Yesterday’s news that Wigan Athletic have been put into administration and that the EFL will deduct 12 points was a stunner. What is going to happen to our club??
My love affair with Latics started at the age of 12 when I went to Springfield Park to watch Latics as a non-league club. That first visit was enough to make me hooked and I have spent practically a lifetime watching them, no matter what league or division they were in.
Sure, I would love to see Wigan Athletic back in the Premier League, but the parameters in football have changed so much since Paul Jewell’s team took us up there. The bottom line for me is to see the club survive. It is not so important what division they are in.
However, we and other Latics fan sites have regularly published our concerns about the debts the club has been accruing in recent years. On June 8 we published an article “An initially challenging time is coming for Wigan Athletic”, referring to the comments of new co-owner Au Yeung Wai Kay. We raised the prospect of EFL clubs being lost in the revenue crunch following on from the Covid-19 pandemic. We talked about the need for a fire-sale akin to that made by Dave Whelan in January 2015 and drastic reductions in the club’s wage bill. But little did we know that that the initially challenging time would come as far as administration.
Let’s take a look at how fans reacted to the shock news through the message boards and social media.
Our thanks go to the Cockney Latic Forum, the Vital Wigan – Latics Speyk Forum and Twitter for providing the media for the posts below to happen. Thanks go to all whose contributions are identified below.
Captain Kernow on the Latics Speyk Forum commented:
It just doesn’t make any sense, I don’t think I’ve ever seen a club just enter administration. There’s usually weeks and months of foretelling beforehand.
We were taken over three weeks ago where the owners would have had to prove finances to the EFL. They’ve not even got through the first payday.
We’ve invested in player contracts and development facilities this month.
I don’t understand why we would do these things if we were so skint?
I don’t think finishing 13 points clear of the bottom 3 is beyond us, especially on current form. But how many players are actually going to keep on playing?
The situation stinks and I felt physically sick when I read the news this afternoon, especially gutting after the way the lads have performed since the restart.
We have 4 very winnable games in the last six. All of us, no exceptions, must get behind the boys more than ever. The future of the club is quite literally at stake. Get the 12 points back on the pitch and tell the EFL where to stick their deduction.
We are Wigan…never give up, give in or surrender.
The EFL are disgusting, throwing us to the dogs like they did with Bury. Never mind that theres a global pandemic happening which has delayed our season and impacted every clubs finances, and that they deemed our new owners ‘fit and proper’ mere weeks ago, literally less than 1 hour after its announced we’re entering administration, they s…. all over us and say we’re getting hit with a deduction. It would have been some miracle if we got 13 points from the last 6 games anyway, but now we’ve GOT to get 13 points or we’re down, whats that going to do for team morale? Playing under that pressure? If we finish outside the relegation zone this year … -12 points and relegation. Go down anyway? Start lg1 with -12 points. Either way we’re smashed. Maybe it would have been better for this season to have been ended early afterall, although PPG would probably have sent us down anyway.
What an absolute crusher though. After last nights win and the form we’ve been showing, the last thing I expected today was to fear for the future of the club. Jokes about going for the play offs … But here we are. I’ve no idea what our future holds – or if we actually have one – but thats a fear for another day. All we can do for now is rally and cheer for the squad to go out there and fight for the 13 points we need. ‘Little’ Wigan the underdogs, taking on the EFL for survival. If any team can upset the odds its us, so i’ve not lost faith. But Ch–st, what an absolute mountain we’ve got to climb.
Th10 on the Latics Speyk Forum said:
I think the best thing is the 12 point deduction applying this season. Starting a championship season on -12 would give us no chance of surviving anyway. At least the players can fight for the rest of what could be our last season as a club. If the club does survive then at least next season is a fresh start. Look at Bolton this year, they were down before it even started.
If someone does want to buy the club then who does the money go to? Surely if the owners have run the club into the ground and put it into admin then they don’t get anything. I’m not sure how it works.
Pies’r’Us on the Latics Speyk Forum detailed his previous warnings:
I wrote to EFL in May and then the following to all TV and radio broadcaster, Wigan MP but was ignored..
“END OF THE PIER FOR WIGAN ATHLETIC?
Wigan Athletic have recently been sold and bought by the same person; Dr. Choi Chiu Fai Stanley. He is the chairman and majority shareholder of the last owner; IEC plc, and also majority shareholder of the new owning company ‘Next Leader Fund LP’. This has been approved by the EFL which renders their club ownership process to kiddies TV; ‘The Magic Roundabout’.
Dr. Stanley, has over 20 years experience in financial services and merger and acquisition projects. He also a renowned poker player in the far eastern gambling world through televised poker tournaments.
According to his letter sent to IEC plc shareholders on 8 May 2020 (link below), one of the principle reasons for selling the club and transferring ownership is that it will be financially advantageous to IEC in regard to a previous interest free loan of £24.36 million. IEC have provided a replacement loan via ‘the new owner’ and most importantly; it is interest bearing at 8%. This is now costing Wigan Athletic £37,846 A WEEK! The club have made an average loss over the last two years of circa £8.5 million which equates to £163,461 per week and therefore losses now total circa £200,000 per week.
For context; the present stock market capitalisation (value) of IEC plc is £36.48 million and is engaged in expensive court actions with tax authorities concerning 2 of it’s subsidiaries.
However, the terms require the capital sum to be repaid in 12 months and if the club defaults then the interest rate increases to 20% to which weekly payments on the £24.36 million loan amounts to £93,692 !”
Dr Stanley knows the company cannot pay these figures on their present income and so did the directors of the club and the EFL. So why was it allowed to happen?
Muttywhitedog on the Cockney Latic Forum said:
I’m very shocked to hear this news. Administration is not the end of the world – Leicester & Southampton came back stronger. You are not relegation fodder, and a couple of wins against Hull & Charlton should see you safe and back next season, hopefully stronger for the experience and with an owner who gives a shit.
It does beg questions about ownership though – particularly those without a pot to p–s in, and it seems as Wigan & Sunderland have something in common in that respect.
The Egg on the Cockney Latic Forum stated:
Having a club to support is the absolute priority as you say. Staying in the championship will help that.
We need 3 wins from 6 I reckon.
Siege mentality, need to gain four or five more points than the bottom three between now and the end of the season to be more that 12 points clear and avoid relegation. Current form would suggest we can do it, but this must shatter the lads. Interesting to see the impact on contracts, players may be able to just walk away.