July 17, 20206 yr 5 minutes ago, Biggish Dave said: I would imagine they will have ‘next instalment’ or loan fees due before long too Did I read somewhere if they default the loan interest jumps from 8% to 20%?
July 17, 20206 yr 7 minutes ago, Escobarp said: Did I read somewhere if they default the loan interest jumps from 8% to 20%? Yes, I’ve seen something like that. Oh dear. Wait until Wigan are proper fucked but dodgy owners need removing
July 17, 20206 yr 5 minutes ago, Biggish Dave said: Yes, I’ve seen something like that. Oh dear. Wait until Wigan are proper fucked but dodgy owners need removing Folk thought our blue marble loan was extortionate. Wait til this fucker needs repaying.
July 17, 20206 yr 26 minutes ago, Escobarp said: Did I read somewhere if they default the loan interest jumps from 8% to 20%? How much is the loan and who’s it owed to?
July 17, 20206 yr 1 minute ago, Mounts Kipper said: How much is the loan and who’s it owed to? To this “mystery man” and I believe it’s about 40m quid or thereabouts. Well that’s what he put in to buy the club from the owners and pay off a loan it had and I think he basically lent it to the club rather than In as equity. But I might be wrong about the detail I read it somewhere but can’t remember where mate. its all a bit mental. He put it into admin the same day he actually physically bought it I think. Stinks to high heaven
July 17, 20206 yr 17 minutes ago, Escobarp said: To this “mystery man” and I believe it’s about 40m quid or thereabouts. Well that’s what he put in to buy the club from the owners and pay off a loan it had and I think he basically lent it to the club rather than In as equity. But I might be wrong about the detail I read it somewhere but can’t remember where mate. its all a bit mental. He put it into admin the same day he actually physically bought it I think. Stinks to high heaven Even if he disappears, the club isn’t viable. Whelan knew he was selling a busted flush. They are proper fucked. I don’t think it’s getting home to people yet.
July 17, 20206 yr Just now, Steejay said: Even if he disappears, the club isn’t viable. Whelan knew he was selling a busted flush. They are proper fucked. I don’t think it’s getting home to people yet. Aye they are a money pit as things stand with no chance of going to the prem and losing 10m a year to battle relegation in the championship. Makes grim reading in a prospectus from the admins eh that. they’re in a world of trouble and will end up in the lower reaches with crowds of sub 5k Back where they belong. They’ve done well let’s be honest but it’s time for them and Tranmere to languish where they both belong now.
July 17, 20206 yr 23 minutes ago, Steejay said: Even if he disappears, the club isn’t viable. Whelan knew he was selling a busted flush. They are proper fucked. I don’t think it’s getting home to people yet. WIgan's team is still as good as the mid table one Bolton had under Rioch in 93/94, While they continue to get good results on the pitch people struggle to believe they are in the shit.When will they have shit players and get shit results?
July 17, 20206 yr 55 minutes ago, Escobarp said: To this “mystery man” and I believe it’s about 40m quid or thereabouts. Well that’s what he put in to buy the club from the owners and pay off a loan it had and I think he basically lent it to the club rather than In as equity. But I might be wrong about the detail I read it somewhere but can’t remember where mate. its all a bit mental. He put it into admin the same day he actually physically bought it I think. Stinks to high heaven Because they’re in admin does that mean mystery man is a creditor and at what % in the pound will any new owner have to pay him?
July 17, 20206 yr 2 minutes ago, Mounts Kipper said: Because they’re in admin does that mean mystery man is a creditor and at what % in the pound will any new owner have to pay him? He will be a secured creditor I imagine so the ground would be sold etc and funds to him. Nobody is chucking that money in without having it belt and braces secured. he will likely get his wedge back.
July 17, 20206 yr 1 minute ago, Escobarp said: He will be a secured creditor I imagine so the ground would be sold etc and funds to him. Nobody is chucking that money in without having it belt and braces secured. he will likely get his wedge back. If he's a secured creditor, that security would surely have to be registered as a charge against the holding company, wouldn't it? It would seem crazy for it to be unsecured but I can't think where else the record of that security would be.
July 17, 20206 yr 4 minutes ago, Lt. Aldo Raine said: If he's a secured creditor, that security would surely have to be registered as a charge against the holding company, wouldn't it? It would seem crazy for it to be unsecured but I can't think where else the record of that security would be. He’s only just taken over the club a few weeks ago. There is plenty time for it to be lodged as a record at companies house. Doesn’t mean there isn’t a charge Document that’s been executed. Companies house is merely an information gathering site in reality you get I think 21 days which has just passed. But even after that date can still be registered you just need to pay a fee and possibly get the court to accept it. But even then it doesn’t show up straight away can take a wee while. being in admin the charge showing up may also take more time. Edited July 17, 20206 yr by Escobarp
July 17, 20206 yr If he’s an unsecured creditor I will borrow cheeses banana and pay a visit to the townhall steps
July 17, 20206 yr Their wage bill is £19/20M per annum. Crowds of 9/10k can’t sustain that level. 7/8k in league 1.
July 17, 20206 yr 1 minute ago, Steejay said: Their wage bill is £19/20M per annum. Crowds of 9/10k can’t sustain that level. 7/8k in league 1. They generate 2.4m in ticket revenue. Let that sink in
July 17, 20206 yr 15 minutes ago, Escobarp said: They generate 2.4m in ticket revenue. Let that sink in That's more than I expected tbh
July 17, 20206 yr When the Prem hosted 8 NW clubs in the 2010/11 season, Wigan must've coined it in with the away followings.
July 17, 20206 yr 7 minutes ago, Traf said: That's more than I expected tbh 7.6m from PL and EFL central distributions. Total income 11.5m wages near 20m before any other costs come out. 40 first team squad size in 2019. Insane for a club that size.
July 18, 20206 yr Judging by what I'm reading here it sounds truly grim for Wigan. I had a nosy on their forum(s) of which only one seemed to be active and even there, I could find very little information similar to what I've read here. In terms of actual facts and figures anyway. To be fair though they have done some good crowdfunding so far. I was curious to see where they stood after a few weeks in admin compared to where we were about a year ago... I wouldn't want to trade places put it that way, even if they survive the drop this season, it sounds like that's not even near the end of their problems. Very interested to see how this one plays out because a knight in shining armour seems unlikely, but this is football.
July 18, 20206 yr Author 7 hours ago, Mantra said: Judging by what I'm reading here it sounds truly grim for Wigan. I had a nosy on their forum(s) of which only one seemed to be active and even there, I could find very little information similar to what I've read here. In terms of actual facts and figures anyway. To be fair though they have done some good crowdfunding so far. I was curious to see where they stood after a few weeks in admin compared to where we were about a year ago... I wouldn't want to trade places put it that way, even if they survive the drop this season, it sounds like that's not even near the end of their problems. Very interested to see how this one plays out because a knight in shining armour seems unlikely, but this is football. AFC Bury vs AFC Wigan playing friendlies against each other until they get invited into the Lancashire Amateur League would be a good way it playing out.
July 18, 20206 yr 37 minutes ago, RUREADY2ROLL said: AFC Bury vs AFC Wigan playing friendlies against each other until they get invited into the Lancashire Amateur League would be a good way it playing out. Beltin’ 😂
July 18, 20206 yr Today's results mean (with the points deduction) that they now have to win their last game and rely on the other teams getting beat to avoid relegation what a shame 😄
July 18, 20206 yr 2 hours ago, TroySwoosh said: Today's results mean (with the points deduction) that they now have to win their last game and rely on the other teams getting beat to avoid relegation what a shame 😄 + they've got Fulham who still have a chance of automatic promotion if they beat Wiggin. Wish i could go to the DW and root for Fulham. Edited July 18, 20206 yr by Burndens Bogs
July 18, 20206 yr Relegation will be the final nail in their coffin potentially. Even lower revenues and will need to offload almost all their first team squad I imagine which won’t be easy in the current market then rebuild under an embargo which we know is tough They are going to need to trim about £14m off their wage bill to stand even half a chance of becoming sustainable and probably much more in reality. That ain’t going to be easy. And if someone does buy it if they buy it with debt then that’s another expense. I’m getting the word ........fucked They won’t be the last to go this way.
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