afootingmiracle21-12 wrote:
I think we all know the answer to this which is because the football club are essentially worthless.
Selling with the stadium he recouped about 22mil of the money he had put into the club (on the balance sheet the stadium alone was worth about 25mil at the time)
Without the stadium he wouldn’t have sold the club, or would have got the max of a million quid for them.
It’s the same reason the bahranis paid 3mil for the club. They knew it was the way of buying a 20mil stadium for a pittance. They’d have paid no more than £1 for the latics, which is what they essentially did as the admins made it a condition of stadium sale
Correct, Whelan included the Stadium in the sale of the Latic's as he knew that that any potential buyers, especially from abroad would only want to buy a football club which owned its own Stadium.
Apparently, the reason why it took so long for administrators to sell the Bolton Wanderers football club as their Stadium was not included in the sale due to the fact that it is not owned by the football club.
In other words, without the administrator including the stadium in the sale, the Latics may have ended up with new owners no richer than those who now own Bolton Wanderers.
In football, its not just about owning a football club, but where ever possible, also the buying of the property assets that go with the football
club.
In Wigan, things could have been different, but for the stupidity of what took place in the late nighties!