Gains
Well-known member
Good, I must have read outdated infoNo grey area about it. EFL rule 12.3.1 If any Club becomes subject to or suffers an Insolvency Event, that Club shall be deducted 12 points.
Good, I must have read outdated infoNo grey area about it. EFL rule 12.3.1 If any Club becomes subject to or suffers an Insolvency Event, that Club shall be deducted 12 points.
They can't have done due diligence if they expected "financial performance".
The whole thing is b***ks when they are registered in tax havens.The EFL’s test and takeover process involves determining that a new owner has the money to buy a club and support it financially for at least the remainder of the season and the whole of the following season.
So this wasn't done, or it was boIIocks?
IEC got the money back they paid for Wigan, the money they had invested and a little more during a global pandemic?!. Must have seen this consortium coming!From the Guardian article.......
Any insolvency event such as administration carries an automatic 12-point penalty, which would send Wigan bottom of the table from 14th, although the EFL has not yet confirmed the penalty will apply.
IEC bought Wigan from the sports and retail magnate Dave Whelan for £15.9m, but despite winning promotion from League One last season, the company said it was dissatisfied with the loss-making finances of the Championship and the UK’s uncertain economic prospects after Brexit. IEC sold to Au Yeung’s consortium for £17.5m, plus repayment of £24.36m the company had invested in the club.
In a Hong Kong stock exchange document setting out its reasons for selling, IEC cited the “unsatisfactory financial performance” of the club, due to the punishing economics of the Championship, and also mentioned the suspension of football because of the coronavirus pandemic and the impact of Brexit. It said Brexit “could have material long-term impact on the economy and the future growth of the UK which may damage investors’ confidence on the UK and also reduce local consumer spending, which could further deteriorate the performance of the [club]”.
IEC got the money back they paid for Wigan, the money they had invested and a little more during a global pandemic?!. Must have seen this consortium coming!
just read the EFL statement.
basically 12 points next season if they get relegated,if they don't get relegated they apply 12 points at the end of this season.
sounds very harsh on Wigan.
So they carry on till the end of the season and they are then deducted? If it relegates them so be it? I suppose it is in their hands to win enough points so they are clear then.
I could see that based on current form, but surely the looming deduction might impact performances? Hopefully not enough against Barnsley, Hull and Charlton. However you look at this it is a boost for our hopes!I could see Wigan getting 10 points out of the remaining fixtures.
- Brentford v Wigan Athletic - Loss
- Wigan Athletic v Queens Park Rangers - Win
- Barnsley v Wigan Athletic - Win
- Wigan Athletic v Hull City - Win
- Charlton Athletic v Wigan Athletic - Loss
- Wigan Athletic v Fulham - Draw
I could see that based on current form, but surely the looming deduction might impact performances? Hopefully not enough against Barnsley, Hull and Charlton. However you look at this it is a boost for our hopes!
Or it could be the opposite. Did the players already know they would be going into administration and did this give the extra impetus.I could see that based on current form, but surely the looming deduction might impact performances? Hopefully not enough against Barnsley, Hull and Charlton. However you look at this it is a boost for our hopes!
Certainly was for us in 86 NormanOr it could be the opposite. Did the players already know they would be going into administration and did this give the extra impetus.
Some times adversity can be used in your favour.
Yeah that didn't seem to add up, made a couple of million profit and got the near £25 million they had invested back too? Stinks of some sort of shenanigans.