Gauthier Ganaye at Wigan..

As long as they aren't breaching FFP....

Well run club, they are/were ....

 

Before it was sold think it was his grandson running it said they were putting £13 million a year in

 

That's my favourite comment towards us in the newest page of posts.

 

Notwithstanding the reported £45M debts, if the football creditors were paid in full and the remainder paid the 25% necessary to avoid further deduction, it looks as though Wigan could be picked up for possibly £15-16M. Possibly less if new owners were prepared to take the further 12 point hit in League One. For that, they would get the stadium (only 20 years old) and facilities. Might that be more attractive than a club that doesn't own it's ground, and therefore can't develop it with a free hand?

 

Choi put in £25.3 million of working capital over the period of his tenure. That's the amount that after some alleged jiggery-pokery is now owed to NLF.

 

Since November 2018. No question they've lived beyond their means since then.

 

168% of turnover spent on wages. Yet they can’t see what caused the issue. Half our fans couldn’t work our how they could triple Moore’s wages despite having less gates than us.

Well it didn’t take a genius to work it out. Actually wanted Wigan to come through this but actually don’t give a toss now. After the reaction of their fans. If they had just accepted relegation and moved on it would have been better for all concerned, thing I try to remember is that they would have reacted in the same way to whatever club had ultimately sent them down.

 

Wigan does not own its own ground. It owns a short leasehold according to the 2019 accounts, and the Net Book Value of that is just £401,024.

When a company goes into administration, that company ceases to be. The assets that the Administrator has not disposed of can be bought from him by Wigan Athletic (2020) ltd, and those assets will form the basis of the new company. The new company that is formed to take over the business (Wigan Athletic (2020) Ltd) will raise Share Capital from its shareholders (Owners) and that share capital needs to be sufficient to also cover working capital. With the money he raises from pre-sale disposal of players etc, plus the sale proceeds of any remaining assets plus goodwill from the new owners, less his costs, the Administrator will attempt to pay as much as he can of creditor balances. In Wigan's case, it will not be much.

 

So who owns the freehold?

 

I do not know for certain, but I think it is their old owner.

 

I know it shouldn't be quoted as a reliable source for anything, but I was going on this statement in Wiki:

At the end of the season it was announced that the Whelan family had agreed a deal to sell the club, stadium and training facilities to the Hong Kong based International Entertainment Corporation (IEC) in a £22m deal. On 2 November 2018 IEC received shareholder approval to complete the acquisition of the football club, bringing to an end the 23 years of Whelan family ownership.

Maybe the land didn't form part of the final deal?

 

Sorry, I do not know about that lot. I simply quoted from the 2019 accounts at Companies House

https://beta.companieshouse.gov.uk/company/00270043/filing-history

 

Future movie plot: Chien Lee falls out with the Cryne family, walks out on Barnsley who drop down the leagues, buys Wigan, invest billions, they win the Champions League in 2025
Movie title: Wigan’s Revenge
Starring Michael Gambon as the ghost of Dave Whelan, Bernard Hill as the ghost of Patrick Cryne, Brad Pitt as Billy Beane, Val Kilmer as Paul Conway, Dickie Bird as himself

 

I'll have some of what you're smoking!!

 

Maybe he was checking the possibility of buying the stadium to have it moved down the M62

 

It made them ripe for exploitation. The pump prime funding kept them solvent but as soon as the tap was turned off then they were pretty much insolvent. If the debts of 40 odd million are correct I can’t see anyone taking them on.

 

With today's bombshell ..on Crynes V Conway and co...maybe we are about to see a mystery investor playing for control of Barnsley and Conway and co are thinking of selling up and see Wigan as the next place to pitch camp....especially if they can get their hands on Wigan's ground especially on the cheap....
25p in the pound...on debts.too...they'd be quid in reality....and no doubt fits their plan....re returns on investment
Makes sense in their long term investment strategy

 

Randy Frankel and Michael Kalt are part of Partners Path Capital who are in the KV Oostende consortium.