was the last straw.

I think I've been extremely tolerant of him even if you clearly don't.

I'm not here to be personally abused, ridiculed and played every single day - no one is - and it's gone too far and has to stop one way or another.

That's the point we are at.

Is that crystal clear to everyone?

316Wigan in Administration - Page 11 Empty Re: Wigan in Administration on Tue Sep 22 2020, 11:05

Norpig

Norpig
Nat Lofthouse
Nat Lofthouse
@Sluffy wrote:


There's a whole world of difference between pointing out how ridiculous what someone says and believes is and calling them a homosexual, a wanker and that they are not right in the head on an every day basis don't you think?

Well I do and I'm not prepared to put up with it.

I let the mental health allegations go.

I let calling me a wanker go.

Homophobic comments - particularly because he's banned before for making them before - was the last straw.

I think I've been extremely tolerant of him even if you clearly don't.

I'm not here to be personally abused, ridiculed and played every single day - no one is - and it's gone too far and has to stop one way or another.

That's the point we are at.

Is that crystal clear to everyone?
As long as it's one rule for all including you that's fine but you give as good as you get with Lusty.

Incidentally who bans you when you're out of line? Asking for a friend 
Very Happy

317Wigan in Administration - Page 11 Empty Re: Wigan in Administration on Tue Sep 22 2020, 11:36

karlypants

karlypants
Nat Lofthouse
Nat Lofthouse
Me! Cool

318Wigan in Administration - Page 11 Empty Re: Wigan in Administration on Tue Sep 22 2020, 11:56

boltonbonce

boltonbonce
Nat Lofthouse
Nat Lofthouse
@karlypants wrote:Me! Cool
Blimey! You're clearly the power behind the throne KP. I'll keep in your good books. Very Happy

319Wigan in Administration - Page 11 Empty Re: Wigan in Administration on Tue Sep 22 2020, 12:15

Sluffy

Sluffy
Admin
@Norpig wrote:As long as it's one rule for all including you that's fine but you give as good as you get with Lusty. Very Happy

Do you really think that?

I certainly don't and I saying this honestly.

Probably the worst I've ever called him is a nutjob or a moonman - does that equate to being called a wanker, a homosexual and being posted about every day that I have mental health issues???

It doesn't in my book.

I've no doubts that he posts at times after he's been drinking and he clearly won't admit ever to being wrong but does that give him or anyone else the right to be consistently abusive to me?

You always take Wanderlust's side, I've come to expect it off you but for once try to see it from my perspective, why should I take such abuse from someone who has been on the piss and can't admit to being wrong and becomes abusive because of it?

It's got to end, I'm not having it any more.

Either he goes, or I go or he tones it right down.

I'm not asking him to like me, I don't care if he or anyone else does or doesn't, but I'm not coming on here everyday to be played or abused for other peoples entertainment.

Simple as that.

320Wigan in Administration - Page 11 Empty Re: Wigan in Administration on Tue Sep 22 2020, 12:22

boltonbonce

boltonbonce
Nat Lofthouse
Nat Lofthouse
I'm only glad I don't post when I'm pissed. Although, looking at some of my posts, maybe I do.

321Wigan in Administration - Page 11 Empty Re: Wigan in Administration on Tue Sep 22 2020, 17:08

RangersDave

RangersDave
Mario Jardel
Mario Jardel
Well, not sure about Wigan, but thats certainly the death knell for a load of teams i'd have thought.
my team is subsidised by the owner to the tune (from what i gather) of £1m per month.

Now luckily we sold a player for around 20m recently so we 'might' survive, but i'm willing to lay money on 5 or more going down soon.

Wigan, for example. how will they get any money in, in the next 6 months to pay the bills?
Methinks the receiver might just pull the plug now as no one in their right mind would invest now.

322Wigan in Administration - Page 11 Empty Re: Wigan in Administration on Wed Sep 23 2020, 11:59

Sluffy

Sluffy
Admin
The bottom two lines are all you need to read if you don't want to go through it all.



Gerald Krasner Pt 4

The fourth meeting with Gerald Krasner took place this evening, Tuesday 22/09/20. The telephone call lasted 46 minutes.

Full range of questions asked, all that were emailed in, some stuff, not much to be fair, was off the record

Callum Lang (question from week 3 that got missed) I needed to save the outflow of wages, the wages were really costing the club so we had to make some savings.

League 1 & 2 Being Cancelled if the reported cancellation did come about it would create turmoil, but only the High Court could stop the administration process, I don’t see what cancelling the season would achieve really, you’re going to alienate millions of people who are fans, you’re not going to save certain costs that are there anyway, like rates, stadium costs and stuff - and it will be up to the Government, the Premier League and the EFL to come up with a package and the players would have to take reduced wages.

So the administration process would carry on but under an even worse scenario.

American Bid I tried to explain, in my statement why I turned down the American offer, the Americans have gone public on this more than once and it gives me the right to respond in public, unless we pay £3.3m of administration expenses, we cannot pay the creditors 25p in the £ in law.

If the Americans want to bring that bid back and would deal with the creditors themselves I’m telling you it would be seriously looked at.

It’s come back to me, rightly or not, that the Americans were surprised that we rejected, they thought we’d make a counter offer, but we’ve laid out where we are and I have to meet a minimum standard, they got to waive in their offer the creditors position. They either up the bid by £1.3m or if they’re tied for cash on day one, the best thing to do is offer me is £2.7m and they pay the creditors £1.8m over three years, roughly, but that incurs a 15 point penalty.

Bidders Put Off Everybody has called me a liar on this, but I am an officer of the court and I cannot lie as I would be hauled before the courts, I had a bidder that I met, I had physically gone somewhere to meet, they are very rich, let’s just say that money was not the problem, they were going to bid just under £4m but were going to put £4m in their solicitors account, I spoke to their solicitor who said he’d got instructions that on Monday, he’d given his bank account details to them, he said to me that they had to have complete anonymity and this stage, until their bid was accepted by the EFL they were not going to go public. There was a very good reason for this which I cannot disclose.

When Nixon put that article account, not only them but every other bidder was onto me “what’s this, your selling for £2 million”, now this wasn’t the fans fault but Nixon not phoning up checking a story. At that stage we’d had no bid from America for £2million. We didn’t get it for another four days, so how does he know it’s coming?

These people (bidders) have got professionals monitoring the websites and social media to see what’s going on, Monday morning I got a phone call from their agent saying that they were having a rethink due to publicity and they never transferred the money. They’ve now gone and definitely not in the bidding and not coming back.

You can imagine how I felt, they had the contract, they said if we put the money in can we have exclusivity, I said no because there are other contracts out but once the money is in they are ready to sign the contract. That was the leading bid of three at the time.

His (Alan Nixon) job is to get a story, his responsibility is to check there is an element of truth in it, that’s what I’m saying.

Finance/Debt No we wouldn’t finish the season if no buyer came in, there are too many things that can effect it for me to give you a date, it’s not Christmas, it’s before Christmas in my opinion.

What do we owe? We have written off £25m the best estimate is £5.2m at the moment, which is why 25p is £1.3m (which must be paid), now there are creditors in the other companies , but I don’t have to pay them anything at this moment but I may have to do after.

Will we put a definitive amount owed on the website? No. The absolute cost depends on whether they are paying the creditors or not, this is explained in the discussion about the American bid previously. £4 million with the creditors paid by us, or £2.7 million and the new owners pay the creditors themselves.

Euxton There is a tax problem with the Euxton sale, it is in the books at £650K everybody knows it cost more than that. Anything we sold it for over £650K we’ve got a tax bill to sort out on it. We have also got creditors on the other companies and yes half of the Euxton money, but not all of it, will be used for fees. It wasn’t sold for that reason, originally it would have gone back to the Cayman Islands that money, but the owners have waived it and said we will guarantee your fee, our property companies will pay them. None of our fees will go to the football club – and I keep saying this – the legal fees is for the appeal, no other professional fees for us or the lawyers will go to the Football Club.

If we hadn’t done what we’d done and sold Euxton the Football Club still wouldn’t have seen the money because it would’ve gone to the Cayman Islands.  I’m not denying that some of that (Euxton) money will have to be used for our fees and lawyers fees.

Peter Risdale I followed Risdale at Leeds United, he’s not a friend of mine despite what he says, he is a very smooth talker, but saying it (Euxton) is worth £10 million is for his own fans (PNE) consumption.

Michael Danson (Wigan Warriors investor) hasn’t been approached by us.

Streaming the games into the ground may have been possible up until today

Dean Watson going to the Ipswich game, all necessary precautions always undertaken

Transfer Fees The bidders see the individual transfer fees but not all being made public, though they will be totalled on report.

Bad News If there ever is going to be bad news I won’t be putting it on the website I will come down face to face to give and to answer questions, that isn’t a plan, it isn’t, but I’m not going to run away and only come for good news.

Fire Sale There hasn’t been a fire sale, we turned down bids for players. Let’s deal with this and the Add Ons. We came in on the 1st July knowing nothing, first thing we ask “have Junes wages been paid” no. So we’ve got 28 days to pay the wages otherwise the entire team could walk and then it’s not a fire sale it’s close the club.

So what do we do, we sell immediately two youth players and doubled the original bids that have been received, one of them before we were appointed. Brighton had made the offer, we got double the money in the end. Forget the add-ons, then we sell Gelhardt to Leeds because we were coming up to July’s wages .

The most important things were to get money to pay wages, the bill, including ground staff was in excess of £1m a month even after furlough monies were received. But there was the deferrals from March which had to be paid, and after the end of the season, everyone who was out of contract, or lefty, was entitled to an extra month’s salary at Championship rates.

So we had to sell players to meet that commitment for the three months, now we’re in the middle of Covid no clubs are getting any income, including the Premier League, if we sold any player before the transfer window came in we couldn’t get the money to pay the wages unless we sold to a Premier League club. The only people who are going to pay reasonable money are Premier League and top half of the Championship.

What we have done is refuse bid after bid to get what’s known as the add-ons, Gelhardt for example went for £800K but there are £1m of potential add-ons on that contract, the other players we’ve sold have add-ons worth up to £7m.

Strictly that money will come to us as administrators what we have said is that we need the first £250K as a buffer and we will sell you the rest for the £1. So any new owner going forward over the next five years can expect a steady stream of income all things being equal, you won’t get full amount but certainly £1m+.

The buffer, we’ve had to make some assumptions of how much we need to pay everybody, the revenue haven’t put a claim in we think that there is some they haven’t claimed yet, so we have to make allowances here and there, that’s the buffer. If we don’t spend that 250 we’ve told all the bidders “you’ll get it back”.

The add-ons are appearances, sell ons etc. A lot of people don’t understand football insolvency and it needs explaining that this is a vital asset going to the new owners.

Our fees aren’t negotiable, they are approved by creditors. Are our fees negotiable? I don’t think we are going to get all our fees, let’s put it that way.

We did a deal with the owners on the basis that if it didn’t work out we could do a million pounds worth of work and not get paid a penny. Our fees are dependent on selling the club, if we don’t sell it we’re in trouble.

Just to reiterate, debt is £5.2m @25p (£1.3m) owing and £3m is the revenue. Sale - £2.7m with them paying the creditors or £4m with admin paying the creditors.

Conflicting Statements We have been accused of putting out conflicting statements, Paul Stanley was taken out of context in a telephone call with the Guardian newspaper, he was asked an innocuous question, he was explaining like Macclesfield and Bury what happens if we don’t sell the club, he’s not saying this is a Macclesfield, things are taken out of context, headlines do not mean what he said.

Everyday we are talking to the bidders either by phone, email or via meetings, it’s a non-stop process, but as of today it hasn’t progressed to where someone is going to sign a contract.

https://progresswithunity.blogspot.com/2020/09/gerald-krasner-pt-4.html?m=1

323Wigan in Administration - Page 11 Empty Re: Wigan in Administration on Wed Sep 23 2020, 21:03

Sluffy

Sluffy
Admin
Looks like they've had their chips!

What other puns can you come up with?

324Wigan in Administration - Page 11 Empty Re: Wigan in Administration on Wed Sep 23 2020, 21:14

sunlight

sunlight
Tony Kelly
Tony Kelly
The Coronavirus makes a great opportunity for business people to make hostile takeovers. Who would buy a business such as a football club at the moment?

325Wigan in Administration - Page 11 Empty Re: Wigan in Administration on Wed Sep 23 2020, 23:43

karlypants

karlypants
Nat Lofthouse
Nat Lofthouse
£500k for a chippy in Wigan?

How good is it? Shocked

326Wigan in Administration - Page 11 Empty Re: Wigan in Administration on Thu Sep 24 2020, 08:14

Norpig

Norpig
Nat Lofthouse
Nat Lofthouse
@karlypants wrote:£500k for a chippy in Wigan?

How good is it? Shocked
 The babbysyeads must be amazing  Very Happy

327Wigan in Administration - Page 11 Empty Re: Wigan in Administration on Thu Sep 24 2020, 09:49

gloswhite

gloswhite
Guðni Bergsson
Guðni Bergsson
OK, I'll ask. What are babbysheads ? (cant think of anything that would resemble a baby's head)

328Wigan in Administration - Page 11 Empty Re: Wigan in Administration on Thu Sep 24 2020, 10:19

boltonbonce

boltonbonce
Nat Lofthouse
Nat Lofthouse
Steak pudding I believe.

329Wigan in Administration - Page 11 Empty Re: Wigan in Administration on Thu Sep 24 2020, 10:21

Norpig

Norpig
Nat Lofthouse
Nat Lofthouse
It's what people from Wigan call a steak & kidney pudding from the chippy  Very Happy

330Wigan in Administration - Page 11 Empty Re: Wigan in Administration on Thu Sep 24 2020, 13:38

gloswhite

gloswhite
Guðni Bergsson
Guðni Bergsson
Ah, I see. Its a naval term and is indeed a steak and kidney pud. the matelots have all sorts of names for their food, another being 'shit on a raft' for (steak and) kidneys on toast I believe  Very Happy

Sponsored content


Back to top  Message [Page 11 of 19]

Go to page : Previous  1 ... 7 ... 10, 11, 12 ... 15 ... 19  Next

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