Case number 2 — Practitioner Gerald Maurice Krasner Begbies Traynor (Central) Llp 4th Floor Cathedral Buildings, Dean Street, Newcastle … The Championship club have become the first to fall into administration during the Covid-19 crisis which could claim many more, but Wigan’s own insolvency has little to do with the coronavirus shutdown.It is one of the most unlikely and baffling scenarios ever thrown up even among the frequently outlandish sagas of football’s relationship with money. You can change your cookie settings at any time. No explanation has been provided for this remarkable whirl of events. We are the UK’s largest business rescue and recovery company, with over 70 licensed insolvency practitioners and a network of offices up and down the country, as well as a number of shared office locations such as our Wigan base. On the day Au Yeung took ownership after a £41m purchase he decided not to fund the club, and an investigation is now due, Last modified on Thu 2 Jul 2020 22.00 BST. No further money would be provided – the Wigan directors had projected that £6m was needed for future funding – and the club was going to be put into administration. Football Championship Wigan Athletic. T he brutal, bizarre collapse of Wigan Athletic has raised many glaring and alarming questions, but one central contradiction lies in the ruins. Practitioner Paul Stanley 340 Deansgate, Manchester, M3 4LY . Featured. The club has appointed administrators Gerald Krasner and Paul Stanley from insolvency practitioners Begbies Traynor. A new director, Au Yeung, said he was “excited to join the Wigan Athletic family”, that he looked forward to working with the board and staff, and: “Most importantly I hope to meet the club’s passionate fans.”. Even at the time, it seemed an unlikely fit: Whelan, the former footballer, acme of Lancashire man-made-good, selling his home-built club to a company based in Hong Kong, registered in the Cayman Islands tax haven, which runs a casino in Manila. Insolvency administrators Begbies Traynor are overseeing the sale of the club, and say that so far three potential buyers have had talks with the Football League about a takeover. Walker Morris was instructed by Begbies Traynor, which was appointed as administrator of the Wigan AFC group of companies in July 2020. The club announced the takeover on 4 June, by Next Leader Fund, also based in Hong Kong and registered in the Cayman Islands. Wigan go into administration four weeks after Hong Kong takeover. The sports and insolvency teams at Leeds-based Walker Morris have advised Paul Stanley, Dean Watson and Gerald Krasner of Begbies Traynor on the sale of Wigan Athletic FC and its assets to Phoenix 2021 Limited. By Press Association Published: 2 July 2020 - 1.36pm. The brutal, bizarre collapse of Wigan Athletic has raised many glaring and alarming questions, but one central contradiction lies in the ruins. You can change your cookie settings at any time. Menu News Matches Tickets Teams Search. The Fiver: sign up and get our daily football email. Wigan, formerly the epitome of traditional football club ownership by a wealthy local benefactor, are bust 19 months since the retail magnate Dave Whelan sold to International Entertainment Corporation, which he hoped would safeguard his legacy. VACANCY: Retail Team Leader. LIMITED (00270043) Registers for WIGAN ATHLETIC A.F.C. We use cookies to make our services work and collect analytics information. Insolvency for WIGAN ATHLETIC HOLDINGS LIMITED (07283993) More for WIGAN ATHLETIC HOLDINGS LIMITED (07283993) 1 Insolvency case. Krasner was asked whether he believed the sale could have been orchestrated by IEC, effectively to take Wigan off its books before it was dumped. IEC noted when selling to NLF that the Championship’s punishing finances were the key reason for cutting their losses. Wigan Athletic have discovered the outcome of the appeal of the club's points deduction for entering adminstation. This article provides a complete timeline of events leading to WAFCL … So, the facts as set out are that in the middle of the coronavirus crisis, while football was still shut down and many clubs fear going out of business, Au Yeung decided to buy Wigan Athletic, a club which even in normal times loses millions of pounds. But then on 24 June – just last week – Au Yeung, initially a minority shareholder in NLF, was stated to have become the owner of more than 75%; he is thought to be the 100% owner: a complete takeover from IEC. LIMITED (00270043) 1 Insolvency case. Wigan … Wigan Athletic players celebrate after their team go 3-0 up in their eventual 8-0 win over Hull City. Wigan Athletic's appeal against the club's points deduction has been unsuccessful. Wigan Athletic Football Club has announced it has gone into administration — Sky News Breaking (@SkyNewsBreak) July 1, 2020. Wigan Athletic currently have a 75 per cent chance of surviving long enough to finish the season, according to administrator Gerald Krasner, after the Championship club entered insolvency … Administration started 1 July 2020. Tell … The administrators say they "remain optimistic that there will be From the section Wigan. Case number 1 — In administration . Wigan Athletic currently have a 75 per cent chance of surviving long enough to finish the season, according to administrator Gerald Krasner, after the Championship club entered insolvency measures on Wednesday. In Wigan, little is known of Au Yeung apart from the note in IEC’s sale document which stated he “has relevant experience in business operations management and business leadership as he has worked in commodity and real estate investment management in Asia”. A statue of the former owner Dave Whelan with the FA Cup outside Wigan Athletic’s stadium. Wigan Athletic: Proposed takeover of League One club collapses. Administration started 1 July 2020. 13 hours ago. LIMITED (00270043) More for WIGAN ATHLETIC A.F.C. The EFL is understood to have approved both the initial NLF takeover and Au Yeung’s, so the Wigan calamity again raises questions over its vetting processes. Supporters were told “the support from owners” would help the club through the current crisis. We'd also like to use analytics cookies so we can understand how you use our services and to make improvements. But Au Yeung has not explained why he decided it was worth £41m to have a go at Wigan, then immediately dropped the club and put it into administration. Topics Wigan Athletic We use some essential cookies to make our services work. According to the documents, which have been seen by the Guardian, Kay contacted the insolvency practitioners Begbies Traynor about putting Wigan into … Wigan manager Cook resigns amid appeal against relegation “The insolvency event occurred on the 1 July 2020 and under EFL Regulation 12.3, the … The Championship club … But then, on the day he took ownership after this £41m purchase, he decided not to fund it and to put the club into administration, so losing control, the £17.5m, and probably the £24m too. You've rejected analytics cookies. Wigan Athletic finished 13th in the English League Championship this season. Published: 2 July 2020 - 1.36pm . Wigan Athletic’s DW Stadium will play host to EFL League One football next season after the club lost their appeal against a 12-point deduction. On that very same day, last Wednesday, according to Krasner, Au Yeung’s UK lawyers approached Begbies Traynor potentially to be administrators. To accept or reject analytics cookies, turn on JavaScript in your browser settings and reload this page. The long-running Wigan Athletic takeover saga could finally be coming to an end after it was revealed that a new owner from the Middle East is in talks with the EFL to buy the club. Wigan had argued that their insolvency was a ‘Force Majeure’ event – something which arose as a result of an unforeseen set of circumstances but their case was dismissed. Gerald Krasner said: “Our immediate objectives are to ensure the club completes all its fixtures this season and to urgently find interested parties to save Wigan Athletic FC … The EFL have hit-back at claims from Wigan Athletic’s owner Au Yeung Wai Kay's that the club's demise was down to the coronavirus pandemic. Rumours as to what caused WAFCL to enter administration abound. Case number 1 — In administration . Wigan Athletic’s owner enquired about placing the club into administration before he had even completed his ... but had approached insolvency practitioners Begbies Traynor the … Wigan Athletic's owner enquired about putting them into administration before he had even completed his takeover. He replied: “We have not started the investigation yet; we are aware of concerns that have been raised … Once I know that we have saved the club, all our resources will be put into [an investigation].”. The insolvency practitioners were appointed on Wednesday morning, for a club newly taken over but suddenly bust, with a Championship-sized wage bill and at least £6m owed to non-football creditors, Krasner has estimated. IEC did not respond to questions from the Guardian about the sale to Au Yeung, and Au Yeung’s UK lawyers declined to comment. Creditors voluntary liquidation, for LATICS REALISATIONS LIMITED (00270043), Companies House does not verify the accuracy of the information filed. EFL and Premier League may have to revise insolvency rules – Wigan administrator There are fears Wigan will not be the last EFL club to suffer extreme financial difficulties this year. Last updated on 4 August 2020 4 August 2020. Also that he “has been operating an amateur football team for more than 15 years, winning several awards”. Wigan’s appeal against the 12 point deduction, which is imposed automatically if clubs fall into insolvency, is due to be heard on 31 July. The Wigan office is headed up by licensed insolvency practitioner, Jason Greenhalgh. A 12-point penalty was imposed on the Latics after the club entered administration last … Wigan would have stayed up had they beaten Fulham on the final day of the 2019/20 Championship season, but they were held to a 1-1 draw. IEC, listed on the Hong Kong stock exchange, announced as recently as 29 May that it had sold Wigan, for £17.5m – even showing a profit on the £15.9m they paid Whelan in November 2018. They lost just one of their last 15 games. You've accepted analytics cookies. Wigan Athletic AFC Ltd (“WAFCL”) entered administration on 1 July 2020, just 27 days after a takeover had occurred. The place to get all your Wigan Athletic FC news and info. The club directors are said to have had no notice of this until Tuesday. Wigan Athletic Football Club (/ ˈ w ɪ ɡ ən /) are an English professional association football club based in Wigan, Greater Manchester, England.The team competes in League One, the third tier of the English football league system.Founded in 1932, the club have played at the 25,000-seater DW Stadium since 1999, before which they played at Springfield Park. Initially the Hong Kong businessman Dr Choi Chiu Fai Stanley, chairman of IEC, owned more than 50% of both the seller, IEC, and the buyer, NLF. The rules only require a buyer to show that they have the money to fund a club – not to actually provide that money, a bond, or insurance, to ensure the funding is there. The administrator Gerald Krasner, of Begbies Traynor, said on Thursday that once they have overcome the pressing challenge of completing Wigan’s six remaining matches, they will investigate the bewildering circumstances of the administration itself. IEC stated that on the same day, less than five weeks ago, the £24.6m it had put into Wigan, funding players’ wages and heavy losses, had been repaid in full. Wigan say the Spanish consortium reduced their offer by almost 50 per cent; The EFL … Walker Morris were instructed by Begbies Traynor who were appointed as administrators of the Wigan AFC group of companies in July 2020. The … Insolvency for WIGAN ATHLETIC A.F.C. The place to get all your Wigan Athletic FC news and info. Profile. Wigan Athletic relegated after losing appeal against 12-point penalty. However, last week, for no fault of theirs, they were relegated to League One. At first in partnership with Choi, he paid £17.5m, giving IEC more than they paid for the club, and also ensured their £24m loan was repaid. Practitioner Paul Stanley 340 Deansgate, Manchester, M3 4LY. Walker Morris’ Sports and Insolvency Teams have advised Paul Stanley, Dean Watson and Gerald Krasner of Begbies Traynor on the sale of Wigan Athletic FC and its assets to Phoenix 2021 Limited. Covid-19 Latics TV Store Buy Tickets Search. Paul Stanley, managing partner of Begbies Traynor insolvency practitioners and joint administrator of the Latics, confirmed that the takeover plan has been given as ‘green a light as they can have A crack squad of insolvency and football business specialists have been installed to manage the administration of Wigan Athletic. Wigan are the latest in a long line of cases It was announced on 1st July that Wigan Athletic had become the first English football club of the COVID-19 era to require a formal insolvency … Practitioner Dean Watson 340 Deansgate, Manchester, M3 4LY. Begbies Traynor has assigned Paul Stanley, Dean Watson, and Gerald Krasner – a former Chairman of Leeds United – to oversee the process, with the Championship season due to conclude later in July. administrators of Wigan Athletic Football Club, on Wednesday 1 July 2020. SIX potential new owners are on the shortlist as the search continues for a way out of administration for crisis-hit Wigan Athletic. Wigan Athletic face the threat of relegation having become the first club in professional English football to enter administration following the coronavirus pandemic, only four … Meanwhile Wigan, famously built up by Whelan for 23 years from League Two to the Premier League and 2013 FA Cup glory, are in wreckage, having being taken over, then put into administration, in a week.
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