Re: O/T Latics in administration : Sat Jul 04, 2020 7:40 am  

Egg Chasing wrote:

Bolton and Bury were riddled with debt and had no assets.

Had stadiums And players

Re: O/T Latics in administration : Sat Jul 04, 2020 7:42 am  

They have no money, the owner hasn’t given them the money he promised, that’s why they have gone into administration, they are broke

Re: O/T Latics in administration : Sat Jul 04, 2020 7:56 am  

Pieman wrote:

Had stadiums And players

That they hadn't paid for months. Have you seen any news stories of Latics players not being paid?

They're broke now because the owner has just p***** off with the money having owned them for about a week. Most people would opt to sell but instead they have just shut the door.

IFL stated last week he had put 500k in to prop up the club and does so regular. If he wakes up today and decides he doesn't want to anymore, then Wigan RL could go the same way despite currently being well run, able to pay everyone etc.

The Latics situation isn't even remotely close to Bolton or Bury as pretty much every news article will confirm. They have been shafted.

Re: O/T Latics in administration : Sat Jul 04, 2020 8:40 am  

Bolton were shafted by their owner also as they refused to out in money the same as Wigan, the difference is Bolton waited for a year to call in the administrators Wigan did it straight away

Re: O/T Latics in administration : Sat Jul 04, 2020 9:03 am  

Would you consider these two situations to be the same?

Person A

Multiple credit cards maxed out that payments are not paid on. Several bills not paid on time. Taken to court, bailiffs called in.

Person B

Uses credit card to pay for monthly shop, circa £500, and clears each month in full. No missed payments, no loans, good credit. Loses job with no payout and no longer has any income so becomes unable to pay bills once money in bank dries up.

Re: O/T Latics in administration : Sat Jul 04, 2020 9:40 am  

100% Warrior wrote:

I’m shocked to be honest, I’m no lover of Latics but it’s incredibly sad to see this. It also makes a complete mockery of the FA’s “fit owners” test. How a club can be bought by apparently wealthy Chinese businessmen only to then go to the wall is criminal.

On a selfish note it could also have dire consequences for us given Latics own the stadium. Can we afford to run it if the worst should happen? It’s a lot more than just a football club, it also involves us.

I hope Latics can be saved, not just for us, but because no club should go through this and no fan deserves to have their club disappear.

Hopefully, the Administrators will sell Wigan Athletic and the DW Stadium as separate entities which should have always been the case in the first place.

It is now becoming obvious that Whelan transferred the Stadium which was a separate company at the time he was in the process of trying to find buyers for the Latics, was to the ownership of Wigan Athletic company in order to get better and bigger offers as most potential buyers, would only want to buy a football club if the Stadium was included in the price.

I seem to remember Whelan saying some time ago, that many of the smaller football clubs would go to the wall in the near future and as he had achieved what he set out to achieve, with the winning of a major trophy, he then decided that it was time to put less investment into the club, sell up and retire to his holiday home in Barbados.

Not daft where money is concerned is Uncle Dave!

Re: O/T Latics in administration : Sat Jul 04, 2020 9:48 am  

Pieman wrote:

Bolton were shafted by their owner also as they refused to out in money the same as Wigan, the difference is Bolton waited for a year to call in the administrators Wigan did it straight away

So the Latics were not shafted by Whelan who from 2013 transferred the good players and replaced them with lesser standard players during his process of trying to sell the club.

Re: O/T Latics in administration : Sat Jul 04, 2020 9:55 am  

Egg Chasing wrote:

Not technically.

At the end of the season if Latics are in the bottom 3 they go down and start on -12.

If they're outside the bottom 3 then a 12 point deduction is applied which could see them relegated, but there would be no deduction next season.

So that's why they have being doing so well in winning games.

Only problem is the retention of players as they are assets of the club for the Administrators to sell on behalf of the creditors.

Re: O/T Latics in administration : Sat Jul 04, 2020 10:30 am  

JonnyBroad wrote:

I got 12/1 2 weeks ago. Wish i had more than a tenner on now.

It wouldn't surprise me if the owners, or someone connected to them, had also got those sort of odds, but on more than a tenner. The odds would have increased after the Latics beat Huddersfield and Blackburn, and all of a sudden, the stake they put on is disappearing into a puff of smoke. Place another bet at odds of probably 30-1, and the potential returns are huge. They play another relegation rival and thump them 3-0 to go 8 points clear with 6 to play. Gambling man has a club that is still losing money and will probably stay up unless he takes the nuclear option and invokes administration, 12 point deduction and probable relegation, thus getting his winnings from his far east bookies, which probably equate to the amount he's paid for the club anyway.

Hopefully the club will defy the odds, stay up on merit (thus denying these shysters a payout) and be sold by the administrators to someone who isn't looking for a money-laundering outlet.

Re: O/T Latics in administration : Sat Jul 04, 2020 10:37 am  

Egg Chasing wrote:

They were riddled with debt

Due to a certain well known manager buying former Ex. International players on contracts the club could not afford when in the Premiership with money from a wealthy supporter who lived in the Isle of Man.

The same thing happen to Wigan during the nighties when we were the only fully professional club and signing all the best players on contracts the club could not afford with the result that the club ended up with debts of 6.5 million and had to sell Central Park to Tesco in order to avoid administration and possible bankruptcy. Hence the introduction of the salary cap which should also apply to football.

Moral of what took place at Bolton and Wigan is never buy what you cannot afford!