Re: Pies in administration
Posted: Sat Jun 03, 2023 2:10 pm
Surprised the EFL haven't sent out the fortnightly Wigan press release yet...I mean they only gotta change the date and add a few onto the points deduction...
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Pies in administration
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Re: Pies in administration
Posted: Sun Jun 04, 2023 12:25 pm
Presumably waiting to flog any players worth selling when the window opens? Then bang it into admin and cut their losses. If I were them I’d be as worried about the total lack of media attention and apathy. Might end up going to the wall this time. At what point do the EFL make a call on them starting the season?
Re: Pies in administration
Posted: Sun Jun 04, 2023 12:39 pm
Think the bizarre bit, is the bills, currently, keep getting paid, albeit late. With us, it became clear fairly rapidly that they weren't and weren't going to. Our Club didn't put itself into Admin, EDT did, so at the moment other than they're not the Messiah and just naughty boys, I'm not sure there's any mechanism for the EFL to actually do anything much other than what they're currently doing...officer_dibble wrote: ↑Sun Jun 04, 2023 12:25 pmPresumably waiting to flog any players worth selling when the window opens? Then bang it into admin and cut their losses. If I were them I’d be as worried about the total lack of media attention and apathy. Might end up going to the wall this time. At what point do the EFL make a call on them starting the season?
Re: Pies in administration
Posted: Sun Jun 04, 2023 4:58 pm
Both Markham and Gottmann have walked. That's two of the three man board, with the third being the owners' rep.Worthy4England wrote: ↑Sun Jun 04, 2023 12:39 pmThink the bizarre bit, is the bills, currently, keep getting paid, albeit late. With us, it became clear fairly rapidly that they weren't and weren't going to. Our Club didn't put itself into Admin, EDT did, so at the moment other than they're not the Messiah and just naughty boys, I'm not sure there's any mechanism for the EFL to actually do anything much other than what they're currently doing...
As was pretty obvious, there's no money. Their last act was to use available funds to pay as many staff as they could and then they resigned.
There's no money to pay the next round of wages to anyone and certainly not enough to pay the players for the round just missed. The understanding of the staff is they can't cover utilities as things stand.
There's no real cash coming in over the summer, so they're fecked.
Re: Pies in administration
Posted: Sun Jun 04, 2023 5:25 pm
Are the bills getting paid? Other than the wages?
Re: Pies in administration
Posted: Sun Jun 04, 2023 5:36 pm
The resignation statement would suggest not. Certainly there seems to be no money left for future bills.
Re: Pies in administration
Posted: Sun Jun 04, 2023 6:17 pm
Yup although they suggest they could reverse that decision if loot turns up...GhostoftheBok wrote: ↑Sun Jun 04, 2023 4:58 pmBoth Markham and Gottmann have walked. That's two of the three man board, with the third being the owners' rep.Worthy4England wrote: ↑Sun Jun 04, 2023 12:39 pmThink the bizarre bit, is the bills, currently, keep getting paid, albeit late. With us, it became clear fairly rapidly that they weren't and weren't going to. Our Club didn't put itself into Admin, EDT did, so at the moment other than they're not the Messiah and just naughty boys, I'm not sure there's any mechanism for the EFL to actually do anything much other than what they're currently doing...
As was pretty obvious, there's no money. Their last act was to use available funds to pay as many staff as they could and then they resigned.
There's no money to pay the next round of wages to anyone and certainly not enough to pay the players for the round just missed. The understanding of the staff is they can't cover utilities as things stand.
There's no real cash coming in over the summer, so they're fecked.
Who has the popcorn?
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Re: Pies in administration
Posted: Sun Jun 04, 2023 6:38 pm
Kendrick has no class whatsoever.
Re: Pies in administration
Posted: Sun Jun 04, 2023 6:43 pm
Right, but if you believe the statement what it seems to say is that at no stage during this "crisis" have the owners actually coughed up. The club was 500k short of being able to pay all wages, so they couldn't pay the players in May - but the owners didn't cover that. The club was able to come up with the money over time.Worthy4England wrote: ↑Sun Jun 04, 2023 6:17 pmYup although they suggest they could reverse that decision if loot turns up...
That would mean that no money has gone into the club from the owners since March and that they couldn't even find 500k in May when it was needed to avoid a points deduction. Then they couldn't find £2.5m to meet the bond that was due. Now they can't pay the players again.
On that basis, what are the chances of them putting in "8 figures"?
It looks like a number of the staff on the business side are looking for new jobs.
Re: Pies in administration
Posted: Sun Jun 04, 2023 6:48 pm
The owners injected £2.3M in March according to that statement. And this shows the hole they are in. Surely they can’t be in hock for more than a million a month but seems they are.GhostoftheBok wrote: ↑Sun Jun 04, 2023 6:43 pmRight, but if you believe the statement what it seems to say is that at no stage during this "crisis" have the owners actually coughed up. The club was 500k short of being able to pay all wages, so they couldn't pay the players in May - but the owners didn't cover that. The club was able to come up with the money over time.Worthy4England wrote: ↑Sun Jun 04, 2023 6:17 pmYup although they suggest they could reverse that decision if loot turns up...
That would mean that no money has gone into the club from the owners since March and that they couldn't even find 500k in May when it was needed to avoid a points deduction. Then they couldn't find £2.5m to meet the bond that was due. Now they can't pay the players again.
On that basis, what are the chances of them putting in "8 figures"?
It looks like a number of the staff on the business side are looking for new jobs.
What a mess.
And this is a nightmare scenario, no big debts supposedly so admin doesn’t really help them and well it’s June already….
Spent beyond their owners means….absolutely way beyond them. No restraint and they have paid for it now.
For me the EFL have been very lenient. The number of branches here are so high I think it’s golden share withdrawal time.
Re: Pies in administration
Posted: Sun Jun 04, 2023 7:08 pm
Their wage bill at last estimate (by the EFL) was about £1.8m a month, company-wide.BWFC_Insane wrote: ↑Sun Jun 04, 2023 6:48 pmThe owners injected £2.3M in March according to that statement. And this shows the hole they are in. Surely they can’t be in hock for more than a million a month but seems they are.
Their turnover is is £650k a month.
Even with the estimated reduction in their wage bill they're still over double their income just on wages.
Re: Pies in administration
Posted: Sun Jun 04, 2023 7:24 pm
That T/O looks low. Don't they get ~8m TV dosh in Champo?GhostoftheBok wrote: ↑Sun Jun 04, 2023 7:08 pmTheir wage bill at last estimate (by the EFL) was about £1.8m a month, company-wide.BWFC_Insane wrote: ↑Sun Jun 04, 2023 6:48 pmThe owners injected £2.3M in March according to that statement. And this shows the hole they are in. Surely they can’t be in hock for more than a million a month but seems they are.
Their turnover is is £650k a month.
Even with the estimated reduction in their wage bill they're still over double their income just on wages.
Re: Pies in administration
Posted: Sun Jun 04, 2023 7:34 pm
Yeah not having their turnover is that low. It was £8.3M in league one.Worthy4England wrote: ↑Sun Jun 04, 2023 7:24 pmThat T/O looks low. Don't they get ~8m TV dosh in Champo?GhostoftheBok wrote: ↑Sun Jun 04, 2023 7:08 pmTheir wage bill at last estimate (by the EFL) was about £1.8m a month, company-wide.BWFC_Insane wrote: ↑Sun Jun 04, 2023 6:48 pmThe owners injected £2.3M in March according to that statement. And this shows the hole they are in. Surely they can’t be in hock for more than a million a month but seems they are.
Their turnover is is £650k a month.
Even with the estimated reduction in their wage bill they're still over double their income just on wages.
So not having that number. Must be over £9M at least. And I suspect a bit higher still.
Re: Pies in administration
Posted: Sun Jun 04, 2023 7:36 pm
It's their turnover at League One level, including the recent sponsorship losses. Same reason as adjusting the wage estimate below the 1.8m.Worthy4England wrote: ↑Sun Jun 04, 2023 7:24 pmThat T/O looks low. Don't they get ~8m TV dosh in Champo?
In terms of figuring out how they are remotely sustainable in League One without owners pumping millions in. I personally can't see how they get even close. Even if you factor in asset sales, it just doesn't work.
I assume that's why Markham has walked. There's just no way to keep paying bills.
Re: Pies in administration
Posted: Sun Jun 04, 2023 8:10 pm
Certainly looks bleak. Especially with a pretty long retained list...
Re: Pies in administration
Posted: Sun Jun 04, 2023 8:16 pm
Maybe not. Sky editor is saying a sale may have been agreed. Set to go through in the next 2 days.Worthy4England wrote: ↑Sun Jun 04, 2023 8:10 pmCertainly looks bleak. Especially with a pretty long retained list...
Re: Pies in administration
Posted: Sun Jun 04, 2023 8:44 pm
That the two directors didn’t mention in todays statement? And seemingly knew nothing about? Anything’s possible here I guess but I’m dubious as to how credible this is!GhostoftheBok wrote: ↑Sun Jun 04, 2023 8:16 pmMaybe not. Sky editor is saying a sale may have been agreed. Set to go through in the next 2 days.Worthy4England wrote: ↑Sun Jun 04, 2023 8:10 pmCertainly looks bleak. Especially with a pretty long retained list...
Re: Pies in administration
Posted: Sun Jun 04, 2023 9:01 pm
Your guess is as good as mine. I suppose it's equally possible they were told about the sale and have done a performative "moral resignation" bit to try and salvage their reputations.officer_dibble wrote: ↑Sun Jun 04, 2023 8:44 pmThat the two directors didn’t mention in todays statement? And seemingly knew nothing about? Anything’s possible here I guess but I’m dubious as to how credible this is!
Some of the grounds staff have quit. Club shop staff have also been looking for new jobs.
So if a takeover is coming it will need to be fast or they'll have basic staffing issues as soon as they walk in.
Re: Pies in administration
Posted: Sun Jun 04, 2023 9:24 pm
Re: Pies in administration
Posted: Sun Jun 04, 2023 9:28 pm
Seems all too convenient.GhostoftheBok wrote: ↑Sun Jun 04, 2023 9:24 pmhttps://wiganathletic.com/news/2023/jun ... -Athletic/