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The official Wigan are shit thread


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The EFL should issue a statement to say: "We deny Wigan Athletic permission to start the season. What is more we acknowledge and apologise for the mistake of our predecessors in opening the door to th

Wigan can’t say , founder members ,they can’t say first ever goal scored, they can’t say first ever Wembley winners ,with a record crowd ,famous white horse final to boot . They can’t say top flight f

Turns out they owe £3.1415926535

11 hours ago, Traf said:

If  had £100k to spare, I'd sign the exclusivity clause and drag the fucker out until withdrawing at the last minute.

Justgiving page, anyone?

Save your money pal. Won’t be needed. They’ll be going to the wall 

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Just now, tomski said:

Save your money pal. Won’t be needed. They’ll be going to the wall 

 I much prefer the terminology used by the admin chap in a press interview earlier this week   

We either bury or save them -  Gerald Krasner Joint Administrator 

Apparently its a new term in the Insolvency Practitioners Handbook  -

To 'Bury' ~ Definition ~  (In common use since 2019)  ~ Process by which a poorly supported Football League Team enters administration and is then subsequently liquidated and removed from the League. Commonly associated with Football Clubs whose Supporters consider themselves to be rivals of Bolton Wanderers 

 

 

 

 

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Ive probably read too much of their mongy site, but if you look at the picture they paint

Playing assets are significantly greater than liabilities (probably  need to disregard the pesky 25 million loan owed to hong kong phooey but thats what they seem to be doing)

Why wouldnt somebody, say whelan even, take it on and flog the assets

Then put em back in admin, if necessary

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40 minutes ago, Casino said:

Ive probably read too much of their mongy site, but if you look at the picture they paint

Playing assets are significantly greater than liabilities (probably  need to disregard the pesky 25 million loan owed to hong kong phooey but thats what they seem to be doing)

Why wouldnt somebody, say whelan even, take it on and flog the assets

Then put em back in admin, if necessary

Probably because by the time they pay to take it on, the club are still going to have to try and massively reduce overheads especially in L1 with the salary cap, other clubs know this therefore their 'assets' are worth nothing like as much as they think. If they aren't gone by October, they are stuck with them for a few more months while say peg leg has to prop them up.

Oh, and at the end, peg leg then has to pay to put the club back in admin.

Hell of a lot of pissing about for something which might not even get to a break even point.

You've pretty much answered your own question in the 1st sentence.

 

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:)

cheers, anyroad

I must say, robinson who is a tremendous athlete but not a full back in the memory of man, going from 10 million to 2 million in a matter of months is fantastic to see

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Just now, Casino said:

:)

cheers, anyroad

I must say, robinson who is a tremendous athlete but not a full back in the memory of man, going from 10 million to 2 million in a matter of months is fantastic to see

Feel for the lad on a personal level though. 

Gone from flying up a Milan wing whipping in crosses to Zlatan, to feeding an overlapping Chris Basham in the pissing rain. 

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1 hour ago, Benny The Ball said:

 I much prefer the terminology used by the admin chap in a press interview earlier this week   

We either bury or save them -  Gerald Krasner Joint Administrator 

Apparently its a new term in the Insolvency Practitioners Handbook  -

To 'Bury' ~ Definition ~  (In common use since 2019)  ~ Process by which a poorly supported Football League Team enters administration and is then subsequently liquidated and removed from the League. Commonly associated with Football Clubs whose Supporters consider themselves to be rivals of Bolton Wanderers 

 

 

 

 

Haha 

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14 minutes ago, emus wig said:

I’m not getting my hopes up yet I’ve got this horrible feeling some one is going to come in at the last minute and save them 😐 Hopefully it will be Kenny 2 tank tops 🤡

I know what you mean, the bunting isn't going up yet. 

Logic says with the current state of play they won't get a buyer but apart from Bury clubs more often than not do tend to survive somehow.

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4 hours ago, meanderson93 said:

Feel for the lad on a personal level though. 

Gone from flying up a Milan wing whipping in crosses to Zlatan, to feeding an overlapping Chris Basham in the pissing rain. 

fuck him.

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2 hours ago, masi 51 said:

Nobody but nobody are saving them if that is correct

 

Not necessarily , If a buyer does come forward 

So long as all the Football Creditors are paid off , surely all this means is that , whilst nobody in their right mind will offer to  pay 25p in the pound in respect of all the other creditors, whatever is offered means they will now inevitably start next season on -15 points. 

 

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5 minutes ago, Benny The Ball said:

 

Not necessarily , If a buyer does come forward 

So long as all the Football Creditors are paid off , surely all this means is that , whilst nobody in their right mind will offer to  pay 25p in the pound in respect of all the other creditors, whatever is offered means they will now inevitably start next season on -15 points. 

 

So in theory, they just pay off whatever football debts they owe - say 10 million - then can they just pay nothing to unsecured creditors if they want because anything under 25% will get them minus 15 pts? Or is that not how it works?

My understanding is EFL want them to pay 25% but legally is there a minimum you have to pay creditors to exit admin? They have to make a CVA right, then all the creditors have to accept it? And if they don't accept?

Sorry I'm not clued up on this stuff.

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16 minutes ago, Benny The Ball said:

 

Not necessarily , If a buyer does come forward 

So long as all the Football Creditors are paid off , surely all this means is that , whilst nobody in their right mind will offer to  pay 25p in the pound in respect of all the other creditors, whatever is offered means they will now inevitably start next season on -15 points. 

 

Realistically then buyers are looking at buying a 2nd division club. 

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1 hour ago, Benny The Ball said:

 

Not necessarily , If a buyer does come forward 

So long as all the Football Creditors are paid off , surely all this means is that , whilst nobody in their right mind will offer to  pay 25p in the pound in respect of all the other creditors, whatever is offered means they will now inevitably start next season on -15 points. 

 

Could buy into that before the pandemic. Not happening and as we know the Administration fees are rising daily.

They wont be the last this year.

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1 hour ago, masi 51 said:

 

They wont be the last this year.

It should be a war of attrition this year I reckon. If you have funds to survive the season you could have 3 per league getting docked points at some stage. 

As long as the EFL don't start being soft. 

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Seems Whelan not blameless after all -his loans being leveraged against the club .So his loan paid by the club in the form of a loan from IEC if thats right? Which now needs repaying to IEC.

 explodes the myth of the "well run little club"

they are fucked basically 

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2 hours ago, Mantra said:

So in theory, they just pay off whatever football debts they owe - say 10 million - then can they just pay nothing to unsecured creditors if they want because anything under 25% will get them minus 15 pts? Or is that not how it works?

My understanding is EFL want them to pay 25% but legally is there a minimum you have to pay creditors to exit admin? They have to make a CVA right, then all the creditors have to accept it? And if they don't accept?

Sorry I'm not clued up on this stuff.

There are an awful lot of Unknowns at present - because up to date information is not in the public domain - in particular re

- Security and charges 

- What is the £10.7 million listed as Wigan Athletic Holdings - is it  Directors Loans / connected company loans ?  That may be challenged as may the monies owed to the owners 

The unsecured creditors are not going to accept nothing - no -  because the alternative -  liquidation and selling off the Stadium and other assets will bring in some monies for distribution to them 

What is the minimum the unsecured creditors will accept - i have no idea - each case is different -  clearly it can be less than 25p in the pound , otherwise the 15 point deduction  rule would not be there.- Presumably creditors will be guided by the administrator who will outline the alternative option - liquidation - and what they are likely to get out of that. 

Way I see it If it goes into Liquidation the only bidders for the stadium will be Wigan Rugby and the Council ( who already part own it )  - so the Administrator  needs to earn his corn this next few days and persuade them to buy it ,now ,before he takes the nuclear option ,   with an agreement for the football club to play there if it survives , that way you have at least a hope of keeping the football club alive , and the stadium proceeds will go some way to pay something significant to the unsecured creditors. 

 

 

 

 

 

 

 

 

 

 

 

 

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