Re: Latics in administration - Lenagan leading bid : Sun Mar 21, 2021 7:21 pm  

afootingmiracle21-12 wrote:

Are they really tho? Personally I think that’s more tichead nonsense because a lot haven’t been intelligent enough to understand the realities. Many still have delusions of grandeur that they’re a big club fallen on tough times, and capable of returning to the premier league in the not to distant future....something that’s now more a reality for Accrington Stanley or Forest Green Rovers (who could replace them in a couple of weeks)!!

Admins have also been trying to sell a club in almost impossible circumstances. The club are valueless, haemorrhaging money even now (15k per day despite rationalisation). So admins have had to leverage the value of the ground as an asset for essentially throwing your money down a bottomless pit!!
It’s a miracle they’ve sold them imo.

The added challenge is who’s interested. Mostly overseas individuals who see them as a loss making operation to use as a taxsaving vehicle on profits in their home country (like the Spanish) or worse still, a business to launder money. Those individuals don’t meet the fit and proper persons test to preserve league status, so most options have been dead ends!!

They’ve also accused them of lying because of lack of updates or limited information, without realising they have NDAs with every party dealing with them!!

Add it all together I think the admins have done a phenomenal job in keeping them in business....Macclesfield and Bury were arguably in stronger positions but went the other way. You’d expect they’d show some humility and realise that tbh

Nice opinion piece. It’s clear you detest Latics which is your prerogative of course but you won’t find this ‘tichead’ who is also a staunch rugby fan giving any praise whatsoever to the administrators for how they’ve handled things.

Re: Latics in administration - Lenagan leading bid : Sun Mar 21, 2021 7:36 pm  

DannyT wrote:

Nice opinion piece. It’s clear you detest Latics which is your prerogative of course but you won’t find this ‘tichead’ who is also a staunch rugby fan giving any praise whatsoever to the administrators for how they’ve handled things.

Don't think they'll get any credit from Lisa Nandy either

Re: Latics in administration - Lenagan leading bid : Sun Mar 21, 2021 7:44 pm  

Egg Chasing wrote:

Don't think they'll get any credit from Lisa Nandy either

The parliamentary privilege speech will be very interesting.

Re: Latics in administration - Lenagan leading bid : Sun Mar 21, 2021 7:50 pm  

DannyT wrote:

The parliamentary privilege speech will be very interesting.

That may have led to this interview

Re: Latics in administration - Lenagan leading bid : Sun Mar 21, 2021 9:05 pm  

DannyT wrote:

afootingmiracle21-12 wrote:

Are they really tho? Personally I think that’s more tichead nonsense because a lot haven’t been intelligent enough to understand the realities. Many still have delusions of grandeur that they’re a big club fallen on tough times, and capable of returning to the premier league in the not to distant future....something that’s now more a reality for Accrington Stanley or Forest Green Rovers (who could replace them in a couple of weeks)!!

Admins have also been trying to sell a club in almost impossible circumstances. The club are valueless, haemorrhaging money even now (15k per day despite rationalisation). So admins have had to leverage the value of the ground as an asset for essentially throwing your money down a bottomless pit!!
It’s a miracle they’ve sold them imo.

The added challenge is who’s interested. Mostly overseas individuals who see them as a loss making operation to use as a taxsaving vehicle on profits in their home country (like the Spanish) or worse still, a business to launder money. Those individuals don’t meet the fit and proper persons test to preserve league status, so most options have been dead ends!!

They’ve also accused them of lying because of lack of updates or limited information, without realising they have NDAs with every party dealing with them!!

Add it all together I think the admins have done a phenomenal job in keeping them in business....Macclesfield and Bury were arguably in stronger positions but went the other way. You’d expect they’d show some humility and realise that tbh

Nice opinion piece. It’s clear you detest Latics which is your prerogative of course but you won’t find this ‘tichead’ who is also a staunch rugby fan giving any praise whatsoever to the administrators for how they’ve handled things.

Don’t detest Latics at all. But I detest the huge chip on the shoulder many of their fans have.

My point was the admins had an almost impossible task, one that beat admins at bury and Macclesfield, despite Latics carrying more debt and ongoing losses than those clubs.
So I don’t really get what the criticism is about! Yes they haven’t given detailed information but that’s the nature of the beast and dealing with NDAs. Beyond that they’ve tried everything and finally found a buyer at the 11th hour.

Very difficult to sell if what you’re selling isn’t very attractive and a substantial loss making proposition. Bahranis are essentially signing themselves up for 5mil losses a year for likely league two football, just to stand still. If they’re ambitious for future promotion even more. Got to have deep pockets for that.

What have the admins done that can actually be substantiated?

Re: Latics in administration - Lenagan leading bid : Sun Mar 21, 2021 9:35 pm  

Latics have been ran the exact same way as we are. Accounts are totted up at the end of the season and the owner covers any gaps. If IL does what their owners did then we will be no better off and with no stadium or assets in a steuggling sport we won't be a very good sale either aside from our name so people in glass houses etc.

Re: Latics in administration - Lenagan leading bid : Sun Mar 21, 2021 10:13 pm  

afootingmiracle21-12 wrote:

Are they really tho? Personally I think that’s more tichead nonsense because a lot haven’t been intelligent enough to understand the realities. Many still have delusions of grandeur that they’re a big club fallen on tough times, and capable of returning to the premier league in the not to distant future....something that’s now more a reality for Accrington Stanley or Forest Green Rovers (who could replace them in a couple of weeks)!!

Admins have also been trying to sell a club in almost impossible circumstances. The club are valueless, haemorrhaging money even now (15k per day despite rationalisation). So admins have had to leverage the value of the ground as an asset for essentially throwing your money down a bottomless pit!!
It’s a miracle they’ve sold them imo.

The added challenge is who’s interested. Mostly overseas individuals who see them as a loss making operation to use as a taxsaving vehicle on profits in their home country (like the Spanish) or worse still, a business to launder money. Those individuals don’t meet the fit and proper persons test to preserve league status, so most options have been dead ends!!

They’ve also accused them of lying because of lack of updates or limited information, without realising they have NDAs with every party dealing with them!!

Add it all together I think the admins have done a phenomenal job in keeping them in business....Macclesfield and Bury were arguably in stronger positions but went the other way. You’d expect they’d show some humility and realise that tbh

Ok ill bite, if they are legit and done the best for the club, why didnt they accept IL's bid as it was more than they sold it for? 4 months later when they have got all they can from it have they sold it for less than the bids that were tabled in Dec/Jan?

Re: Latics in administration - Lenagan leading bid : Mon Mar 22, 2021 6:59 am  

Egg Chasing wrote:

Latics have been ran the exact same way as we are. Accounts are totted up at the end of the season and the owner covers any gaps. If IL does what their owners did then we will be no better off and with no stadium or assets in a steuggling sport we won't be a very good sale either aside from our name so people in glass houses etc.

Very different context tho. IL generally covers operating losses (if there are any) of a couple of hundred thousand a season. Latics are still haemorrhaging money at a rate of 15k per week, 5mil per season, down from over a million a month.
Two very different situations. We are largely financially stable.

Re: Latics in administration - Lenagan leading bid : Mon Mar 22, 2021 7:08 am  

Pieman wrote:

Ok ill bite, if they are legit and done the best for the club, why didnt they accept IL's bid as it was more than they sold it for? 4 months later when they have got all they can from it have they sold it for less than the bids that were tabled in Dec/Jan?

That’s exactly my point! IL bid was just for the ground. He was initially interested in Latics and a ‘sporting partnership’ but I expect saw what a bottomless pit of money they were and how they’d be a huge risk to him and WRL and balked.
The admins were only willing to do a deal on the stadium if the purchaser took on the burden of the football club and their 4-5mil per year running losses, hence leneghan couldn’t continue as there were no willing parties to take that risk.

Had the admins been willing to sell the ground alone they’d have got more than 2.3mil for it. The fact they didn’t shows they went far beyond the call of duty trying to save the football club for the community. If I were a creditor I’d be royally peeved at getting 25p on the pound as it’s obvious if they’d have liquidated the returns would have been better.

Re: Latics in administration - Lenagan leading bid : Mon Mar 22, 2021 8:17 am  

afootingmiracle21-12 wrote:

That’s exactly my point! IL bid was just for the ground. He was initially interested in Latics and a ‘sporting partnership’ but I expect saw what a bottomless pit of money they were and how they’d be a huge risk to him and WRL and balked.
The admins were only willing to do a deal on the stadium if the purchaser took on the burden of the football club and their 4-5mil per year running losses, hence leneghan couldn’t continue as there were no willing parties to take that risk.

Had the admins been willing to sell the ground alone they’d have got more than 2.3mil for it. The fact they didn’t shows they went far beyond the call of duty trying to save the football club for the community. If I were a creditor I’d be royally peeved at getting 25p on the pound as it’s obvious if they’d have liquidated the returns would have been better.

he also had a buyer for the club and not ground with him so was the whole package, bear in mind were they not selling the club for £1, the stadium losses werent far away from the footballs losses and will be more as it needs 5-10 million spending on it, so IL's bid was for both in reality and for more money....so why again did they not accept it?