Hiya Folks, congrats on a good finish to the season and best wishes for Saturday.
I'm a long time football and Wigan supporter and.. 'I WAS THERE'... last game at your beloved Highbury. Still got the programme and T shirt! Good day even though we lost – dodgy ref again! I always believed we had respect for each other even though you were the 'big team'.
As you may know, we're in administration and wondered what you think of our present situation:
The chairman of our old owner, IEC plc, sold the club to a private company (NLF) of which, he was majority shareholder and agreed between himself a 'loan agreement' of £24.36 million. The terms being full repayment 29 May 2021... (in 10 months time) plus interest charged at 8% = £38,000 per week - 1st payment due In 4 months time total £974,000.
However if the first payment is failed the interest increases to 20% = £4.873 million at 12 months.
THEREFORE a final payment £29.24 million would be needed to avoid possible LIQUIDATION!
For several years the clubs been loosing money equivalent to £160,000 per week, so no chance of paying!.
Also, It has £9 million 'ordinary' debts and now the EFL has relegated us to L1 (no support payments circa £7.5m) and a ban on buying players for 2 years.
This, in real terms, makes the club unsellable and unquestionably; Wigan Athletic has started a one way journey into the dark reaches of oblivion. It's heartbreaking for our little town and supporters like me. I'm left with memories of winning the FA cup against the all conquering Man City, beating the 'big' teams like Man Utd and (sorry) you folks at your place.
Wigan Athletic, rightfully, holds a special place in English football history, it gave enjoyment to neutral supporters here and worldwide and gave hope to all the 'little' clubs and their supporters to 'walk on' and dream the impossible and to never give up! And that's what the beautiful game should be about!
After completion of sale, the new owner transferred ownership to a stooge who has now done a runner.
BUT, But, But... the EFL knew about the above 'Loan' conditions prior to the sale/purchase and in view of it, should have raised their financial threshold dramatically for the next 'new' owner. (to halt the sham sale)
Also, due to the prevailing pandemic there can be no guarantee of future income, financial promises or commitments can be met and so; the clubs future was in jeopardy from the start.
I'm a wise old bird - I WARNED EFL via email in early May of this toxic loan and consequences. I also warned Wigan MP Lisa Nancy that this would be a 'death warrant' for the club but I was ignored – Later, Rick Parry said the EFL did a rigorous investigation!
It looks impossible we can save the club but please help me to call all out those failed us; the EFL and Mr Parry who it appears, constructed a fake gambling story to divert attention away from their gross incompetence – what a piece of self serving incompetent s**t this man is.
Please, please spread the word and lastly.. Thanks for some great memories... and in the words of Mr Spock (Star Trek), “I wish you - Long life, prosperity and to win the FA cup'”.
If you want to while away a few hours the legal bit is here on; pages 24/25
www1.hkexnews.hk/listedco/listconews/sehk/2020/0508/2020050800027.pdf
I'm a long time football and Wigan supporter and.. 'I WAS THERE'... last game at your beloved Highbury. Still got the programme and T shirt! Good day even though we lost – dodgy ref again! I always believed we had respect for each other even though you were the 'big team'.
As you may know, we're in administration and wondered what you think of our present situation:
The chairman of our old owner, IEC plc, sold the club to a private company (NLF) of which, he was majority shareholder and agreed between himself a 'loan agreement' of £24.36 million. The terms being full repayment 29 May 2021... (in 10 months time) plus interest charged at 8% = £38,000 per week - 1st payment due In 4 months time total £974,000.
However if the first payment is failed the interest increases to 20% = £4.873 million at 12 months.
THEREFORE a final payment £29.24 million would be needed to avoid possible LIQUIDATION!
For several years the clubs been loosing money equivalent to £160,000 per week, so no chance of paying!.
Also, It has £9 million 'ordinary' debts and now the EFL has relegated us to L1 (no support payments circa £7.5m) and a ban on buying players for 2 years.
This, in real terms, makes the club unsellable and unquestionably; Wigan Athletic has started a one way journey into the dark reaches of oblivion. It's heartbreaking for our little town and supporters like me. I'm left with memories of winning the FA cup against the all conquering Man City, beating the 'big' teams like Man Utd and (sorry) you folks at your place.
Wigan Athletic, rightfully, holds a special place in English football history, it gave enjoyment to neutral supporters here and worldwide and gave hope to all the 'little' clubs and their supporters to 'walk on' and dream the impossible and to never give up! And that's what the beautiful game should be about!
After completion of sale, the new owner transferred ownership to a stooge who has now done a runner.
BUT, But, But... the EFL knew about the above 'Loan' conditions prior to the sale/purchase and in view of it, should have raised their financial threshold dramatically for the next 'new' owner. (to halt the sham sale)
Also, due to the prevailing pandemic there can be no guarantee of future income, financial promises or commitments can be met and so; the clubs future was in jeopardy from the start.
I'm a wise old bird - I WARNED EFL via email in early May of this toxic loan and consequences. I also warned Wigan MP Lisa Nancy that this would be a 'death warrant' for the club but I was ignored – Later, Rick Parry said the EFL did a rigorous investigation!
It looks impossible we can save the club but please help me to call all out those failed us; the EFL and Mr Parry who it appears, constructed a fake gambling story to divert attention away from their gross incompetence – what a piece of self serving incompetent s**t this man is.
Please, please spread the word and lastly.. Thanks for some great memories... and in the words of Mr Spock (Star Trek), “I wish you - Long life, prosperity and to win the FA cup'”.
If you want to while away a few hours the legal bit is here on; pages 24/25
www1.hkexnews.hk/listedco/listconews/sehk/2020/0508/2020050800027.pdf
