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Bolton Nuts » BWFC » Wandering Minds » Wigan in Administration

Wigan in Administration

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Ten Bobsworth
Hip Priest
Banks of the Croal
Natasha Whittam
karlypants
sunlight
gloswhite
MartinBWFC
luckyPeterpiper
BoltonTillIDie
Sluffy
wessy
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Norpig
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observer
Whitesince63
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91Wigan in Administration - Page 6 Empty Re: Wigan in Administration Sun Aug 02 2020, 19:23

wessy

wessy
El Hadji Diouf
El Hadji Diouf

I ger confused with this ? (not hard) We sold Euxton to Huron Properties owned by Dave Whelan, he then sold Huron Properties. So does that mean that Wigan Athletic do not own our old training ground but are just tennants. Or could DW have sold Huron but not the training ground? Any ideas Sluffy ? And if Dave Whelan bought it was it ever owned by the football club. or is it owned by the Whelan family?

92Wigan in Administration - Page 6 Empty Re: Wigan in Administration Sun Aug 02 2020, 20:59

Sluffy

Sluffy
Admin

wessy wrote:I get confused with this ? (not hard) We sold Euxton to Huron Properties owned by Dave Whelan, he then sold Huron Properties. So does that mean that Wigan Athletic do not own our old training ground but are just tennants. Or could DW have sold Huron but not the training ground? Any ideas Sluffy ? And if Dave Whelan bought it was it ever owned by the football club. or is it owned by the Whelan family?

Don't worry mate these things can be highly complexed at times!

I'll simplify it the best I can.

Lets start of with an analogy to make it a bit easier to understand, imagine you work in a big company and you want to find your way around, you will find it easier if parts of it are split into different things such as sales, purchases, accounts, Human Resources, finance, etc.

The same things can happen in how various companies are linked together, for example BWFC stands as a company in its own right, as does the hotel (Bolton Whites), both of these in turn come under the control of Burnden Leisure, which itself comes under the ownership of FV.

So if you ask the question who owns BWFC, it is ultimately owned by FV.

However FV could sell off the Club to say Bolton Nuts Ltd owned by Natasha and I but still own the hotel and the stadium (depending if wasn't part of the sale) and all the land around it.

FV if they wanted could buy back Euxton, transfer its ownership to BWFC and include it in the sale of BWFC to Bolton Nuts!

Basically this is what happened at Wigan.

Whelan did own Huron (he's sold it on since) bought Euxton from Burnden Leisure then included in the sale of the club, the stadium and the holding/property company to the Chinese company that bought them - IEC -

"The Whelan family is understood to have agreed a deal in principle to sell their majority stake in League One champions Wigan Athletic to a Hong Kong-based consortium.

The proposed takeover by International Entertainment Corporation is subject to Hong Kong Stock Exchange and EFL approval.

The deal with IEC would also include a majority shareholding in the DW Stadium, as well as the club's training grounds at Christopher Park and Euxton".

https://www.bbc.co.uk/sport/football/44040868

"As far as I'm aware the new company that bought Wigan also had included in the sale everything else including Euxton -

The takeover of Wigan Athletic has been completed by Next Leader Fund, a limited partnership headed by Hong Kong businessman Au Yeung Wai Kay".

https://www.bbc.co.uk/sport/football/44040868

Which if is the case as I believe to be means that it is now in the control of the Administrators who can sell it if they deem it to be in the best interests of the creditors the club is owing money too.

As I say it isn't easy to follow all that goes on at corporate level but in a nutshell Whelan bought Euxton with one of his companies and 'sold' it to another of his companies which was later bought by IEC owned by Dr Stanley Choi (pictured below) who in turn set

Wigan in Administration - Page 6 0bd22670-aa78-11e9-9b3a-71b8eee08629

https://wiganathletic.com/news/2018/november/find-out-more-about-the-new-owners-of-wigan-athletic-football-club-international-entertainment-corporation/

up another company with Au Yeung Wai Kay called Next Leader Fund, with Au Yeung taking overall control some weeks later and on the same day put Wigan into Administration -

The only public comment Au Yeung has made since taking the club into administration is a five-paragraph statement sent to the Wigan Observer on 7 July. -

All sorts of theories have been posited as to why the owner took the decision he did, but he says the financial impact of the Covid-19 outbreak was to blame.

"We bought Wigan Athletic with the best intentions: to create a team that would get the club back into the Premier League, and I have invested more than £40million (to buy it and repay a loan to former owners the International Entertainment Corporation).

"Unfortunately, the Covid-19 crisis has severely impacted people and businesses around the world - and Championship football clubs, which rely on fans coming through the turnstiles, are no exception.

"This has fundamentally undermined our ability to fund Wigan Athletic and, after struggling to find a solution, in the end took the difficult decision to put the club into administration to ensure its survival.

"The administrators are now doing everything they can to find a new owner who will secure the future of Wigan Athletic for the sake of the many thousands of devoted Latics fans, and the local community."

"Wigan Athletic is a wonderful football club with rich history and a passionate fanbase," Au Yeung said, in a statement exclusively released to Wigan Today.
https://www.wigantoday.net/sport/football/exclusive-wigan-athletic-owner-au-yeung-wai-kay-defends-difficult-administration-decision-2906602

Au Yeung spoke to the Administrators just before the points appeal hearing though -

"The Hong Kong-based businessman put the club into administration on 1 July, weeks after buying them, but has given little public explanation as to why.

However, he responded to administrator Gerald Krasner's request for a 'virtual meeting', lasting more than an hour.

The details of that discussion remain confidential.

But BBC Sport understands it answered many of the questions around the reasons for the Latics' plight and the information was used as part of Friday's appeal against the club's 12-point deduction".

https://www.bbc.co.uk/sport/football/53616070


So I hope that fully answers your question!

Very Happy

93Wigan in Administration - Page 6 Empty Re: Wigan in Administration Mon Aug 03 2020, 10:31

wessy

wessy
El Hadji Diouf
El Hadji Diouf

It Certainly does, Thank you.  Going to be an interesting few weeks, It seems Euxton is either a pot of gold that keeps on giving to failed football clubs or a poisened chalice so look out PNE, however they seem to be well run.

Guessing the time frame for Wigan is very tight, with a date allready set for a restart on the 12th of September, it follows that the fixtures will have to come out ASAP and the EFL will want assurances that Wigan are able to complete next season IF they have any chance of survival.

94Wigan in Administration - Page 6 Empty Re: Wigan in Administration Mon Aug 03 2020, 10:57

Sluffy

Sluffy
Admin

wessy wrote:It Certainly does, Thank you.  Going to be an interesting few weeks, It seems Euxton is either a pot of gold that keeps on giving to failed football clubs or a poisened chalice so look out PNE, however they seem to be well run.

Guessing the time frame for Wigan is very tight, with a date already set for a restart on the 12th of September, it follows that the fixtures will have to come out ASAP and the EFL will want assurances that Wigan are able to complete next season IF they have any chance of survival.

You're welcome!

Absolutely correct about the EFL wanting assurances, that's why part of their tests for owners approval to buy the club is proof of funds to cover trading losses for the next two years and Wigan has not even got to the point of a potential purchaser even having a look yet and doing 'due diligence' before they commit to buy!

I can't see them allowing another 'Bolton' by starting the season in Administration with an uncertainty about the sale being completed so unless somebody commits in the next week or so, who has access to (in theory) £10m advertised purchase of club, plus £6m in accrued wages and now outstanding instalments of payments of transfer fees to other clubs, plus (let's say) £15m to run the club at loss for the next two years (it was £25m just a month or so ago when the current owner bought it - but players out of contract and the Admins cost cuttings should have brought that amount down).

So that's £31m and doesn't even take into account this mysterious loan of (iirc?) £24m that the new owner did or did not put in.

I simply can't see a happy outcome for them.

They are in Bassini type territory!

95Wigan in Administration - Page 6 Empty Re: Wigan in Administration Mon Aug 03 2020, 12:37

BoltonTillIDie

BoltonTillIDie
Nat Lofthouse
Nat Lofthouse

DW sPorts also In administration

96Wigan in Administration - Page 6 Empty Re: Wigan in Administration Mon Aug 03 2020, 13:02

Sluffy

Sluffy
Admin

BoltonTillIDie wrote:DW Sports also In administration

As far as I can tell it isn't Dave Whelan's anymore he seems to have sold it to his son in law David Sharpe's company Maddox Holdings.

https://beta.companieshouse.gov.uk/company/12005947

However the share owners of that company seem to include Whelan family members including his wife Patricia but not Dave himself.


Can't imagine though that Whelan will want to be Wigan Athletics white knight and rescue them at this moment in time!

97Wigan in Administration - Page 6 Empty Re: Wigan in Administration Mon Aug 03 2020, 13:22

Norpig

Norpig
Nat Lofthouse
Nat Lofthouse

Dave Whelan once broke his leg did you know? I think he may have mentioned it once or twice.....

98Wigan in Administration - Page 6 Empty Re: Wigan in Administration Mon Aug 03 2020, 19:37

wessy

wessy
El Hadji Diouf
El Hadji Diouf

Stark figures laid out Sluffy does look bleak at this point, tomorrow the appeal result (4pm) may shed light on what they are actually selling (championship or Div 1) but so much more to worry about.

99Wigan in Administration - Page 6 Empty Re: Wigan in Administration Tue Aug 04 2020, 17:18

Sluffy

Sluffy
Admin


Thought they would!



100Wigan in Administration - Page 6 Empty Re: Wigan in Administration Tue Aug 04 2020, 17:50

Sluffy

Sluffy
Admin

Nixon's article -

Wigan Athletic fail in appeal against 12-point deduction as relegation to League One is confirmed

WIGAN ATHLETIC'S hope of a relegation reprieve was shattered by an EFL appeals panel that confirmed a 12-point penalty.

Latics administrators lost out at the end of a season of pain and the decision to enforce the punishment means they go down to League One.

The appeal, costing an estimated £480,000 at the hard-up outfit, fell on deaf ears - with Barnsley left celebrating their survival.

Three top judges were called in for one of the most delicate decisions the EFL faced and they went through the arguments put forward by Wigan’s side.

So the decision of Hong Kong owners Au Yeung and Stanley Choi to pull the plug at the start of July has sent their old club down.

And while the recriminations and investigations into their behaviour go on, Wigan are now left facing a bleak few weeks as they fight for their future.

Wigan said: "The club put forward a strong case and naturally we are disappointed at the decision. The first-team management will now prepare the team for next season's League One campaign."

The cost of relegation is painful for Latics who miss out on the TV money at Championship level and will have to rebuild with a lesser hand-out.

That payment drops from around £6.2 million to an estimated £775,000 in League One and leaves their next owners with little help.

Left back Antonee Robinson can now leave for a bargain £1.5 million because of a clause in his deal when he signed from Everton.

The United States international, who was set to sign for AC Milan in a move worth £6 million and rising in January, could go for a fraction of that fee.

Midfielder Joe Williams, who has now suffered three relegations in a row, also has a fixed price in his deal - of around £2.5 million.

Deals for target man Kieffer Moore and young striker Joe Gelhardt will have to be hurried along to help the cash flow.

Bizarrely Moore’s imminent £2 million exit will pay for HIMSELF as former club Barnsley are due an instalment of around £1.5 million for selling him a year ago.

The EFL will take the cash from sales and distribute them to Wigan’s football creditors, leaving the change for the unpaid salaries and wage deferral schemes.

The players left in the squad will also now face massive cuts in their salaries, around 40 to 50 per cent.

That will save a large amount from the payroll next season, but it is a savage blow for the squad who thought they had beaten the drop.

https://www.thesun.co.uk/sport/12311688/wigan-athletic-fail-appeal-point-deduction-relegation/?utm_medium=Social&utm_campaign=sunfootballtwitter&utm_source=Twitter#Echobox=1596559106

101Wigan in Administration - Page 6 Empty Re: Wigan in Administration Tue Aug 04 2020, 18:20

wessy

wessy
El Hadji Diouf
El Hadji Diouf

Touch and go now for the Latics

102Wigan in Administration - Page 6 Empty Re: Wigan in Administration Tue Aug 04 2020, 19:59

Whitesince63


Andy Walker
Andy Walker

Too true wessy, there is no FV in the wings that we know of and unless someone out there is prepared to throw a shed load of money at a club whose best players have all departed, you could fear another Bury coming. You just have to feel so sorry for the fans because just a few weeks ago everything looked so rosy. Let’s hope there’s nothing lurking from the Chinese end that could possibly come out and scupper any plans. I fear a few weeks of worry for our Wigan friends.

103Wigan in Administration - Page 6 Empty Re: Wigan in Administration Thu Aug 06 2020, 03:42

Sluffy

Sluffy
Admin






104Wigan in Administration - Page 6 Empty Re: Wigan in Administration Thu Aug 06 2020, 10:12

wessy

wessy
El Hadji Diouf
El Hadji Diouf

Whitesince63 wrote:Too true wessy, there is no FV in the wings that we know of and unless someone out there is prepared to throw a shed load of money at a club whose best players have all departed, you could fear another Bury coming. You just have to feel so sorry for the fans because just a few weeks ago everything looked so rosy. Let’s hope there’s nothing lurking from the Chinese end that could possibly come out and scupper any plans. I fear a few weeks of worry for our Wigan friends.
That seems to be the biggest problem Whites, we had FV who seemed determined, didn't they put money in before our takeover (1m) or am i dreaming, the fact they have no prefered bidder and its only weeks to the new season puts them in a very bad situation, at best i see a desperate scramble by a local consortium involving the Rugby owners? they have a vested interest with sharing facilities.

105Wigan in Administration - Page 6 Empty Re: Wigan in Administration Thu Aug 06 2020, 10:55

Norpig

Norpig
Nat Lofthouse
Nat Lofthouse

Lets be honest Wigan isn't a football town, they get rubbish crowds even when they were in the Premiership. No great loss if they go for me, i don't have the same sympathy i had for Bury fans.

106Wigan in Administration - Page 6 Empty Re: Wigan in Administration Thu Aug 06 2020, 11:07

Natasha Whittam

Natasha Whittam
Nat Lofthouse
Nat Lofthouse

Norpig wrote:Lets be honest Wigan isn't a football town, they get rubbish crowds even when they were in the Premiership. No great loss if they go for me, i don't have the same sympathy i had for Bury fans.

So a club should be judged on how many fans they have?

Listen to Mr Man City!

107Wigan in Administration - Page 6 Empty Re: Wigan in Administration Thu Aug 06 2020, 11:11

Norpig

Norpig
Nat Lofthouse
Nat Lofthouse

Natasha Whittam wrote:

So a club should be judged on how many fans they have?

Listen to Mr Man City!
Shut it Miss Chorley  Very Happy

I don't support City, i have been to a few games but only to take my Son who is a fan. Wigan are a nothing team with no fans and if they went bust i wouldn't care at all.

108Wigan in Administration - Page 6 Empty Re: Wigan in Administration Thu Aug 06 2020, 11:16

karlypants

karlypants
Nat Lofthouse
Nat Lofthouse

Norpig wrote:
I don't support City, i have been to a few games but only to take my Son who is a fan.

About time you started bringing him up properly then.

There are no excuses! Very Happy

109Wigan in Administration - Page 6 Empty Re: Wigan in Administration Thu Aug 06 2020, 11:27

Norpig

Norpig
Nat Lofthouse
Nat Lofthouse

I've tried KP, i still buy him a season ticket in the hope he'll come to some games but he hasn't been for a couple of years now. 

What chance do i have when City are mega rich and always seem to score 6 whenever we go? He is a Manc after all and the whole you have to support your Dads team doesn't wash with him  Very Happy

110Wigan in Administration - Page 6 Empty Re: Wigan in Administration Thu Aug 06 2020, 12:26

Sluffy

Sluffy
Admin

wessy wrote:
Whitesince63 wrote:Too true wessy, there is no FV in the wings that we know of and unless someone out there is prepared to throw a shed load of money at a club whose best players have all departed, you could fear another Bury coming. You just have to feel so sorry for the fans because just a few weeks ago everything looked so rosy. Let’s hope there’s nothing lurking from the Chinese end that could possibly come out and scupper any plans. I fear a few weeks of worry for our Wigan friends.
That seems to be the biggest problem Whites, we had FV who seemed determined, didn't they put money in before our takeover (1m) or am i dreaming, the fact they have no prefered bidder and its only weeks to the new season puts them in a very bad situation, at best i see a desperate scramble by a local consortium involving the Rugby owners? they have a vested interest with sharing facilities.

Yes they did, it was non-refundable too and the sale was certainly not a cast iron guarantee to happen at the time because that was pre all the buggering around with Bassini.

I've listened to the whole Administrators interview and to my mind (maybe because I was listening out for it/ maybe I read too much into it - I'll let others decide) was around the 28 minute mark for a question or two, where he basically said Administration is basically a 'holding' role to sell the club and with what they, their timescale/resources to do that was within the next two weeks!

That bit is certainly worth a listen, the rest of it is interesting to the likes of me but I would recommend spending 45 minutes of your life otherwise.

Fwiw contrast how well the young interviewer has done managing to get interviews and information with the Administrator (during Administration) and Maguire (an expert used by TV on football financial matters) and compare that to Iles during a very comparable time with us.

One of them is doing a professional paid job, specifically to communicate on a specific football club, nothing else, the other is a concerned fan doing it in his own time and for free!

If you didn't know any differently who would you think was the paid career professional supposedly embedded with the club and which the clueless know nothing concerned fan doing it for free in his spare time?


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