[Football] Wigan go into adminsitration

[beorhthelm]

Reading that link to their forum, they've been completely shafted by the EFL.

From what they are saying, the new owners took over 4 weeks ago having passed the EFL tests, including providing evidence of funding for the proscribed period (2 years or whatever it is). 4 weeks later they've put the club into admin citing the loss of income from Covid 19.

So where's the money that they "proved" they had to the EFL? Their excuse makes absolutely zero sense. What a shambles.

Maybe the EFL employed the same auditors from EY who didn't bother checking that $1.9bn in Wirecard's accounts actually existed (one for the geeks there).

just because they've shown they had funding does not mean they have to deposit that funding. as rules are, EFL cant force them to put money into the club.

 

[Cheshire Cat]

According this bloke on twitter there could be a force majeure clause (but what does he know eh.... )

[tweet]1278302772639735809[/tweet]

He's a DULLARD. He knows nothing.

 

[vagabond]

Well, joking aside I’m very sorry to hear this news today. It wasn’t so long ago they were in the Prem, and got to the FA cup final under Martinez.

Just a reminder this can happen to anyone. I hope there’s a way to save clubs like this in trouble.

 

[Sheebo]

I'm no financial expert, but I imagine that could be open to abuse, ie a club forces itself into administration in order to reduce their debts, and then come out the other side in better shape.

Hasn't that been done before?

There are a few cheats who have reformed under a new franchise and kept their place in the league despite cheating. Can’t remember their names though?

 

[LlcoolJ]

just because they've shown they had funding does not mean they have to deposit that funding. as rules are, EFL cant force them to put money into the club.

In which case, what point is there in the rules.

"Oh hi EFL, I want to buy shit club and make them champions of Europe. I got lot of cash!"

"Yes Mr Thaksin Lotofcashdodgycunt that sounds great. Where's the cash?"

"No problem EFL! I got big satchel of cash here and some printouts from my Singapore account showing me as billionaire. Ok?!"

"Perfect. Leave us the satchel and make sure you don't asset strip the club ok?"

"OK! Thank you EFL!"

In the taxi.....

"Oh man! I can't believe they fell for that one again! Let's get some champagne in......."

 

[portlock seagull]

Well, joking aside I’m very sorry to hear this news today. It wasn’t so long ago they were in the Prem, and got to the FA cup final under Martinez.

Just a reminder this can happen to anyone. I hope there’s a way to save clubs like this in trouble.

It is but they’re still a cow shed team in my eyes, until you’ve watched Andy Kennedy score during a snow storm at Springfield Park it’s hard to understand why. But I think this is about way more than saving a club now. Football is about to suffer a cardiac arrest, like some morbidly obese person who just couldn’t stop eating junk food despite all the warnings. The sport that eat itself. Couldn’t get it’s act together. Couldn’t share. Collaborate. So the cull begins. Can’t say it wasn’t warned. Thank heavens we have Tony when the music stopped.

 

[Swansman]

I fear this will be the first of many...

Definitely. Almost all of the teams still have a theoretical chance of reaching the PL playoffs, but once those spots are decided it's going to be a wave of clubs going into administration or similar.

I.e. Swansea will go the same route once all PL hope is over. They couldnt pay the wages in March and solved it with a "we pay you in the fall instead" solution.

Just weeks before the coronashit came around their CEO Trevor Birch said this:

"To put our revenue decline in context, for the year ending July 31, 2018, we had a total turnover of £126.8m.

"Next season (2020-21) that will drop to just shy of £30m, and when the parachute payments cease for season 2021-22 then turnover drops to approximately £17m if we are not promoted. That's a drop of nearly £110m."

As they have a) owners who have said they're not going to invest a single penny and b) wages of around £30m, they are obviously royally ****ed now.

Even if I think Swansea are among the worst cases, there surely will be plenty more.

 

[Easy 10]

How much is Whelan to blame ? He was lauded as a hero, took them to the prem and Wembley but once he had his fun sold them and without him pumping cash in their fate was somewhat inevitable. He's not been underhanded but Wigans status is his vision, the stadium still bears his initials and their current plight is his legacy even if he isn't the owner anymore

Wow. To blame ? His legacy was taking a tinpot lower league club without a pot to piss in and a shit ground, investing heavily, sorting a new stadium and guiding them from the arse end of the noddy divisions all the way up to the Premier League - sound familiar ? THATS his legacy, not their current plight. Oh, and they won the FA Cup under his stewardship as well.

To hold Whelan responsible for this current shitstorm is akin to blaming Esther Rantzen for the invasion of Iraq.

 

[BadFish]

I'm no financial expert, but I imagine that could be open to abuse, ie a club forces itself into administration in order to reduce their debts, and then come out the other side in better shape.

true enough.

you would have to be pretty scummy to take advantage like that though.

Palace for the three peat?

 

[keaton]

Wow. To blame ? His legacy was taking a tinpot lower league club without a pot to piss in and a shit ground, investing heavily, sorting a new stadium and guiding them from the arse end of the noddy divisions all the way up to the Premier League - sound familiar ? THATS his legacy, not their current plight. Oh, and they won the FA Cup under his stewardship as well.

To hold Whelan responsible for this current shitstorm is akin to blaming Esther Rantzen for the invasion of Iraq.

I don't think anyone said it was completely his fault but I think he's partially responsible on some level.
He did lead them to great things. But he was the one committing to deals that meant they were losing money every year when he sold them to a overseas casino company with no interest in football

 

[Goldstone1976]

...blaming Esther Rantzen for the invasion of Iraq.

I never did trust her and her over-sized teeth. Doesn’t surprise me one jot that she’s responsible for that debacle too.

 

[El Presidente]

IEC bought Wigan in November 2018 from Dave Whelan. IEC are a listed company in Hong Kong but their background is casinos and hotels in the Philippines.

A year later they made it clear they were selling the club as ‘results were poorer than expected’ which seemed a rapid conclusion even by the short term frame in which football operates.

IEC sold Wigan to Next Leader Fund a month ago. At the time Stanley Choi appeared to have a controlling interest in NLF but this changed on 24 June, with Au Yeung was named as controller.

Since NLF bought Wigan no monies put into the club (which was losing £9m a year) and the debts were stacking up, including an unusual loan to Choi at up to 20% interest per year.

It makes no sense to put the club into admin four weeks before the season end when Wigan had an excellent chance of staying in the Championship (and the extra money that brings) compared to a 12 point penalty that if applied this season could get them relegated to L1 which has no guarantee of restarting.

The administration has nothing to do with COVID-19, and everything to do with Choi and Au Yeung’s relationship. Where they met and what happened there is the explanation for Wigan’s demise, but can’t say more than that unfortunately. Follow the money though and there’s your answer.

There are some parallels with the Charlton debacle over the last six months, and remember Bury Football Club Limited are still owned by Steve Dale.

 

[AmexRuislip]

I never did trust her and her over-sized teeth. Doesn’t surprise me one jot that she’s responsible for that debacle too.

That's Life

 

[Perfidious Albion]

Where does that leave our own Leon Balogun? He went there on loan ,but has that been made permanent? If so

 

[schmunk]

Where does that leave our own Leon Balogun? He went there on loan ,but has that been made permanent? If so

He transferred, but only a short-term contract.

https://wiganathletic.com/news/2020/june/Update-Wigan-Athletic-Player-Contracts/

 

[Joey Jo Jo Jr. Shabadoo]

Where does that leave our own Leon Balogun? He went there on loan ,but has that been made permanent? If so

He's only joined them for the remained of the season after his loan deal with Wigan and contract with us expired. He'll be a free agent again in a few weeks time.

 

[AlastairWatts]

IEC bought Wigan in November 2018 from Dave Whelan. IEC are a listed company in Hong Kong but their background is casinos and hotels in the Philippines.

A year later they made it clear they were selling the club as ‘results were poorer than expected’ which seemed a rapid conclusion even by the short term frame in which football operates.

IEC sold Wigan to Next Leader Fund a month ago. At the time Stanley Choi appeared to have a controlling interest in NLF but this changed on 24 June, with Au Yeung was named as controller.

Since NLF bought Wigan no monies put into the club (which was losing £9m a year) and the debts were stacking up, including an unusual loan to Choi at up to 20% interest per year.

It makes no sense to put the club into admin four weeks before the season end when Wigan had an excellent chance of staying in the Championship (and the extra money that brings) compared to a 12 point penalty that if applied this season could get them relegated to L1 which has no guarantee of restarting.

The administration has nothing to do with COVID-19, and everything to do with Choi and Au Yeung’s relationship. Where they met and what happened there is the explanation for Wigan’s demise, but can’t say more than that unfortunately. Follow the money though and there’s your answer.

There are some parallels with the Charlton debacle over the last six months, and remember Bury Football Club Limited are still owned by Steve Dale.

Brilliant analysis. Dodgy foreign asset strippers. If you read Geoff Knight's book you'll remember that the then Football League demanded all sorts of deposits in the Gillingham era. But they didn't bother with this bunch. I do hope that they're not all running around in top of the range Jaguars now. Something is rotten with all this

 

[Driver8]

IEC bought Wigan in November 2018 from Dave Whelan. IEC are a listed company in Hong Kong but their background is casinos and hotels in the Philippines.

A year later they made it clear they were selling the club as ‘results were poorer than expected’ which seemed a rapid conclusion even by the short term frame in which football operates.

IEC sold Wigan to Next Leader Fund a month ago. At the time Stanley Choi appeared to have a controlling interest in NLF but this changed on 24 June, with Au Yeung was named as controller.

Since NLF bought Wigan no monies put into the club (which was losing £9m a year) and the debts were stacking up, including an unusual loan to Choi at up to 20% interest per year.

It makes no sense to put the club into admin four weeks before the season end when Wigan had an excellent chance of staying in the Championship (and the extra money that brings) compared to a 12 point penalty that if applied this season could get them relegated to L1 which has no guarantee of restarting.

The administration has nothing to do with COVID-19, and everything to do with Choi and Au Yeung’s relationship. Where they met and what happened there is the explanation for Wigan’s demise, but can’t say more than that unfortunately. Follow the money though and there’s your answer.

There are some parallels with the Charlton debacle over the last six months, and remember Bury Football Club Limited are still owned by Steve Dale.

What are your thoughts on Krasner’s involvement? There always seems to be something shady going on when he is around.

 

[warmleyseagull]

Nice one for Nathan. One down, 2 to go.

 

[keaton]

https://www.theguardian.com/footbal...ed-into-administration-au-yeung-investigation

As El Pres says dodgy as ..