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Stinks this.
EFL pass new owners as fit and proper – owners pull the plug after 4 weeks refusing to meet first payday obligations and we’re slapped with a 12 point deduction. Where’s the justice?
We are Wigan Athletic. We’ve defied the odds before and we will do so again no matter what the E.F.L. et al throw at us.
Have faith in Paul Cook and the team.
Up The tics.The EFL have alot to answer to,
Please read this from a guy posting on another board, it just shows you the EFL have fcuked up on a grand scale:
I wrote to EFL in May and then the following to all TV and radio broadcaster, Wigan MP but was ignored..“END OF THE PIER FOR WIGAN ATHLETIC?
Wigan Athletic have recently been sold and bought by the same person; Dr. Choi Chiu Fai Stanley. He is the chairman and majority shareholder of the last owner; IEC plc, and also majority shareholder of the new owning company ‘Next Leader Fund LP’. This has been approved by the EFL which renders their club ownership process to kiddies TV; ‘The Magic Roundabout’.
Dr. Stanley, has over 20 years experience in financial services and merger and acquisition projects. He also a renowned poker player in the far eastern gambling world through televised poker tournaments.
According to his letter sent to IEC plc shareholders on 8 May 2020 (link below), one of the principle reasons for selling the club and transferring ownership is that it will be financially advantageous to IEC in regard to a previous interest free loan of £24.36 million. IEC have provided a replacement loan via ‘the new owner’ and most importantly; it is interest bearing at 8%. This is now costing Wigan Athletic £37,846 A WEEK! The club have made an average loss over the last two years of circa £8.5 million which equates to £163,461 per week and therefore losses now total circa £200,000 per week.
For context; the present stock market capitalisation (value) of IEC plc is £36.48 million and is engaged in expensive court actions with tax authorities concerning 2 of it’s subsidiaries.
However, the terms require the capital sum to be repaid in 12 months and if the club defaults then the interest rate increases to 20% to which weekly payments on the £24.36 million loan amounts to £93,692 !”
Dr Stanley knows the company cannot pay these figures on their present income and so did the directors of the club and the EFL. So why was it allowed to happen?
China imposes new security laws in Hong Kong that has businesses in Hong Kong blindly panicking 5 mins later Wigan Athletic which has minimal debts compared to many other clubs is placed in administration. This has nothing to do with the finances of WAFC this is dodgy owners suddenly shitting it because of China. This could only happen to us.
Under EFL rules, clubs are permitted to appeal under the terms of a force majeure clause relating to circumstances that could be considered “unforeseeable and unavoidable”, which could yet apply in the case of Covid-19.
As many of you know, I worked at Bolton Wanderers as they followed a long path of uncertainty and rumours as to what was actually happening at that club. It went on for months, with wage delays and all kinds of other things going on. I left in April 2019, just before they went into Administration, in May 2019. The effect of the length of it all and uncertainty had a massive detrimental effect on their players and management. Having said that, they were struggling on the field, anyway. But I saw Phil Parkinson age 10 years over 6 months.
How is this relevant with Latics? Well, we have not had to endure the uncertainty and rumours. And whilst it was very sudden today, when the news broke, it gives us the advantage of having it all out in the open and knowing what we have to do on the field, as opposed to us only going into administration at a point where we only have a game or two left, leaving us without a chabce to fight to stay up. We have that fighting chance, and if we are deducted 12 points, I still think we have a good chance of staying up.
If we can do that, get a new owner, or owners, in, then things will soon smooth out and we could end up actually better off, and rid of owners who clearly did not care about us as a football club, at all.https://www.wigantoday.net/sport/football/points-appeal-hope-wigan-athletic-2901223
Its on days like today your reminded of how much the club means to us all.
Siege mentality, need to gain four or five more points than the bottom three between now and the end of the season to be more that 12 points clear and avoid relegation. Current form would suggest we can do it, but this must shatter the lads. Interesting to see the impact on contracts, players may be able to just walk away
Trying to remember what happened when I was at Bolton. I think players could only walk away if they hadnt been paid, and it got to 30 days after they should have been paid. I think after 16 days they could ‘give their
notice’ to leave. This is not going to affect us as the league will be over before end of July.Sad sad day. A combination of don’t give a f@@@ owners,the political legislation change currently under way in Honk Kong and EFL negligence. None of us know exactly what has gone on and why they got involved with us in the first place but I hope we find some suitable resolution without them. No idea how the players will react but if we can survive in this league and make us a better purchase opportunity then it will once again prove what a fantastic never say die ,punch above our weight club we are. We’re in the cross hairs of all the clubs below us now as Huddersfield showed last night but I pray we can ram the EFLs 12 point deduction down their throats and start with new owners next season. Whatever league were in I’ll be there as will many others .Then again we could win all 6 and the EFL will change 12 points to 25 !!
So let’s see, we were taken over some 4 weeks ago so the EFL under it’s own guidelines will have done the necessary check to safe guard the future of football clubs.
So at some point this lying little poker playing prick must have at some point shown the EFL funds to run the club for a set period of time.4 weeks on he then says “Sorry theres no money” or “Sorry I’m not using my money”.
Now this is not 4 months but 4 weeks so when the takeover was about to happen the EFL should have been triple cautious considering the fianantual climate the worlds in.
The problem is, were not Bolton crippled with a chain of debt into the 100’s of millions.I would like to know, what safeguard measures do the EFL put place to stop someone simply saying thats it especially in such a short space if time.
Someone at the EFL has majorly fooked up. I think Whelan should bankroll the legal cost and take action against the EFL who have failed us on a grand scale.
Does the alarm bells not ring when a poker player buys a club with an 8% loan in the height of a global pandemic and when your reliant on match-day income ??.I’ll be shocked if the 12 point stands because at the BBC have pointed out, there are 12-15 clubs who are weeks from admin. Are they going to deduct them all ?.
Once you set president then this must happen across the board or you are in your rights to legally challenge.
If you were a building company and owned land your sit on it till the economy improves you dont build in a recession. He bought while were I one of the biggest worldwide resessions in history. Any normal person would simply say “Just hang fire there a minute, let’s wait till things improve”. The takeover stinks like a dead rat and the EFL have alot to answer for.
No wonder they’ve gone silent.
EFL , I’ve sh1t emI’ve been a fan of the owners. They have put money into the stadium, team, academy and things have generally improved. This is always a possibility with owners not connected to the club though, but the speed at which it happens stinks.
I did say that moving us from the stock exchange would allow us to spend money, but it just looks like a huge ploy to prevent IEC stocks from falling at the announcement. The belief at this time is always that there are creditors banging the doors down but that isn’t the case here it’s just a guy who cba anymore.
The EFL checks are basically does he have money. The answer is yes. What it doesn’t check is how he intends to use it. In this case he has chosen not to.
The EFL have screwed us over royally allowing this to happen, which they’ll deny, and I doubt we will get 2 years worth of investigations like Bolton did.
I’m praying because of the exceptional circumstances we don’t get the points deduction but I just can’t see us being that lucky even though these are more than exceptional times, if we find a buyer then it will be league 1 next year as I think this has given all the opposition a right gee up Barnsley and Luton are playing really well so we have to win may be 5 out of the 6 to stay up which is possible at the moment but survival is the key here and we’ve really been shit on by an owner who just thought sod this im not paying another penny and that’s not connected to any exceptional circumstances as I said we’ve been shot on from a great big height.
Fuck to the Chinese (but I’ll still go yo the chippy)We shouldn’t escape a points reduction coz of covid 19 we shouldn’t even be facing this. The EFL have to answer for this and why yet again they are breaking their own rules re fit and proper ownership as they did when they murdered Bury. I really hope Mr Whelan gets involved and has his legal team all over this coz this is down to underhand dealings. We know we have debts but so does everybody else but the EFL should be chasing that pisspot Choi and demanding reasons. Havent slept a wink over this, 50 years I’ve loved this club and this is heart breaking.
The administrators have said that they are considering an appeal against a 12pt deduction?
They should be telling the EFL that they are going to pursue this all the way to the supreme court if necessary. The EFL must take their share of the blame in all this and to punish our club for their massive cock up is completely wrong.
Thought I may have felt a bit better after a night’s (restless) sleep but if anything I am more furious than ever.
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