Wigan Administration

[Mashed Potatoes]

15 minutes ago, K-Hod said:

Would have helped if you’d read the article, for some context instead. In fact just the headline would have been beneficial, but here you go- ‘Wigan's former owner Kay asked about administration before his takeover’. Why on earth would that not lead to the EFL smelling a rat?!

I did read it - the article states that he contacted a firm of advisors. How were the EFL supposed to know about that ?

[phili]

2 hours ago, Mashed Potatoes said:

What do you think those questions should be ? Personally I can't see how officials at the EFL could have known what Kay was up to, especially as I am still unable to understand why he continued with the purchase given that he seems to have already realised that he would be unable to finance the club.

He bought out the 51% stake in the Next Leader Fund he did not own, which owned Wigan and a number of other businesses including a casino and resorts complex in the Philippines.

He wanted these businesses and not Wigan, so upon gaining full control of the fund, he put Wigan into administration and increased the funds profits by £14m a season overnight as well as improving the funds cashflow position to invest more cash into profitable businesses.

If Wigan were a cash generative profitable business they wouldn't have gone into administration. 

[Mashed Potatoes]

Just now, phili said:

He bought out the 51% stake in the Next Leader Fund he did not own, which owned Wigan and a number of other businesses including a casino and resorts complex in the Philippines.

He wanted these businesses and not Wigan, so upon gaining full control of the fund, he put Wigan into administration and increased the funds profits by £14m a season overnight as well as improving the funds cashflow position to invest more cash into profitable businesses.

If Wigan were a cash generative profitable business they wouldn't have gone into administration. 

Thanks. A complicated situation and the sort of thing that it is difficult to devise rules to counter.

[phili]

11 minutes ago, Mashed Potatoes said:

Thanks. A complicated situation and the sort of thing that it is difficult to devise rules to counter.

Very difficult to devise rules to counter especially when a club is with a holding company with other businesses. The first thing a new company will do is going through loss making or negative cashflow businesses to try and increase funds and improve the ROI of a venture. I am not sure if the Wigan owner had taken loans out to buy the 51% of the fund he did not own?

It could well be that a stipulation of receiving the funds from banks to complete the acquisition was to divest the fund of Wigan and improve the funds standing and cash generation.

There are a multitude reasons of why you want to buy a business, i have bought several companies to close them down and remove a competitor from the market place, just normal business practice really.

[yellowsubmarine]

27 minutes ago, OnePhilT said:

9 of Wigan's 11 starters in their last league game have now gone. That's what Administration can do to a club, and it seems as though they've gone for peanuts. No state of the art training ground (also sold for peanuts). No more decent players (I'm sure Morsy will be off, too). At this rate, Wigan will end up being sold for 10 quid and a pack of L&B.

They are down to just 12 players.

https://en.wikipedia.org/wiki/Wigan_Athletic_F.C.#Current_squad

[Mattyblue]

Reminds me of that storyline of The Sopranos when Davey ended up in hock to Tony and Richie over gambling debts. They stripped his business bare until he was bankrupt and iving in a tent.

Edited September 4, 2020 by Mattyblue

[Rogerb]

I thought the deadline for a sale ran out at the end of August as the administrator didn't want to be still running the club at the start of the season?

[bluebruce]

4 hours ago, yellowsubmarine said:

They are down to just 12 players.

https://en.wikipedia.org/wiki/Wigan_Athletic_F.C.#Current_squad

Jesus...good time to loan some of our youngsters to them to get League One experience? Wouldn't be any money or savings in it for us of course.

I suppose there's still too much uncertainty anyway over who will run them, and whether tha person will buy players, to know if they'd get game time.

Edited September 4, 2020 by bluebruce

[Inglorious basturk]

Oh what a terrible shame . Once a time I thought all Lancs clubs would perhaps look after each other other as we are all fans at the end of the day .... but they didn’t did they 

 

good bye Wigan 

[tomphil]

Was reading a Bolton News the other day and it was doing a flashback piece to this time of the year when Hill had no players and almost had to sign an entire team.  I think loads came in at the last min so it looks like Wigan are in a similar boat and it's impossible to prosper like that.

Coyle had to scrabble around here in a window that i think delivered Wes Brown, Gordon Greer, Stokes amongst others. No way to run any club.

Edited September 4, 2020 by tomphil

[Exiled_Rover]

Aren't they dead and buried yet?

Season starts in a week. 

[Mattyblue]

13 hours ago, tomphil said:

Was reading a Bolton News the other day and it was doing a flashback piece to this time of the year when Hill had no players and almost had to sign an entire team.  I think loads came in at the last min so it looks like Wigan are in a similar boat and it's impossible to prosper like that.

Coyle had to scrabble around here in a window that i think delivered Wes Brown, Gordon Greer, Stokes amongst others. No way to run any club.

It’s starting, two brought in on ‘short term contracts’

https://www.wigantoday.net/sport/football/wigan-athletic-complete-friday-signings-hat-trick-2962152

[Hoochie Bloochie Mama]

Didn't realise ex-Rover Leam Richardson was manager there. Tough gig!

[JHRover]

Nixon reckons Simon Grayson getting the Wigan job in time for Saturday. Pretty steady appointment for a side in their position. About as good as you can get at that level.

[bluebruce]

5 minutes ago, JHRover said:

Nixon reckons Simon Grayson getting the Wigan job in time for Saturday. Pretty steady appointment for a side in their position. About as good as you can get at that level.

Still think he's better than our manager.

[neophox]

If McKenna is that good why don't Celtic getting him? 

[neophox]

Grayson did well at Blackpool... Tosh

[Mattyblue]

Just one (Naismith) left from the last game of the season...

 

[HowieFive0]

 ..?

Edited September 11, 2020 by HowieFive0

[arbitro]

John Sheridan has been appointed as Wigan manager on a short term deal. Didn't No Mark Nixon say Grayson was being appointed this week?

[islander200]

23 minutes ago, arbitro said:

John Sheridan has been appointed as Wigan manager on a short term deal. Didn't No Mark Nixon say Grayson was being appointed this week?

Grayson turned it down 

[arbitro]

9 minutes ago, islander200 said:

Grayson turned it down 

My point was Nixon was wrong...............again. ??

[chaddyrovers]

 

 

[roversfan99]

Hopefully they go back to a sense of normality, never understood why our fans have spent so much time gloating at their expense considering the seriousness of their plight.

[bazza]

What's a CVA settlement?