No Shock as Spanish Bid falls down – Admin are a shambles
Begbies Traynor strike again
As we have said on several occasions, these administrators are absolutely out of their depth. They have decimated Wigan Athletic and now have lost out on their lengthy negotiations with a Spanish Consortium.
Is this a shock? Well, no it bloody isn’t, Paul Stanley hasn’t a clue, Dean Watson is silent in the background and Gerald Krasner is just in it for himself. The actions of teh Administrators is the only shocking part of this.
Official statement:
The club’s administrators announced they had ended negotiations with the bidder on Tuesday morning.
They said in a statement the bid had been reduced by almost 50% over the weekend and proceeding with it would have resulted in a 15-point deduction for the League One club.
Wigan are currently 22nd in the table, two points adrift of safety.
Moreno had initially been part of a Spanish consortium looking to buy the club before the English Football League rejected their application at the start of December because one of the group was subject to a disqualifying condition.
Moreno subsequently became the sole bidder and it had been hoped the deal would be completed at some point between Christmas and 1 January.
Back in July our club could have been sold and the new owners could have by now seen us returning to the Championship, but the admins overvalued everything, and all lines collapsed due to their greed. They then went on to sell allour assetes at vastly reduced prices whilst setting the same asking price for the club.
9 weeks ago a Spanish consortium came in with a ‘deal’ they could get over the line, or so they thought. Luckily the Supporters Club, the Council, Leaders, management and in the end even the EFL saw through it a s a worse deal than our original Brexit deal.
After weeks of the administrators trying to force the deal through, wasting time, resources, and money, we today find out what was being told to us 5 weeks ago, the deal is dead. Were the admins ever in control? Senior Moreno originally included the Supporters money in teh original bid, and when told that was never agreed tey never came close to proving the money was there to get the deal done.
Back in early December, Begbies Traynor could have kept that deal ongoing but ended exculsivity and opened up again to other bidders, of which there were at least 3 in the pipeline, but NO, they extended exclusivity and disappeared.
Who knows if these other bidders are still around, but if they are, can they even get anything sorted before the transfer window shuts now? I seriously doubt it.
The administrators are an absolute shambles, there must a regulatory body that can put them to task as what they are doing is a final trashing to a club they have already trashed.
As any Leeds or Blackpool fan how these inept morons left their clubs, legal disputes are still going on.
We as Wigan Athletic fans can only sit back and see if Frampton or Ranson are still around and will put their money where their mouth is, otherwise it will be fan ownership I guess, watch this space.
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