Re: O/T Latics in administration : Fri Jul 03, 2020 3:13 pm  

JonnyBroad wrote:

Not sure how much they have allegedly put on but it can’t be that much as they regulate bets placed for irregularities, so if they put 200k on them to be relegated at 12/1 then lights start flashing. What i will say is that last week they were removed from the relegation betting but i presumed it was because it wasn’t possible but maybe it wasn’t??

It’s a Phillipino betting company as opposed to a UK regulated one. Admittedly I’m not too well up on their betting regulations but I can’t imagine they’re as stringent as UK. Furthermore the supposed owner is a casino owner and is known (allegedly) to enjoy a flutter.

Re: O/T Latics in administration : Fri Jul 03, 2020 3:16 pm  

Enjoy a flutter? He's on the poker circuit.

Re: O/T Latics in administration : Fri Jul 03, 2020 7:26 pm  

JonnyBroad wrote:

Unless they sell christopher park for houses once they have bought the club?

Thats what i thought these owners were going to do. I had no doubt they weren't interested in football. Just the assets. Christopher park, Euxton golf course, stadium for concerts. There must be a reason they didn't go down that route. It's a cash cow, or seems to be.

Re: O/T Latics in administration : Fri Jul 03, 2020 11:06 pm  

JonnyBroad wrote:

I am told the 2 situations are very different.

In what way by whom?

Re: O/T Latics in administration : Fri Jul 03, 2020 11:10 pm  

Ruddy Duck wrote:

In what way?

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

Re: O/T Latics in administration : Fri Jul 03, 2020 11:11 pm  

Pie_Eyter wrote:

Thats what i thought these owners were going to do. I had no doubt they weren't interested in football. Just the assets. Christopher park, Euxton golf course, stadium for concerts. There must be a reason they didn't go down that route. It's a cash cow, or seems to be.

From what I have always understood, Christopher Park has a covenant which says it always has to be used for sport and the Golf Course/Restaurant at Euxton was sold by Whelan.

Re: O/T Latics in administration : Fri Jul 03, 2020 11:12 pm  

Pie_Eyter wrote:

Thats what i thought these owners were going to do. I had no doubt they weren't interested in football. Just the assets. Christopher park, Euxton golf course, stadium for concerts. There must be a reason they didn't go down that route. It's a cash cow, or seems to be.

Re: O/T Latics in administration : Fri Jul 03, 2020 11:16 pm  

Pie_Eyter wrote:

Thats what i thought these owners were going to do. I had no doubt they weren't interested in football. Just the assets. Christopher park, Euxton golf course, stadium for concerts. There must be a reason they didn't go down that route. It's a cash cow, or seems to be.

From what I understand, Christopher Park has a covenant which says it always has to be used for sport and the Golf Course/Restaurant at Euxton was sold by Whelan a while ago.

Re: O/T Latics in administration : Fri Jul 03, 2020 11:33 pm  

Egg Chasing wrote:

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

And the Latic's were not?

Businesses go into administration when they go into debt ie. when they are spending more than they taking in.

Whelan sold the club because of the way he saw it going downhill financially with falling attendances.

He did the same with JJB Sports when that that went downhill after being out muscled by JD Sports.

Re: O/T Latics in administration : Sat Jul 04, 2020 7:34 am  

Ruddy Duck wrote:

And the Latic's were not?

Businesses go into administration when they go into debt ie. when they are spending more than they taking in.

Or when the owners want to sell/close down the business.

Latics lose money yes as does every football club but up until now they have never failed to pay their staff, players, bills etc. They have money in the bank and are asset rich (2 training grounds, a stadium, an academy)

They have been screwed over by their owner who has decided he isn't bothered anymore.