Absolutely disgraceful what has gone on there, the last owners enquiring about putting them into administration before they even bought the club. Unbelievable this was allowed to happen, but then we shouldn't be surprised should we !
A very sad situation. I've been concerned, as it's been over 2 months since the takeover was announced, and if the owners were pukka, it would have been sorted in a fraction of the time
After all, despite the shambles at our club, Thomas's takeover and the release of the transfer embargo went through very quickly at the end
Hopefully the EFL have actually done something right for once. The "consortium" sounded dodgy from day 1 & after a number if weeks still haven't been able to satisfy proof of funds. Sounds like ESI mk 3.
Fingers very much crossed for Wigan. Obviously I don't know the inside detail of whats going on there but they are clearly in a bad place, and badly need this takeover to be a good one. But if the new owners are going down the talk not action route, it looks bad.
Hopefully the EFL have actually done something right for once. The "consortium" sounded dodgy from day 1 & after a number if weeks still haven't been able to satisfy proof of funds. Sounds like ESI mk 3.
It's their fault that Wigan are in this mess.
"Wigan were sold to a company based in Hong Kong, registered in the Cayman Islands tax haven, which runs a casino in Manila".
No alarm bells ringing there then.
"EFL rules only require a buyer to show that they have the money to fund a club – not to actually provide that money, a bond, or insurance, to ensure the funding is there."
Which again is another issue that needs to be addressed and would've helped Bury, and us with ESI.
And then on the day this guy bought Wigan and cleared their debts to the previous owner (combined total of 41m) he decided he wouldn't fund the club and put them into admin. Nothing dodgy going on here at all then. It's absolutely outrageous.
Surprised Farnell and co haven't put their oar in with a bid yet
There was a suggestion early on that Farnell was linked to the Wigan deal but not sure it was based on much more than Farnell being the type of northern parasite freeloading vulture you'd expect to sniffing around an ailing club.
Surprised Farnell and co haven't put their oar in with a bid yet
There was a suggestion early on that Farnell was linked to the Wigan deal but not sure it was based on much more than Farnell being the type of northern parasite freeloading vulture you'd expect to sniffing around an ailing club.
Geographically it would have made far more sense for the likes of Farnell and PE to be interested in Wigan if they were genuinely interested in owning and running a club, as it's in their area
The fees of the administrators and the lawyers (including for the unsuccessful EFL appeal) are eye-watering. On 7 September, Kieran Maguire tweeted that:
"If administrators sell Wigan total legal costs will be in the region of £1,375,000 plus £1,337,467 for the administrators themselves and up to £250,000 for agents."
Fees will have continued to accrue over the last two and a half months and, in total, probably now exceed the asking price for the club, which I believe is £3-4million. I don't doubt that a lot of work has been done but it is a very dispiriting state of affairs, with the best players and promising youngsters all sold on the cheap and the team rooted in the relegation zone. They are now at real risk of ending up in League 2 next season - a level below they were when Dave Whelan took over 25 years ago. Heartbreaking for him and their loyal supporters, who have, in these very difficult times, raised over £800K to try and keep the club going.
None of us need reminding how fortunate we are that Thomas Sandgaard came along to rescue us from the vultures.
The administrators are the ones who recommended the Spanish owners who've been rejected by the EFL, which doesn't say much for their judgement
I'm baffled why the administrators seemed to have so much faith in the Spanish consortium, when their various bids went nowhere in 6 months
Having said that you can see the different between our Aussie Consortium which seemed to be around for years without going anywhere and TS who made things happen
How much longer will the EFL give them to find a new buyer?
All the while the current administration can find ways to pay the current bills, EFL is disinterested. On the basis Wigan won't be incurring any new "football" debts EFL will keep its telescope to its blind eye "we see no ships". The cost of the administrators themselves is probably as high as anything else - Wigan's prognosis probably as dependent on Begbies Traynor's ability to pay their own fees. EFL only ever going to poke its nose in take an interest when players or football clubs go unpaid. It will take legal action by a defrauded non-football creditor/supplier to unravel EFL/EPL/FA's entirely illegal insistence that certain creditors are 'preferred' when any such ranking is in simple contravention of applicable statute.
Suddenly halving the already agreed and contracted offer is just a thin attempt at deflecting from they just changed their mind. Refusing the 25% payout after takeover gives the game away. Wigan's value probably has fallen even further and Begbies Traynor will be lucky to get anything up front for them now if that 25% is even vaguely likely to be met post 'rescue'.
Time to drench EFL in communication about how their negligence on ownership compliance is rotting the game from the head down, their continued inaction makes them part of the problem. Bury was one club too many. Charlton escaped by the skin of its teeth. Wigan are now on the brink. Clubs will go bust, businesses always do, bad luck, bad decisions coincide. But for 3 clubs to be brought to the precipice in the manner they have and in such a short time is proof incontrovertible that EFL's rules and/or their application of them are inadequate. EFL doesn't just have a responsibility to its member clubs and its competition, it has a responsibility to the supply chain.
I reckon it was all a ruse. Now watch a white knight come to the rescue in the form of Farnell. "Must have the money old bean as we were going to but Burnley don't you know"
I reckon it was all a ruse. Now watch a white knight come to the rescue in the form of Farnell. "Must have the money old bean as we were going to but Burnley don't you know"
This is where my logic hits a brick wall. Of course Farnell will be sniffing around, it's his MO. But like Charlton and Bury they don't own the ground and the carcus has already been stripped bare.
Where is the "property play", where is the pay day full stop?
That's not a good sign, Naismith was one of the few players left from last season. I assume his contract has been ended to save his wages, but it also means they don't get a fee
Comments
https://www.bbc.co.uk/sport/football/55195930
After all, despite the shambles at our club, Thomas's takeover and the release of the transfer embargo went through very quickly at the end
There but for the grace of god...
"Wigan were sold to a company based in Hong Kong, registered in the Cayman Islands tax haven, which runs a casino in Manila".
No alarm bells ringing there then.
"EFL rules only require a buyer to show that they have the money to fund a club – not to actually provide that money, a bond, or insurance, to ensure the funding is there."
Which again is another issue that needs to be addressed and would've helped Bury, and us with ESI.
And then on the day this guy bought Wigan and cleared their debts to the previous owner (combined total of 41m) he decided he wouldn't fund the club and put them into admin. Nothing dodgy going on here at all then. It's absolutely outrageous.
Going cheap as well
https://wiganathletic.com/news/2021/january/Statement-From-The-Joint-Administrators-05-01-21-/
Having said that you can see the different between our Aussie Consortium which seemed to be around for years without going anywhere and TS who made things happen
On the basis Wigan won't be incurring any new "football" debts EFL will keep its telescope to its blind eye "we see no ships".
The cost of the administrators themselves is probably as high as anything else - Wigan's prognosis probably as dependent on Begbies Traynor's ability to pay their own fees.
EFL only ever going to poke its nose in take an interest when players or football clubs go unpaid. It will take legal action by a defrauded non-football creditor/supplier to unravel EFL/EPL/FA's entirely illegal insistence that certain creditors are 'preferred' when any such ranking is in simple contravention of applicable statute.
Bury was one club too many. Charlton escaped by the skin of its teeth. Wigan are now on the brink.
Clubs will go bust, businesses always do, bad luck, bad decisions coincide. But for 3 clubs to be brought to the precipice in the manner they have and in such a short time is proof incontrovertible that EFL's rules and/or their application of them are inadequate.
EFL doesn't just have a responsibility to its member clubs and its competition, it has a responsibility to the supply chain.
Where is the "property play", where is the pay day full stop?
amazed he has been there until now. Wonder where he'll end up