What’s going on?
- Thread starter Th10
- Start date
Come on Wigan
Vital Reserves Team
Leave the 12 points alone
Arthur_Itis
Vital Squad Member
Some nice words from Kevin McNaughton:
“If I was to say anything about any club, the way they were doing things the right way, it was Wigan,” said McNaughton, the former Aberdeen and Scotland defender. “They were spot on.
“It was run like a family club, with the chairman investing his own money in it. I loved my time there purely because the way things were off the pitch.
“The staff were all integrated with the players. It was a compact training facility so you were mingling every day. I was only there a year but it was a really tight-knit club.”
https://www.pressandjournal.co.uk/fp/sport/football/2327207/2327207/
“If I was to say anything about any club, the way they were doing things the right way, it was Wigan,” said McNaughton, the former Aberdeen and Scotland defender. “They were spot on.
“It was run like a family club, with the chairman investing his own money in it. I loved my time there purely because the way things were off the pitch.
“The staff were all integrated with the players. It was a compact training facility so you were mingling every day. I was only there a year but it was a really tight-knit club.”
https://www.pressandjournal.co.uk/fp/sport/football/2327207/2327207/
Captain Kernow
Vital Youth Team
Massive 48hours in our history inbound.
Wouldn't put it past the EFL to really drag their heels with the due diligence though out of spite.
Wouldn't put it past the EFL to really drag their heels with the due diligence though out of spite.
GSM
Vital Reserves Team
Not sure they've got the mental capacity for spite. If anything, it'll be out of sheer incompetence
moonay
Vital Football Legend
The thread title asks "What's going on?".
This piece (the first of a few to come I think) helps to provide (not necessarily "answers") but at least a little clarity on some issues.
https://thepieatnight.co.uk/how-did-we-get-here-part-one-in-a-series
This piece (the first of a few to come I think) helps to provide (not necessarily "answers") but at least a little clarity on some issues.
https://thepieatnight.co.uk/how-did-we-get-here-part-one-in-a-series
Pity the author's 'theory' is completely flawed;
'IEC originally bought the club using cash, then issued shares'. WRONG – No shares issued
'They then sold to NLF, transferring cash back (initial outlay) to IEC who are now clean, as an entity, not withstanding Stanley Choi having his mucky paws all over both'. GOBBLEDYGOOK
'NLF then sought to recover their investment by enforcing a loan on to Wigan Athletic both to get back their (or rather Stanley’s) initial outlay with hefty interest on top' WRONG Loan agreement is between IEC and the club.
'Effectively, this is similar to the sort of leveraged buyout the Glazers did with United'. UTTER GARBAGE - Glaziers borrowed from banks, PIKs, Bonds secured upon their vast assets and profits. Wigan made losses and nobody lends on losses!
'Buy a club with cash, then convert that cash to a loan, to be repaid at extortionate rates' MORE GARBAGE - never happened!
'The loan has to be repaid by the club and repaid to the club’s holding company, who is also the majority shareholder i.e. the owner of said club'. WRONG Loan agreement is between IEC and the club.
jocklatic
Vital 1st Team Regular
I read the 'how did we get here part 1' - would def recommend to everyone, it's not too long, a good read, well written& very much in layman's terms about how he thinks we got to our current plight.
Arthur_Itis
Vital Squad Member
I've also read Jimmy's exceptionally well written piece and have to say his"opinions" mirrored my suspicions of what went on. It may not be "technically" accurate in terms of fiscal transactions etc (I've no idea) but it sounds about right to me in terms of intent and human nature, and I subscribe to Jimmy's opinion despite pies r us' rather bombastic response.
moonay
Vital Football Legend
Forgive me for saying Pies, but you don't half come across as an angry man/woman.
Just to pick up your first point re shares......... I'm sure I've seen that when NLF bought is from IEC, that Choi was majority shareholder with 65% to AU Yeung's 25%. Choi subsequently transferred/sold his (some, most, all?) to Au Yeung to make him majority shareholder instead................ and Au Yeung then promptly wanted rid of us.
As for the loan agreement being between IEC and "the club", I thought that this had been dismissed by the Administrators, who said that there is no evidence of any money being loaned to "the club", regardless of what the loan agreement says.
All that said, if you'd like to put him straight on anything, (in order that he can obviously be more accurate going forward), then I'm sure he'd welcome any guidance you can offer. Twitter ....... @mudhutter, or @pieatnight_WAFC
TRUE BELIEVER
Vital Football Hero
No due diligence required in this case Capt.
When the new owners are announced it becomes a new company and they won't need due diligence as there will be no carry over from the previous company.
I think what you are referring to is the famed "fit and proper Directors test", which we all know can be passed by a six year old waving monopoly money around.
TRUE BELIEVER
Vital Football Hero
Effectively, this is similar to the sort of leveraged buyout the Glazers did with United'. UTTER GARBAGE - Glaziers borrowed from banks, PIKs, Bonds secured upon their vast assets and profits. Wigan made losses and nobody lends on losses!
The only utter garbage is that the Glazers did use an LBO ( leveraged buy out) to acquire Man Utd. Their loans were secured on the assets of Man Utd and are in fact being paid for by the Club, as per its Company Accounts, and not on any of the properties owned by the Glazers, who's properties were already mortgaged up to the hilt at the time of the buy out.
LBO's are generally used to take over large, asset rich, companies by using their assets against them and are usually opposed by the targets owners/directors. In the case of Utd. it was to move them from public ownership into private hands, as it was in our case.
Wigan's losses had nothing to do with it, the assets within the group did.
Unfortunately for Au Yeung/Choi the local Directors were wise to this and would not support it and along with the remaining IEC appointed man voted it down.
The only utter garbage is that the Glazers did use an LBO ( leveraged buy out) to acquire Man Utd. Their loans were secured on the assets of Man Utd and are in fact being paid for by the Club, as per its Company Accounts, and not on any of the properties owned by the Glazers, who's properties were already mortgaged up to the hilt at the time of the buy out.
LBO's are generally used to take over large, asset rich, companies by using their assets against them and are usually opposed by the targets owners/directors. In the case of Utd. it was to move them from public ownership into private hands, as it was in our case.
Wigan's losses had nothing to do with it, the assets within the group did.
Unfortunately for Au Yeung/Choi the local Directors were wise to this and would not support it and along with the remaining IEC appointed man voted it down.
TRUE BELIEVER
Vital Football Hero
Interesting article about the ins and outs of the Man U buy out and the cost to the club.
https://www.theexpgroup.com/manchester-utd-and-leveraged-buy-outs-whats-all-the-interest-about/
https://www.theexpgroup.com/manchester-utd-and-leveraged-buy-outs-whats-all-the-interest-about/
TRUE BELIEVER
Vital Football Hero
Good luck to them.
Perhaps if we get through this we could help them out with the loan of a player.
Made in Wigan
Vital Champions League
Fortune is a free agent. May get the odd goal at that level for them.
TRUE BELIEVER
Vital Football Hero
So is Omar Bogle!!!!
