- This topic has 10 replies, 8 voices, and was last updated 13 years, 4 months ago by
.
-
Posts
-
This debt includes a £21 million bank loan with Barclays Bank, which is repayable on demand and secured on the company’s assets. However, the good news is that the vast majority of the club’s borrowings (£52 million) comprises “soft” debt owed to the owner via a number of group companies: Whelco Holdings Ltd £39.8 million, the Whelan Family Bare Trust £9.7 million, Dave Whelan Sports Ltd £1 million, E-view Properties Ltd £0.6 million, Pooles of Wigan Ltd £0.5 million and Yeshili Reflective Material Co Ltd £0.1 million.
Whelan’s generosity is highlighted by the fact that all of these loans have no fixed repayment dates and are unsecured, which means that the owner has no guarantee of repayment at all. Furthermore, almost all of the loans are interest-free, except for £7.5 million on which interest is accrued at 5% per annum. This really helps the club financials, as it significantly reduces interest payments, e.g. if 5% had also been applied to the remaining loans, the club would have had to find another £2.2 million interest every year.
And there are still some on here who will say he has leeched off the club :roll:
Seems to me that this article has been written by someone “in the know”, a Latics fan no less.
Now who do we know with Swiss connections?
Hmmm! Whatever happened to “Exotic” I wonder?
Maybe he still posts on here under a different name. Time to own up, chap! :shhh:Now who do we know with Swiss connections?Head of media Ed Jones was born in Geneva if that helps anything? ;) Just a wild stab in the dark like.
I dunno about that. Maybe at first it’s depressing but it’s like being financially stretched and owing your parents (who maybe don’t really need it )a couple of grand instead of the bank or credit card company. You’re in debt but not really in the shuyt so to speak.
Seems to me that this article has been written by someone “in the know”, a Latics fan no less.
Now who do we know with Swiss connections?
Hmmm! Whatever happened to “Exotic” I wonder?
Maybe he still posts on here under a different name. Time to own up, chap! :shhh:Ah ha!……..I think it’s Sammy….in the Cockney Latic Room…with a cyber pen.
Is it you……….chap?
;)
Seems to me that this article has been written by someone “in the know”, a Latics fan no less.
Now who do we know with Swiss connections?
Hmmm! Whatever happened to “Exotic” I wonder?
Maybe he still posts on here under a different name. Time to own up, chap! :shhh:Ah ha!……..I think it’s Sammy….in the Cockney Latic Room…with a cyber pen.
Is it you……….chap?
;) [/quote]
Not me Micky. I don’t have the literacy skills, time nor inclination to write something like that.
A good read nonetheless.… it is likely that Wigan’s wage bill will further reduce in the next set of accounts, as these will reflect the departure of some of the highest earners like Paul Scharner, Titus Bramble and Jason Koumas (on loan).
Koumas one of the highest earners? Looks like he needs to take a wage cut or get on out. He’s still on our books, right?
- You must be logged in to reply to this topic.
