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EgyptianPete

[Archived] Wigan, no money?

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Whats all the hue ha with wigan saying they have no money to pay the players (from Nixon tweets) and they may be bought by a chinese group so they can have a new pitch, this is after what three weeks when the boy chairman gave chip on shoulder a new 3yr contract. i only ask as i am away most weeks and i get my info from this forum.

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Wouldn’t trust anything Nicko says - he said they had no money at all for renewing contracts the day they renewed a contract for their backup keeper 

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Thanks guys,lets hope you know who traps up. Maybe chip on shoulder will get his comeuppance once the season starts. Chinese like big names cant see him fitting the bill.

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The potential new owners, IEC, have provided working capital to enable the club to continue to pay bills during the takeover process. They are paying £15.9 million for the club, but it appears about £500,000 of that has already been provided as 'working capital'.

Wigan also have a bank debt with Barclays of about £4 million.

From the outside looking in it seems to be an odd one. Whelan has clearly reached the end of the line in terms of his funding and is keen to pass them on, and I imagine there aren't many people queuing up to buy a club like Wigan even at the relatively cheap rate of £15.9 million with minimal external debt.

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15-20 million for a recent 3rd division club.

What did the Walkers sell their Premier League club, also with minimal debt, plus Brockhall for again?

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Hmmm   15-20 million well a lot of that could be raked back in sharpish by selling a couple of their best players.

Rovers 23 million - Phil Jones, Samba, Kalanic in first 12 months or so - Club paid for on paper at least and Barclays 10 million owed squared off ?

Oh some nice commissions on those and the rubbish coming in as well for the family friends.

 

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That just sums up the greed, paranoia and stupidity of the Walker family. They are the very definition of pigs at the trough. Obviously they were paranoid despite Williams being incapable of getting a club relegated. 🙄

Something does seem a little suspicious about this. Sounds more like the family are pushing it through (taking advantage of Whelan's alleged issues) and cutting off any short term funding. Or maybe I'm just taking experiences with the Walker family influenced trust into account too much. Not everyone is like them. Of course Whelan noted that he was open to a sale (when he disgracefully said Jack "saddled" the Walker family with the club when he actually left it to what was supposed to be an unbiased trust) but unless there's financial issues not sure he would cut off everything altogether. 

In a way that does make sense as what's the point of spending more when a takeover is imminent? By the way Nixon said it was out of contract players they aren't spending money on. Not sure he said anything about general bills, etc.

Why are people reacting with suspicion to this group hiring some UK based individuals? Some owners are very much "hands off" look at how Davies operated with Bolton Wanderers. Seems pretty logical to me particularly when the group seem involved in non football investments as well. People on here are paranoid about everything (of course people should be careful who they appoint but there's suspicion over completely logical things) but don't assume all owners are as clueless as Venkys were (and probably still are)

Hopefully they won't be FUP supporting hypocrites. Besides that I don't care what they do. I'm not bothered about Cook either anything he's said pales in comparison to Whelan's actions. 

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I was just asking the question Vinjay, no paranoia from me at all, as long as we get six points off the pie eaters i don't care or give a hoot who owns them.  

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4 hours ago, JHRover said:

The potential new owners, IEC, have provided working capital to enable the club to continue to pay bills during the takeover process. They are paying £15.9 million for the club, but it appears about £500,000 of that has already been provided as 'working capital'.

Wigan also have a bank debt with Barclays of about £4 million.

From the outside looking in it seems to be an odd one. Whelan has clearly reached the end of the line in terms of his funding and is keen to pass them on, and I imagine there aren't many people queuing up to buy a club like Wigan even at the relatively cheap rate of £15.9 million with minimal external debt.

They’re buying the club. Euxton training base, Charnock Richard land for new academy and DW Stadium still remain with Whelan through a Jersey based trust fund.

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3 hours ago, tomphil said:

Hmmm   15-20 million well a lot of that could be raked back in sharpish by selling a couple of their best players.

Rovers 23 million - Phil Jones, Samba, Kalanic in first 12 months or so - Club paid for on paper at least and Barclays 10 million owed squared off ?

Oh some nice commissions on those and the rubbish coming in as well for the family friends.

 

They didn’t square Barclays at all, they defaulted on the agreement put in place prior to takeover and SBOI took the debt. Players sold paid wages.

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34 minutes ago, Scotland1 said:

They didn’t square Barclays at all, they defaulted on the agreement put in place prior to takeover and SBOI took the debt. Players sold paid wages.

Doesn't surprise me in the slightest and didn't they transfer the original debt off the clubs books and onto VLL instead of paying it off initially before running up another ten mill overdraft or something ?

Tell me this though if player sales right from Phil Jones early in their reign paid wages what happened to the Premier League income and why did a ten million debt with Barclays get run up again so quick, if that was the case I wonder ?  😯

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45 minutes ago, tomphil said:

Doesn't surprise me in the slightest and didn't they transfer the original debt off the clubs books and onto VLL instead of paying it off initially before running up another ten mill overdraft or something ?

Tell me this though if player sales right from Phil Jones early in their reign paid wages what happened to the Premier League income and why did a ten million debt with Barclays get run up again so quick, if that was the case I wonder ?  😯

This article probably sheds light http://www.sportingintelligence.com/2011/12/11/blackburn-funding-crisis-what-next-for-rovers-111201/

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1 hour ago, Scotland1 said:

They’re buying the club. Euxton training base, Charnock Richard land for new academy and DW Stadium still remain with Whelan through a Jersey based trust fund.

Absolute rubbish. No mention of this at all. 

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Just now, Vinjay17 said:

Absolute rubbish. No mention of this at all. 

That’s where the assets are currently held, Whelan has recently gone for planning on charnock richard. Suggest you research into it.

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According to this , it reads as if the Stadium is included as part of the negotiations (quotes from D Sharpe, Wigan Chairman)

“After several months of discussions, negotiations and due diligence, we have now agreed, in principle, to transfer the entire shareholdings of Wigan Athletic Holdings Limited, which owns the majority shareholding in the operating companies of Wigan Athletic Football Club and the DW Stadium, to International Entertainment Corporation (IEC), subject to Hong Kong Stock Exchange approval and EFL consent. “An agreement is also proposed for the sale of the property owned by Sharpe Investments (Wigan) Limited adjacent to the DW Stadium, Christopher Park Training Ground and Euxton Training Ground to IEC.

Link


 

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http://www.hkexnews.hk/listedco/listconews/sehk/2018/0521/LTN20180521845.pdf

This should shed more light on it.

The price of the takeover is £15.9 million plus some working capital amounting to a maximum of £6.4 million if it drags on. About £4 million owed to Barclays Bank which is to be paid off upon completion.

There is just over £10 million owed to the Whelan family.

Properties also fall into the equation.

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35 minutes ago, perthblue02 said:

According to this , it reads as if the Stadium is included as part of the negotiations (quotes from D Sharpe, Wigan Chairman)

“After several months of discussions, negotiations and due diligence, we have now agreed, in principle, to transfer the entire shareholdings of Wigan Athletic Holdings Limited, which owns the majority shareholding in the operating companies of Wigan Athletic Football Club and the DW Stadium, to International Entertainment Corporation (IEC), subject to Hong Kong Stock Exchange approval and EFL consent. “An agreement is also proposed for the sale of the property owned by Sharpe Investments (Wigan) Limited adjacent to the DW Stadium, Christopher Park Training Ground and Euxton Training Ground to IEC.

Link


 

Wonder if his grandson was a ploy to avoid the 90 day rule? 

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These club valuations are bizarre. Powell alone must be worth 7million and Greig a few million too.

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13 hours ago, Tom said:

Wouldn’t trust anything Nicko says - he said they had no money at all for renewing contracts the day they renewed a contract for their backup keeper 

Nicko is in with the agents though.

By putting a message out like that he's creating interest for his agent friends clients 🤔

It might not necessarily be wholly true but it generates interest in players, clients players, coaches and managers.

The football industry !

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