Wigan Athletic football club goes into administration

[josie andrews]

Wigan Athletic has gone into administration after the coronavirus pandemic had a "significant impact" on the football club's finances.

Paul Stanley, Gerald Krasner and Dean Watson from Begbies Traynor have been appointed as joint administrators for the Championship team, a statement said.

Mr Krasner said: "Our immediate objectives are to ensure the club completes all its fixtures this season and to urgently find interested parties to save Wigan Athletic FC and the jobs of the people who work for the club.

"Obviously the suspension of the Championship season due to COVID-19 has had a significant impact on the recent fortunes of the club.

"Wigan Athletic has been a focal point and source of pride for the town since 1932 and anyone who is interested in buying this historic sporting institution should contact the joint administrators directly."

https://news.sky.com/story/wigan-athlet ... n-12018790

[the pieman]

preferred bidder pulled out / failed to complete necessary actions last night, so they are now talking to 2nd preference.

relegation could have a big impact on the interested parties. The caveat for all could be that they include assumptions or clauses for Championship or league1, in terms of what they would be prepared to pay. Relegation will probably see, not only a firesale of playing staff, but a significant drop in income for the minimum of next year, so any investor will be ensuring that they are protecting their investment and any potential losses

[pedro]

That’s what I couldn’t understand, they are expecting someone to pay money for something and by the time it goes through is worth far less and expect them to pay the same? They already sold a layer to pay wages etc, straight away that’s an asset and the club is worth less, add to that the relegation it’s worth now far less, I’d be surprised if any of them bidding took them in now as it’s not the same club they were looking to buy