There’s been in a twist in the takeover tale at Wigan Athletic with the club’s preferred bidders now appearing out of contention to buy the Latics.
The men from the DW Stadium would have been hoping that things were going to get sewn up early this year with a Spanish buyout but the club’s administrators have released a statement to reveal things have now considerably changed.
As per the club’s website, the facts of the matter are as follows:
“As of 11 am today, the Administrators have broken off negotiations with the Spanish bidder. The facts are that as late as Christmas Eve the Bidder indicated that they wanted to complete the deal immediately and had wired money from Spain to their UK solicitors. This was confirmed as being received by their solicitors over the Christmas period. The sale contract was agreed, the documentation had been signed in relation to the assignment of the leases with the Council (Stadium) and College (Training Ground) and completion was planned to take place in between Christmas and New Year.
“However, over this weekend we received a letter from the Bidder reducing the bid by almost 50%. This would not allow us to pay non-football creditors the required 25p in the £ to avoid further sanctions against the Club. This would result in a 15 point deduction and would effectively relegate the Club to League 2. The Purchaser was insistent on offering the reduced price but was not prepared to conclude the deal unless the 15 point deduction was waived. Under the EFL insolvency policy, this is not possible and the deal is therefore unable to be concluded.”
It’s rather back to square one for the Latics, then, but the administrators have confirmed talks will begin with new bidders and so it’s not a case of completely lost hope for the club just yet, with many hoping that a new group can be found to take the club on.
Even so, the news that the preferred bidders wanted to try and earn a 50% discount has got many on Twitter talking, so let’s take a look at what has been said:
Statement from the Joint Administrators (05.01.21)#wafc 🔵⚪️
— Wigan Athletic (@LaticsOfficial) January 5, 2021
Do you blame the bidder? Purchase price does include players. If players are sold then the asking price should be reduced to reflect the reduction. Makes one wonder if people in place are qualified to do the job.
— Twicklatic (@twicklatic) January 5, 2021
There’s nothing left to sell, who in the right mind would buy from Begbies based on the shambles of the last 9 months.
— Liam O'Connor (@wiganontour) January 5, 2021
Classic corporate brinksmanship. Make a bid, clear the field of other bidders and just before deadline shift the price. Seller then has to calculate cost of rebidding.
— Wigan Empty Seat (@WiganEmptySeat) January 5, 2021
Tell the admins to come outside
— dan (@__danpeach) January 5, 2021
AFC wigan is coming 😍
— Wigan Jarvo (@WiganJarvo) January 5, 2021
Get rid of Spanish flags now then?
— JT (@JackTaylor670) January 5, 2021
i’ve given up all hope at this point
— alex (@kilshaw_alex) January 5, 2021
Truly, truly embarrassing. R.I.P
— DiggleLatic (@stevetannWAFC) January 5, 2021
Welcome back sleepless nights 🤨
— Rob Lee (@1spud12) January 5, 2021
Get these joke admins out my club useless!!!
— Phil Rigby (@phil2828) January 5, 2021