Wigan Administrator's Press Conference

Discussion in 'Bulletin Board' started by reytfan, Aug 27, 2020.

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  1. rey

    reytfan Well-Known Member

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    Just been watching a bit of this,this morning.
    Administrators said that when Whelan owned the club he was pumping in £800k a month
    ie. just under £10M per year to keep them afloat. So that's what a well run club looks like!

    Think I'd rather stick with our business model
     
    reytfan, Aug 27, 2020
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  2. Bak

    Baka Well-Known Member

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    They sold Moore for £1.85million, £1.5million of which is ours.

    And the bloke they sold last night for £800,000, they owe Portsmouth all but fifty grand of that.
     
    Baka, Aug 27, 2020
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  3. sel

    selby Well-Known Member

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    Exactly why I'm puzzled when our fans complain we aren't spending millions we can never cover...
     
    selby, Aug 27, 2020
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  4. Skinner

    Skinner Well-Known Member

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    Still be our fault.....
     
    Skinner, Aug 27, 2020
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  5. BarnsleyReds

    BarnsleyReds Well-Known Member

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    The sales were to remove the debt they owe to other clubs though and to get them off the wage bill, so the sales did what they were supposed to.
     
    BarnsleyReds, Aug 27, 2020
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  6. ley

    leythtyke Well-Known Member

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    I think they're moving on from us, and back to Wigan RL, and Ian Lenighan in particular.

    Apparently they had one bidder that came in with a high offer, on the condition that they are a championship club. Probably explains why they insisted on appealing, despite limited grounds. Which I think they said to today cost several hundred thousand.
     
    leythtyke, Aug 27, 2020
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  7. Tyke_67

    Tyke_67 Well-Known Member

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    I read somewhere that the bill for their Administrators was in excess of £1M. After the cost of the appeal at 500k. Scandalous
     
    Tyke_67, Aug 27, 2020
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  8. ronnieGlavinsB@stardSon

    ronnieGlavinsB@stardSon Well-Known Member

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    Managing expectations?

    "I must be honest and I'm talking to the fans. If none of the bids, including the supporters, do come to fruition, we do run out of options," he added.

    "At that stage we would have to seriously consider whether the club has a future and whether we should just sell the properties and put the club into liquidation."

    Link
     
    ronnieGlavinsB@stardSon, Aug 27, 2020
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  9. Gordon Owen

    Gordon Owen Well-Known Member

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    Have they mentioned a US consortium being led by Ganaye?
     
    Gordon Owen, Aug 27, 2020
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  10. Old Goat

    Old Goat Well-Known Member

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    Old Goat, Aug 27, 2020
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  11. Dan

    DannyWilsonLovechild Well-Known Member

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    Such a dreadful administrator. He shouldn't be saying anything about the potential bidders, where they are from or the point they are at. Such a shocking lack of professionalism.

    I can really see Wigan going completely, and expect most of their players will be gone by the time the deadline comes and goes. Such a mess. even if they are saved at the death, what have they left and who wants to fund that?
     
    DannyWilsonLovechild, Aug 27, 2020
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  12. ley

    leythtyke Well-Known Member

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    I think that is just the reality of the situation. There were some positive noises from the press conference. All football creditors will be paid up once the Robinson transfer fee goes through. Four interested parties currently doing their due diligence. If all of those decide they don't want to buy the club, then looking at selling the stadium and training ground and seeing if anybody will buy the club for a pound and take on it's costs.
     
    leythtyke, Aug 27, 2020
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  13. Donny Red

    Donny Red Well-Known Member

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    The Wigan model under Dave Whelan was totally unsustainable and he rightly got out
    when he handed it over when he did. As others have said, thank goodness our Board
    have decided to make our Club self sufficient. The last thing we want is to re-visit the
    dark days of 2002, when following the collapse of ITV digital, our custodians at that time
    reluctantly put the Club into administration.

    The daily worry over whether we would have a Club to support was debilitating and the
    actions of the so called consortium headed up by the brother of David Moyes, the internal
    strife when Peter Doyle took the reins , only added to that anxiety until Patrick thankfully
    stepped forward as the owner of last resort.
     
    Donny Red, Aug 27, 2020
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  14. Farnham_Red

    Farnham_Red Administrator Staff Member Admin

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    All of this makes their appeal look particularly inadvised. The club is in severe financial trouble and in real danger of liquidation the 500k could have been used much more wisely to discharge some of the debts. I think their only hope is to offload all their players on salaries above £2K per week and hope they can find some one to take on the club once its stopped losing 800K per month expect back to back relegations but hope to stablise in the 4th tier and rebuild from there
     
    Farnham_Red, Aug 27, 2020
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  15. Arc

    Archerfield Well-Known Member

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    Dave Whelan was the architect of the collapse. The problem was that when he stopped putting the cash in it proved impossible to find another willing owner to bank roll the club.

    Many clubs are run in similar fashion, the issues only arise when the benefactor’s money runs out or they lose interest.
     
    Archerfield, Aug 27, 2020
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  16. Abruzzo Red

    Abruzzo Red Well-Known Member

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    Oh dear.........
     
    Abruzzo Red, Aug 27, 2020
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  17. Farnham_Red

    Farnham_Red Administrator Staff Member Admin

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    Well they have had enough time to buy the club - do they seriously expect to play in League 1 with a salary bill of over £15 million per year if they really do they had better put their hand in their pockets and fast
     
    Farnham_Red, Aug 27, 2020
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  18. Donny Red

    Donny Red Well-Known Member

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    Is there any way that we will get what they owe us for Kieffer or like all other creditors do
    we have to take our place in the queue, if in the worst case scenario, a credible buyer
    can't be found and they face a winding up order. ?

    As a prospective new owner , must say I wouldn't be too enamoured with the amount of debt
    that has to be cleared to meet the EFL's fit and proper threshold. The future looks bleak for the
    Club, but you have to say it's self inflicted and therefore doesn't deserve much sympathy.
     
    Donny Red, Aug 27, 2020
    #18
  19. Old Goat

    Old Goat Well-Known Member

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    Hopefully we will get what we're owed, but it's beyond madness. They're now selling players that they couldn't afford to buy in the first place, in order to pay for the players that they couldn't afford to buy. o_O
     
    Old Goat, Aug 27, 2020
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  20. Dan

    DannyWilsonLovechild Well-Known Member

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    If a buyer can't be found, they will be liquidated. And the deadline seems to be 31st August to allow time to give assurance to the EFL that it can fulfil their fixtures.

    If they are liquidated, I would expect we'll be high as a preferential football creditor. Sadly, its the non football related businesses who need payment most who will likely be the ones who are shafted.
     
    DannyWilsonLovechild, Aug 27, 2020
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