Preferred Bidder can be named today | Page 20 | Vital Football

Preferred Bidder can be named today

Stetic

Vital Youth Team
Listened to the radio on Monday and the administrator said the first preffered bidder was still there. Only no bidders had put up the 100 grand they want to start the takeover process.
 

Hampton

Vital 1st Team Regular
Having raised hopes over the appeal only to end up burning 500k personally I am taking anything the admins say from here on in with a huge pinch of salt.
It shouldn't be forgotten who appointed them and that their daily fee rate keeps rolling until there is a conclusion one way or the other. It's not in the admins interest to close a deal quickly. Most admins run until a minute before liquidation- we are in for a stressful period for sure.
There are of course legal rules applicable in the administrators rule book but as with the EFL they can be open to interpretation.
Don't think for a second that these men have the club or supporters best interests at heart or even as a priority.
 

Hampton

Vital 1st Team Regular
Krasner on BBC
"More sales inevitable" to pay July (thought that was sorted) and August wages (much reduced wage bill with Cook, all the OoC players, the academy starlets and most staff gone !
"More difficult than Leeds in 2004" so was he bullshiting previously or now ?
I sniff a family of rats at work !
If we have c 18 players left contracted on av12k pw each = c£865k wages per month Taking wages to be 80% of overall costs call it £1m per month
So a sale of 3 players - Robinson, Lowe and Moore at 1.5m each as mooted - plus Gelhardt at £1m would keep us afloat for c5months.
Assuming of course the loan interest payments to the far east wankers or other outgoings not made public are not due or paid.....!
Some transparency needed quickly here as we seemed to be being mugged again here.
 

Hampton

Vital 1st Team Regular
Also - which complete idiot on the former UK club board agreed to allow players to be signed with relegation release clauses at a value less than was paid for them ?
Where is the financial sense in that ?
Where is the player motivation
Where is the relegation wage reduction on the counter (not been mentioned)
 

moonay

Vital Champions League
Hampton, I agree with your point re the release clause value (if that's correct), but who says that there's no wage reduction for relegation.

I'm not saying there is .............. I'm just not assuming there isn't, like you appear to be.
 

C_Latic

Vital Squad Member
He’s right though, this is worse than Leeds 2004. We’ve got no choice at this point. Anything of any value whether it’s players or facilities, have to go. We have no choice!
 

FrancosLoveChild

Vital Football Hero
Well, its time for the bidders to show their money or walk away because they are just wasting precious time otherwise, completely understanding the admin cutting the wage bill and possibly selling estate assets, they have to make Wigan sustain by itself in the league we are in. If the bidders are not happy with what is being sold or assets being flogged, then they had the chance to buy them for weeks. Looks really dire, really really dire. Really need to see movement by the end of the week to stand a chance of starting the league with a squad to keep us above the relegation zone by January.
 

Hampton

Vital 1st Team Regular
Hampton, I agree with your point re the release clause value (if that's correct), but who says that there's no wage reduction for relegation.

I'm not saying there is .............. I'm just not assuming there isn't, like you appear to be.
Not assuming at all just questioning why this has not been mentioned - the admins should detail both sides not just the down sides in our current predicament IMO
 

Hampton

Vital 1st Team Regular
He’s right though, this is worse than Leeds 2004. We’ve got no choice at this point. Anything of any value whether it’s players or facilities, have to go. We have no choice!
Why when (alledgedly) a number of potential new owners remain engaged.
Keep afloat in the interim by selling of course, en masse - no need right now - unless we are not being told the truth !
 

Hampton

Vital 1st Team Regular
He’s right though, this is worse than Leeds 2004. We’ve got no choice at this point. Anything of any value whether it’s players or facilities, have to go. We have no choice!
With the ownership of the stadium, 2 training grounds and sealable player assets we are absolutely not in the same position as Leeds who owned nothing at the time - they have of course re-purchased Elland Rd and Thorpe Arch.
 

Hampton

Vital 1st Team Regular
“Engaged”. Fact is, no one has put up the cash. Until they do we’re up shit creek. End of story!
Yes "engaged" in the process as advised by the admins.
We may be up shit creek but we don't need to throw all the paddles in the water and take an axe to the bottom of the boat all in one go here - the more assets lost the lower price the club is worth if on sale the funds don't cover 25p to the (as of now unconfirmed creditors list) then more points deducted by our friends at the EFL. They may well have to go over time but not immediately as rthat would be akin to self inflicted liquidation - unless of course that's the admins brief 🤔
 

Wlatic

Vital Reserves Team
The only reason this will be taking so long, and what the administrators are not telling us is its in relation to the loan provided by EIC / NLF / what ever else they decided to call themselves.

So say someone agrees to pay our footballing debts (6m) and also 25p on the pound for our none secured debts with what the administrators tell them and then a few months later EIC/ NLF decide they want their money or it goes to court.

Not only would it mean the new owners are liable for up to 25m, that we as a club could be deducted 15 points for it! We know for sure the EFL will not help us and I believe this alone is what is stopping anyone giving the 100k and actually buying us.
 

Zeb2

Vital Reserves Team
Yes but what the administrators HAVE told us is that there is no loan secured against the club.

Now I’m sure they aren’t (indeed can’t) telling us everything but they themselves are under legal obligations and it would look very bad on them if they’ve made a very public statement about there being no loan in force ....if in fact there is ?
 

SwindonLatic

Vital Squad Member
The only reason this will be taking so long, and what the administrators are not telling us is its in relation to the loan provided by EIC / NLF / what ever else they decided to call themselves.

So say someone agrees to pay our footballing debts (6m) and also 25p on the pound for our none secured debts with what the administrators tell them and then a few months later EIC/ NLF decide they want their money or it goes to court.

Not only would it mean the new owners are liable for up to 25m, that we as a club could be deducted 15 points for it! We know for sure the EFL will not help us and I believe this alone is what is stopping anyone giving the 100k and actually buying us.
You make a good point because I’ve not seen anyone ask the question of the Admin about the alleged loan. How much of any sale is going back to the two people who caused this mess? However, if the loan was that much of an issue I would expect it to scare off most potential buyers
 

SwindonLatic

Vital Squad Member
Yes but what the administrators HAVE told us is that there is no loan secured against the club.

Now I’m sure they aren’t (indeed can’t) telling us everything but they themselves are under legal obligations and it would look very bad on them if they’ve made a very public statement about there being no loan in force ....if in fact there is ?
I think they mentioned in an initial presser they couldn’t find evidence of the loan but we haven’t heard much since. There are so many shady elements of what has gone, it would be nice to find out the detail. Perhaps young Mr Whittle could invite Stanley and his chum to join one of his podcasts?
 

jeffs right

Vital 1st Team Regular
He’s right though, this is worse than Leeds 2004. We’ve got no choice at this point. Anything of any value whether it’s players or facilities, have to go. We have no choice!
Course it is and like Bolton last year Leeds would never be set adrift. Again Leeds are not Wigan, Bury or Macc.