Re: Latics in administration - Lenagan leading bid : Mon Oct 12, 2020 5:31 pm  

Egg Chasing wrote:

This is how I understand it from what mates tell me and companies house:

Latics were owned by a company that then owned four other companies. One owned the club, one the stadium, one the training ground, one the chippy. Latics as a club/company didn't own the stadium or the training ground at Euxton. That's why IFL was able to bid for the stadium and not the club and how the training ground was sold.

You're quite right that had the company owning the football club been put into admin then the stadium would stay as is, but the holding company was put into admin and so everything underneath it as well. Latics were never being asset stripped as they didn't own any assets legally. The admins just decided to sell the stadium and club as one entity.

If one of IFL's businesses goes under then WRL are safe. If IFL himself goes bankrupt then we aren't. Same sort of idea I think that tried to protect the stadium if the club ever went pop (and a nice tax fiddle also on how much income the club actually has as they have to pay rent on the stadium and training ground)

Spot on
Whelan never gave the ground to the football club, he gave the ground to the same company that owned the football club.
The last owners of Latics did the same thing

Wigan RLFC will now need to negotiate the terms of their tenancy with the new owners of the stadium.
I would put my £10 on the newnownrs doing the same thing, there will be a company that will own the stadium and the club, but the 2 will be kept separate.

As Egg chasing has also started the interesting/complicated piece is the Lease.

Re: Latics in administration - Lenagan leading bid : Mon Oct 12, 2020 11:36 pm  

wiganermike wrote:

Latics went into administration, there was no mention of a stadium management company being in administration. The administrator appointed to control Latics' administration was selling as a package Latics, a training ground and the stadium. Ergo Latics must own the stadium or there would be no reason to sell the stadium and certainly not as part of a deal for the Latics. Had the stadium been sold separately as the Euxton training ground was then Latics would no longer own it but it appears to have been sold along with Latics so Latics (or their prospective new owners) will still own the stadium.

Why do you think it has taken so long to sell Wigan Athletic. It has been due, according to the administrators, potential buyers only wanting to buy Wigan Athletic without buying the Stadium or bidders wanting to just buy the Stadium as a purchase on its own which I suspect was the interest by the Lenagan Consortium bid.

The Spanish buyers are the only bidder who has met the requirements of the Administrators who were only prepared to sell Wigan Athletic and its ownership of the Stadium together as it was at the time the Wigan Athletic went into administration.

In other words, Wigan Athletic are still the owners/landlords of the Stadium as they have been since Whelan transferred it financial affairs from Whelco Holdings to Wigan Athletic in order to sell the club.

Re: Latics in administration - Lenagan leading bid : Tue Oct 13, 2020 6:50 am  

Ruddy Duck wrote:

Why do you think it has taken so long to sell Wigan Athletic. It has been due, according to the administrators, potential buyers only wanting to buy Wigan Athletic without buying the Stadium or bidders wanting to just buy the Stadium as a purchase on its own which I suspect was the interest by the Lenagan Consortium bid.

The Spanish buyers are the only bidder who has met the requirements of the Administrators who were only prepared to sell Wigan Athletic and its ownership of the Stadium together as it was at the time the Wigan Athletic went into administration.

In other words, Wigan Athletic are still the owners/landlords of the Stadium as they have been since Whelan transferred it financial affairs from Whelco Holdings to Wigan Athletic in order to sell the club.

Wrong

Re: Latics in administration - Lenagan leading bid : Tue Oct 13, 2020 10:48 am  

Jukesays wrote:

Wrong

If yourself and your pal Egg Chasing think I am wrong, may I suggest you contact the Sports Editor of the Wigan Today Newspaper for clarification on what companies or individuals have own the Stadium since it was built and who has owned it since Whelan sold Wigan Athletic to the Chinese and what exactly has been sold in the sale of Wigan Athletic to the Spanish.

Re: Latics in administration - Lenagan leading bid : Tue Oct 13, 2020 11:27 am  

Ruddy Duck wrote:

If yourself and your pal Egg Chasing think I am wrong, may I suggest you contact the Sports Editor of the Wigan Today Newspaper for clarification on what companies or individuals have own the Stadium since it was built and who has owned it since Whelan sold Wigan Athletic to the Chinese and what exactly has been sold in the sale of Wigan Athletic to the Spanish.

I don't need to - I know for a fact that Egg Chasing is correct (He is closer to this than you can imagine).
However - Even if he wasn't I still know what FACTS are

The same company (IEC) owned the Company that runs the Stadium , and they owned the company that ran the Football, ergo, 2 x different companies - Wigan Athletic DID NOT OWN THE STADIUM

Simples

it was the same when Whelan owned it - He owned both companies, but they were different companies

If the Spanish want to put the Football club & the stadium under 1 banner & call it the same company that is their prerogative (I don't think they will but that's a different story).

Re: Latics in administration - Lenagan leading bid : Tue Oct 13, 2020 11:32 am  

Jukesays wrote:

I don't need to - I know for a fact that Egg Chasing is correct (He is closer to this than you can imagine).
However - Even if he wasn't I still know what FACTS are

The same company (IEC) owned the Company that runs the Stadium , and they owned the company that ran the Football, ergo, 2 x different companies - Wigan Athletic DID NOT OWN THE STADIUM

Simples

it was the same when Whelan owned it - He owned both companies, but they were different companies

If the Spanish want to put the Football club & the stadium under 1 banner & call it the same company that is their prerogative (I don't think they will but that's a different story).

Don't Wigan Council have a stake in DW stadium as well as owning the land if i can remember when all the controversy of when we had to move our matches to accommodate the Latics it came out as the Council had a stake of the DW.

Re: Latics in administration - Lenagan leading bid : Tue Oct 13, 2020 12:22 pm  

jaws1 wrote:

Don't Wigan Council have a stake in DW stadium as well as owning the land if i can remember when all the controversy of when we had to move our matches to accommodate the Latics it came out as the Council had a stake of the DW.

I know they did - but that will be being covered off under the sale/administration process
i.e. If they had a 15% stake then either :-
As part of the administration process they may recover in £££'s what they are now due (probably not much!)
Or
They retain a 15% ownership and the new buyers accommodate this under the sale/administration process and the buyers price reflects this.

Either way that was not RD's statement/Claim

The Football club did not Own the stadium - They were owned by the same Company that owns the stadium
May seem a pedantic point, but legally it's a massive difference

Re: Latics in administration - Lenagan leading bid : Wed Oct 14, 2020 8:26 am  

Jukesays wrote:

I know they did - but that will be being covered off under the sale/administration process
i.e. If they had a 15% stake then either :-
As part of the administration process they may recover in £££'s what they are now due (probably not much!)
Or
They retain a 15% ownership and the new buyers accommodate this under the sale/administration process and the buyers price reflects this.

Either way that was not RD's statement/Claim

The Football club did not Own the stadium - They were owned by the same Company that owns the stadium
May seem a pedantic point, but legally it's a massive difference

It's actually 14% (£4.9 million) of the the building cost of £35 million of the Stadium with the bulk of the having come from grants with only about 20% coming from Whelan's personal fortune which was confirmed to me by a Wigan Business man.

So, where has the idea come from that Whelan built the Stadium ?

Re: Latics in administration - Lenagan leading bid : Wed Oct 14, 2020 9:12 am  

jaws1 wrote:

Don't Wigan Council have a stake in DW stadium as well as owning the land if i can remember when all the controversy of when we had to move our matches to accommodate the Latics it came out as the Council had a stake of the DW.

#


Please explain who and what are the company IEC, as in the twenty years or so since the Stadium was built,I have never heard of this company and neither do I suspect have the majority of Warriors supporters and indeed the general public in Wigan.

Re: Latics in administration - Lenagan leading bid : Wed Oct 14, 2020 9:37 am  

Ruddy Duck wrote:

It's actually 14% (£4.9 million) of the the building cost of £35 million of the Stadium with the bulk of the having come from grants with only about 20% coming from Whelan's personal fortune which was confirmed to me by a Wigan Business man.

So, where has the idea come from that Whelan built the Stadium ?

Are You





On Glue?

What are you on about ????
Replying with statements/answers to Questions that weren't even being asked!!!!!!!

When did I say he built the stadium?
When did I say how much he put in or where or how he got the grants etc.????
That's not what you originally said

You said that Wigan Athletic owned the stadium
They didn't

Wigan Athletic were a company that were owned by IEC
IEC also owned the company that owned the ground

Don't get things wrong and complete change the subject