Re: Wigan Athletic football club goes into administration
Posted: Sat Jul 04, 2020 5:28 pm
https://www.bbc.co.uk/sport/football/53261368The speed from the change of ownership being executed to Wigan being put into administration has raised eyebrows.
Joint administrator Gerald Krasner, who took over as chairman of Leeds United in 2004 in the middle of the Yorkshire club's dire financial situation, said the matter would be investigated.
"Every administration I have been involved in had its peculiarities," he said. "But this is a first. Four weeks is a record that will stand for some time.
"We are aware of concerns that have been raised. The investigation won't go away. It will be done. Once I know we have saved the club and got non-disclosure letters out [to prospective buyers] - we're talking about two weeks - we will sit down with our lawyers to see if there is any litigation there that will be for the benefit of the creditors."
There is also uncertainty over the status of a £28.77m loan given to Wigan by IEC that attracted 8% interest. This loan now appears to have been repaid by a third party but it is not known what the Latics' liability for it is.
"There will be a lot of incredible things that come out when we get into the paperwork," said Krasner.
"On the loans, nothing appears to be registered at Companies House to say they are secured against anything. What we don't know is whether the new owner has repaid that loan by putting his own money in, which would swap the loan over."
£28M loan would have been secured on something. Whilst nothing has been received by Companies House I think the obvious thoughts would be on the fixtures and fittings. Who could pay that to secure the stadium (if it does come out it is secured on this) is anyone's guess
Can we still play in the stadium if is is for sale or would the lease have to be fulfilled ?