What’s going on? | Page 63 | Vital Football

What’s going on?

king_dezeeuw06

Vital Football Hero

So it looks like the Next Leader Fund loan is included in the creditors totaled. This does not sound good
What is the 10m to Wigan Holding Company?

The ability for owners to buy a club and then transfer in debts was wrong when it was first happening years ago the fact it is still allowed is a cancer on the game. But when the EFL let the club owners decide the rules it's the foxes watching the hen house.

The EFL is meant to protect clubs from dodgy owners not feed us to them with their consent.

If that figure is true With the combined money owed even paying 25p in the pound isn't going to work for buyers. We are going to have to take the 15 point penalty and guarantee back to back relegations and even then it might not be enough to stave off liquidation.

Admin said at one point they had a plan to avoid the loan. I have no idea how they could do that but hope they aren't just doing another 'there won't be a fire sale' type telling us what we want to hear but is fantasy.
 

moonay

Vital Champions League
What is the 10m to Wigan Holding Company?
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I'm thinking the same. I thought the Holding Co was one of the 5. Therefore, we "owe" it to ourselves.......... unless of course, they're going to break the 5 up.

As it stands, if someone purchased all 5 - or at least, WAFC & the Holding Co together .......plus maybe whichever Training Ground owed money to the Holding Co - then it wouldn't actually need to be paid .................. I think.

I'd love to know what's behind the change in status behind the loan. I wonder if it's post Krasner's zoom call with Au Yeung?
 

king_dezeeuw06

Vital Football Hero
I'm thinking the same. I thought the Holding Co was one of the 5. Therefore, we "owe" it to ourselves.......... unless of course, they're going to break the 5 up.

As it stands, if someone purchased all 5 - or at least, WAFC & the Holding Co together .......plus maybe whichever Training Ground owed money to the Holding Co - then it wouldn't actually need to be paid .................. I think.

I'd love to know what's behind the change in status behind the loan. I wonder if it's post Krasner's zoom call with Au Yeung?
That was exactly what I thought.

I'm not saying this info is wrong but it feels to me like we have had conflicting messages from admin.

I would very much like someone to get confirmation of the break down of exactly what we owe and what we need to pay back next time they interview admin.

If admin confirm these figures the follow up should be why has this changed from previous interviews?
 

moonay

Vital Champions League
I'm just looking at a document now, and the "5 companies" aren't: WAFC, Euxton, C Park, Chippy & the Holding Co.

There are 6 of them, and they're

Wigan Athletic AFC Ltd and Wigan Football Co Ltd, together under Wigan Athletic Holdings Ltd. ...........which is under Wigan Sports Management Ltd ............... which in turn, along with Wigan Property Holdings Ltd is under the parent entity, Newworth Ventures Ltd.

I'll be completely honest, I'm not sure which is being sold! It's the first one (the AFC) which is in Admin, but I'd have thought that all the property was under the other Cos.

Maybe the 5 are all of them under Newworth, but with the exception of Newworth ......... which is just a shell.
 

C_Latic

Vital Squad Member
What I really don't understand is if the debt is indeed in the region of £45m why are four groups still in talks? Surely they would have turned and ran immediately they saw this, makes me think things aren't as clear cut as this seems to suggest! Hope so anyway!!
Because we don't have to pay off the entire debt due to having entered administration. The administrators are selling our playing assets in order to raise the funds to pay off the football creditors which has to be paid in full for us to survive (around 5m). Non football creditors (NLF etc) do not have to be paid back in full, instead they must be paid 25p in the pound (so basically around 13m). So to summarise, any prospective buyer now basically has two options going forward.

1. Pay the 25p in the pound (13m) to the non football creditors and take on the club in L1 with a skeleton squad, but with no points deduction.

2. Don't pay the 25p in the pound (13m) to the non football creditors, which will wipe the non football creditors debt, but at the cost of a mandatory 15 point deduction, which with a skeleton squad would all but certainly see the club relegated to L2 next season, which would reduce the club's income even further.

Both options also involve any prospective buyer having to immediately take on the clubs everyday bills such as player/staff wages etc, which whilst being reduced everyday is still high.

Hopefully that helps you understand the situation a bit better.
 

exiled tic

Vital Squad Member
Because we don't have to pay off the entire debt due to having entered administration. The administrators are selling our playing assets in order to raise the funds to pay off the football creditors which has to be paid in full for us to survive (around 5m). Non football creditors (NLF etc) do not have to be paid back in full, instead they must be paid 25p in the pound (so basically around 13m). So to summarise, any prospective buyer now basically has two options going forward.

1. Pay the 25p in the pound (13m) to the non football creditors and take on the club in L1 with a skeleton squad, but with no points deduction.

2. Don't pay the 25p in the pound (13m) to the non football creditors, which will wipe the non football creditors debt, but at the cost of a mandatory 15 point deduction, which with a skeleton squad would all but certainly see the club relegated to L2 next season, which would reduce the club's income even further.

Both options also involve any prospective buyer having to immediately take on the clubs everyday bills such as player/staff wages etc, which whilst being reduced everyday is still high.

Hopefully that helps you understand the situation a bit better.
Thanks for that C bit confused with information coming from all directions! Bit clearer now!
 

Hampton

Vital 1st Team Regular
Because we don't have to pay off the entire debt due to having entered administration. The administrators are selling our playing assets in order to raise the funds to pay off the football creditors which has to be paid in full for us to survive (around 5m). Non football creditors (NLF etc) do not have to be paid back in full, instead they must be paid 25p in the pound (so basically around 13m). So to summarise, any prospective buyer now basically has two options going forward.

1. Pay the 25p in the pound (13m) to the non football creditors and take on the club in L1 with a skeleton squad, but with no points deduction.

2. Don't pay the 25p in the pound (13m) to the non football creditors, which will wipe the non football creditors debt, but at the cost of a mandatory 15 point deduction, which with a skeleton squad would all but certainly see the club relegated to L2 next season, which would reduce the club's income even further.

Both options also involve any prospective buyer having to immediately take on the clubs everyday bills such as player/staff wages etc, which whilst being reduced everyday is still high.

Hopefully that helps you understand the situation a bit better.
Take the 15 points for me don't let these crooks have a feckin penny back of their "loan" tossers
 

C_Latic

Vital Squad Member
Take the 15 points for me don't let these crooks have a feckin penny back of their "loan" tossers
Same, and I suspect that if we are lucky enough to find a new owner, they would go the same way. No way could Lenegan for example afford to pay back that 25p in the pound. Just commit to paying the bills for this season with the support of the fans through season tickets, shirt sales etc, then start afresh in 2021/22 with a brand new cheap squad that fits the salary cap and can be funded through income generated by the club. It’s a slim chance, but probably the best chance we have of coming out of this the right way. It’ll take years to build us back up and it could even mean an extended stretch in L2. But at least we’d still have a club and right now that is the best case scenario.
 

king_dezeeuw06

Vital Football Hero
Because we don't have to pay off the entire debt due to having entered administration. The administrators are selling our playing assets in order to raise the funds to pay off the football creditors which has to be paid in full for us to survive (around 5m). Non football creditors (NLF etc) do not have to be paid back in full, instead they must be paid 25p in the pound (so basically around 13m). So to summarise, any prospective buyer now basically has two options going forward.

1. Pay the 25p in the pound (13m) to the non football creditors and take on the club in L1 with a skeleton squad, but with no points deduction.

2. Don't pay the 25p in the pound (13m) to the non football creditors, which will wipe the non football creditors debt, but at the cost of a mandatory 15 point deduction, which with a skeleton squad would all but certainly see the club relegated to L2 next season, which would reduce the club's income even further.

Both options also involve any prospective buyer having to immediately take on the clubs everyday bills such as player/staff wages etc, which whilst being reduced everyday is still high.

Hopefully that helps you understand the situation a bit better.
One thing ive not heard mentioned much but read somewhere is if we refuse to pay the 25p in the pound and take the 15 point deduction if the offer from the potential buyer is less than the amount the administrators feel they could get by selling assets they will likely sell those individually.

At that point the club itself would be worth very little and would still need to rent a place to play and train so it wouldn't be a particularly attractive investment to anyone outside the fans who don't want the club to die.
 

king_dezeeuw06

Vital Football Hero
It's insane that had the owner put 6m in we would have had championship football, prize money, TV money, all assets under out control and valuation. We've been shafted so badly and facing the abyss. Utterly heartbreaking. I just hope a miracle happens with a buyer and I get to travel 4 hours to the DW and see my beloved Latics again.
That's some impressive commitment - if all the lapsed fans who have the club on their doorstep but only turn up when there is a sniff of glory had a fraction of that we'd probably not have ended up quite so bad off.
 
I just want a club to support next season,so hopefully these interested parties are genuine and a deal can be done with the right one.If that means a 15 point penalty and those horrible,despicable,devious snakes in Hong Kong don't get a penny,I'll take it!
We are in a horrible,disgusting predicament with liquidation a devastating possibility.But as there is still interest,i'm still hopeful and keeping the faith that the club can be saved.
I'd just like to add I'm also furious with the EFL who are meant to protect their clubs!They are a f****** disgrace,inexplicably and incompetently ratifying a dodgy deal which has left our club in ruins!
 

SwindonLatic

Vital Squad Member
I just want a club to support next season,so hopefully these interested parties are genuine and a deal can be done with the right one.If that means a 15 point penalty and those horrible,despicable,devious snakes in Hong Kong don't get a penny,I'll take it!
We are in a horrible,disgusting predicament with liquidation a devastating possibility.But as there is still interest,i'm still hopeful and keeping the faith that the club can be saved.
I'd just like to add I'm also furious with the EFL who are meant to protect their clubs!They are a f****** disgrace,inexplicably and incompetently ratifying a dodgy deal which has left our club in ruins!
However dire our situation is right now, it will just make our rise back up even sweeter. If we have to start in League 2 so be it, as long as we can support the Latics again we can still write another impressive chapter in our history. We will come back stronger if we are together
 
Paul Stanley has just confirmed on twitter that when the administrators are appointed they take over all 5 Wigan Athletic Holdings Ltd companies and they will choose to write the debt off when it comes to the 25p.So it looks like if a buyer can be found,that the 10.7 million owed to creditor Wigan Athletic Holdings Ltd mentioned earlier will be written off.
 

ZAKKY

Vital 1st Team Regular
Paul Stanley has just confirmed on twitter that when the administrators are appointed they take over all 5 Wigan Athletic Holdings Ltd companies and they will choose to write the debt off when it comes to the 25p.So it looks like if a buyer can be found,that the 10.7 million owed to creditor Wigan Athletic Holdings Ltd mentioned earlier will be written off.

What is Paul Stanley's Twitter account