Wigan administrators confirm that they have selected the preferred bidder who has until July 31 to sign the deal
Wigan administrators confirm that they have selected the preferred bidder from among five candidates and given the prospective buyer until July 31 to sign a deal … but they confirm that the findings of the investigation into current owner Au Yeung Wai Kay will not be made public
- Wigan administrators have made such promising progress in rescuing the club
- Milk lovers were shocked by the club’s financial downturn earlier this month
- The administrators have selected their favorite bidder from five options
- The club faces a 12-point deduction in the championship, but has appealed
Wigan administrators have selected a preferred bidder to buy the club.
Joint administrator Gerald Krasner said there were a total of five offers from 64 confidentiality agreements sent.
“Our chosen offer is the best offer for the creditors for the company and for Wigan as a football club,” he said.
The administrators of Wigan Athletics have selected their favorite candidates for a takeover
The news will be a relief to Wigan fans, with the bidder until the end of July to confirm
Krasner said a letter had been sent to the preferred bidder, which is due to be returned at noon on Thursday, urging their attorneys to confirm that they have full funds for acquisition.
The Sky Bet Championship club was taken into management on July 1, less than a month after a transfer of ownership.
They face a 12-point penalty after Wednesday’s last league game against Fulham, but have appealed the sanction.
The club’s decline has shocked fans, with administrators seeking to investigate the current owners
Krasner explained what would happen to the sale next.
The basis of the sale is that contracts must be exchanged by July 31. After conversion, proceeds are held in escrow pending completion.
“Completion depends on passing the test of the owners and drivers of EFL, which can take three weeks at best.
“We’re in a semi-limbo, waiting for letters back, contracts signed on July 31, and waiting for EFL.”
The Championship club will be deducted 12 points, but they have appealed the decision
The bidders remain at least anonymous until contracts are exchanged.
Krasner said the former owner, Au Yeung Wai Kay, had agreed to the administrators’ request to be interviewed through Zoom to discuss the circumstances that led to the club being put into administration.
“Mr. Yeung agreed to do a Zoom interview in July so that we can fully see what happened,” he said.
Krasner said the report of the investigation would not be made public.