king_dezeeuw06
Vital Champions League
Your absolutely bob on Bicky. Congratulations – you have won this weeks 'most incisive comment' award. Unfortunately we only have Ferraris in red but I could lend you a paint brush... and blue emulsion.
SO Deep breath... here we go.. no going to sleep..
As a listed company, IEC accounts were readily available. Me and others checked them out in circa May 2019 and saw that they were a small loss making company with not a lot of cash. If Dave was providing due diligence and care as a seller, he would have seen the same.
But also and detrimental to the club; Dave agreed to the hybrid leveraged scheme 'Working Capita Loans' which created a massive financial burden on the club which we could never hope to relieve ourselves from and in the long term fatal.
The facts. DW and or family or trust received circa £22 million. Dr Choi states IEC only paid £15.9m
Here is the relevant bit of contract agreement.
The capital commitment for the Acquisition is the aggregate of:
(a) £15,900,000 and
(b) the Working Capital Loans (in any event not exceeding £6,475,000)
Explantation: The two protagonists agreed that all the normal working capital paid by DW between May 18 and Nov 18 would be provided as a loan to the club. Then upon completion the club would repay that loan to DW by way of a loan from IEC to the club. So as a result the debt fell upon the club. No different than Glaziers did with Man Utd. Only difference is, they are profitable and generate a lorra cash, we don't!
Further more; Dr Choi stated in his letter to his shareholders and the HK stock market, that the purchase of our club would generate revenue for IEC. (I had to red that several times). Obviously, Choi would have seen our accounts and noted we were serial loss making. This can mean only one thing; he planned to sell our assets – no other explanation. There is another but not plausible – getting into premier league which Choi in fact, did mention. But that can only be speculation. When was last time a club went from L1 to Prem in a season? DW would have been aware of this too if he'd as been as wary and concerned as me and others.
The killer blow to me was when a a BBC mon asked DW if IEC had the financial resources; he hesitated and grinned and said, 'they're enthusiastic'. I've known Dave for over 25 years, this spoke volumes to me. I was totally convinced our future was in jeopardy. I recall after the IEC MD said we were on our way to the Premier League, I wrote on this forum, 'he missed out the word 'northern'.
I wrote a warning letter to Jonathan White SCMP in Oct 2018 with a lorra above in it. But it never used, it got 'lost' within their offices. If you wanna see a copy let me know and I'll PM copy you.
If things go tits up for us I'm going to write a book; Who killed Wigan Athletic?
With pictures of DW, Choi, Darren and Rick. No Au Yueng – he's a stooge but probably £50 k better off in his apartment in HK.
In late May I wrote a 6 page essay titled 'The end of the pier for Wigan Athletic?' I sub headed it;
''For the fans of Wigan Athletic and footy fans in UK this is a damning and frightening story of contradictions, dishonesty, complex finance, betrayal and incompetence''. (Sounds about right now).
Great analysis after another needless dig at the start towards a fellow poster. Why be like that?