Wigan Administrator's Press Conference

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

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  1. Farnham_Red

    Farnham_Red Administrator Staff Member Admin

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    I think we should be OK for getting our cash - there will be enough to clear their current football debts with the players sold as as long as its a football league club we are a preferential creditor.
    I am not confident though as if the club is liquidated I cant see any reason why football creditors would be given any special priority
    Are they going to be able to start the season - if I was the EFL I wouldnt let them unless a buyer comes forwards as there is a realistic prospect they will fold
     
    Farnham_Red, Aug 27, 2020
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  2. Farnham_Red

    Farnham_Red Administrator Staff Member Admin

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    Does the preferential football creditor status still apply if they are liquidated - It was a condition imposed by the EFL to keep a share in the league but if the club is dead that leverage has gone

    I think though there is some insurance from the EFL so we should get our cash eventually
     
    Farnham_Red, Aug 27, 2020
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  3. Old Goat

    Old Goat Well-Known Member

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    That'll be another stick for Wigan fans to beat the EFL with. "We could have found a buyer, if only the EFL hadn't removed us from the fixture list."
     
    Old Goat, Aug 27, 2020
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  4. Dan

    DannyWilsonLovechild Well-Known Member

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    Its a good question and my hope would be that general business law and general insolvency protocols apply. However, there have been comments suggesting sales at present are going towards footballing creditors.

    I believe the secured creditors are HMRC, but I don't know beyond that specifically for a football club. But if all football debts are satisfied from this fire sale while the administrators are trying to keep it as a going concern to obtain a buyer and a league share, I guess if it then liquidates, its a moot point.

    I don't recall hearing of football club debts not being satisfied, but then have we had a club go bust that still had football debts to look at its example?
     
    DannyWilsonLovechild, Aug 27, 2020
    #24
  5. Redhelen

    Redhelen Well-Known Member

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    They seem to think that GG and the "wealthy Americans " will be their saviours but I'm not so sure. Apparently they'd rather buy the club but not the ground.
     
    Redhelen, Aug 27, 2020
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  6. pompey_red

    pompey_red Well-Known Member

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    If Wigan go bust all football creditors join the queue of other creditors. There may be some insurance from the EFL I’m not sure.

    To play on in league one the golden share is only granted to Wigan’s new owners if they agree to pay football creditors. If they don’t off they go to step 10 to start again, same if they do go bust, off to step 10 to start again and all footballers become free agents.
     
    pompey_red, Aug 27, 2020
    #26
  7. Farnham_Red

    Farnham_Red Administrator Staff Member Admin

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    Just had a quick look at their board - some still living in the land of make believe - having a go at the administrators for selling players too cheaply

    "Joe Williams, release clause 2.5m yet we sold for 1.25m. His market value judging by past Championship transfers was around 7-8m. Would have perhaps been higher but for Covid."

    His market value was never more than 2.5m if he had that as a release clause - and its probably something like £100K in wages per month off the outgoings as well.

    Seems a sticking point is the administrators dont want to (or cant) include the ground so its only the club itself for sale
     
    Farnham_Red, Aug 27, 2020
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  8. Farnham_Red

    Farnham_Red Administrator Staff Member Admin

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    Not in recent times Not sure what the situation was at Bury - I dont think any football debts were not paid but they were a slightly different case
     
    Farnham_Red, Aug 27, 2020
    #28
  9. Tyke_67

    Tyke_67 Well-Known Member

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    Is that a joke based on our current predicament? :)
     
    Tyke_67, Aug 27, 2020
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  10. Redhelen

    Redhelen Well-Known Member

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    No, apparently not!!
     
    Redhelen, Aug 27, 2020
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  11. Dan

    DannyWilsonLovechild Well-Known Member

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    It was a really weird case, but I don't recall any mention of other clubs suffering from non payment of transfer fees.
     
    DannyWilsonLovechild, Aug 27, 2020
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  12. Tyke_67

    Tyke_67 Well-Known Member

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    It sounded like it though...:)
     
    Tyke_67, Aug 27, 2020
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  13. Gordon Owen

    Gordon Owen Well-Known Member

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    Gordon Owen, Aug 27, 2020
    #33
  14. Old Goat

    Old Goat Well-Known Member

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    Yeah, it's nice to see some of them taking an interest in lower league matters. This is from another thread:

    "This may have already been mentioned on another thread and I know this has been in place for a few years now, but is anyone else as angry as me about the inclusion of Premier league clubs development teams being involved in the EFL trophy?"
     
    Old Goat, Aug 27, 2020
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  15. Farnham_Red

    Farnham_Red Administrator Staff Member Admin

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    Correction from my statement earlier - I got that completely the wrong way round - apparently at least one potential buyer only wants the club but not the ground ( for reasons that escape me) but the Administrators wont split at this stage
     
    Farnham_Red, Aug 27, 2020
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  16. Old

    Old Gimmer Well-Known Member

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    According to their administrators, the fee for Moore goes to the EFL first, who then distribute it accordingly. So, we get the £1.5m owed from the EFL not Wigan directly. I must admit I’m unsure whether this would change if they went into liquidation though.
     
    Old Gimmer, Aug 27, 2020
    #36
  17. Tyke_67

    Tyke_67 Well-Known Member

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    As Moore was transferred over a week ago, I would hope we'll get our money
     
    Tyke_67, Aug 27, 2020
    #37
  18. pompey_red

    pompey_red Well-Known Member

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    theres been a misconception that the Moore sale pays Barnsley for Moore. As you rightly state the Moore money, along with all the other sales are sent to the EFL and then the EFL distribute it pro rata.

    liquidation means nothing. Unless the EFL Insure against it.
     
    pompey_red, Aug 27, 2020
    #38
  19. Men

    Menai Tyke Well-Known Member

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    Have they though it they haven’t paid what they owe to the Cryne’s?
     
    Menai Tyke, Aug 27, 2020
    #39
  20. Ric

    RichieD Well-Known Member

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    Having a go at Whelan for not piling more of his cash into Wigan is the very definition of ungrateful. Many of their fans are so used to monthly handouts they have forgotten what it's like for the club to stand on its own feet.
     
    RichieD, Aug 27, 2020
    #40
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