Re: Pies in administration
Posted: Mon Jul 06, 2020 7:08 pm
Has Pornstar Lawrie not been seen 'pulling off' at Orrell yet?
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https://www.independent.co.uk/sport/foo ... 05456.htmlBruce Rioja wrote: ↑Thu Jul 02, 2020 6:16 amOne thing I've never understood (and have no particular wish to either) is that supporters of Wigan RL and supporters of Wigan FC have a passionate hatred of each other. I'm quite sure that if we had an RL side then I'd support them as well as BWFC.
Their admins seem to say there is no record of any loan charge against the club. They certainly seem to be garnering more favourable treatment than we did.Worthy4England wrote: ↑Tue Jul 07, 2020 12:28 pmI'm sick of hearing they have £20m in assets when they seem to have conjured away a £24m debt - they need to be held to account for that.
Does the club own it's assets? just a thought.Worthy4England wrote: ↑Tue Jul 07, 2020 3:23 pmThere were 2 loans recorded in last Accounts. £10m from parent co and £10.7m from ultimate parent...How have they paid those off whilst making a £7m/£9m per annum loss? The debt seems to have just evaporated..
I agree - admins don't seem to think there are any secured debts.Worthy4England wrote: ↑Tue Jul 07, 2020 3:23 pmThere were 2 loans recorded in last Accounts. £10m from parent co and £10.7m from ultimate parent...How have they paid those off whilst making a £7m/£9m per annum loss? The debt seems to have just evaporated..
"Dear Ang, Thanks for paying £41m for us. Had our season finished on time, we'd have been asking Stanley to dip in his pocket so could you just see us right for another £7m/£10m until the end of June" - he probably shat it.BWFC_Insane wrote: ↑Tue Jul 07, 2020 3:38 pmI agree - admins don't seem to think there are any secured debts.Worthy4England wrote: ↑Tue Jul 07, 2020 3:23 pmThere were 2 loans recorded in last Accounts. £10m from parent co and £10.7m from ultimate parent...How have they paid those off whilst making a £7m/£9m per annum loss? The debt seems to have just evaporated..
I would ask them (if I could) why the business was placed into admin in that case then since ALL that was required was running capital - lets say in worst case 10M which could have been raised (as admins are raising it now according to reports) via player sales and redundancies.I fear there is a piece of the jigsaw being missed.
They wouldn't be assets if they didn't own them...if they don't, they're some other bugger's assets...Hoboh wrote: ↑Tue Jul 07, 2020 3:28 pmDoes the club own it's assets? just a thought.Worthy4England wrote: ↑Tue Jul 07, 2020 3:23 pmThere were 2 loans recorded in last Accounts. £10m from parent co and £10.7m from ultimate parent...How have they paid those off whilst making a £7m/£9m per annum loss? The debt seems to have just evaporated..
You know what I meanWorthy4England wrote: ↑Tue Jul 07, 2020 4:41 pmThey wouldn't be assets if they didn't own them...if they don't, they're some other bugger's assets...Hoboh wrote: ↑Tue Jul 07, 2020 3:28 pmDoes the club own it's assets? just a thought.Worthy4England wrote: ↑Tue Jul 07, 2020 3:23 pmThere were 2 loans recorded in last Accounts. £10m from parent co and £10.7m from ultimate parent...How have they paid those off whilst making a £7m/£9m per annum loss? The debt seems to have just evaporated..
True dat. I think the buildings are held by a connected company called IEC Wigan Properties or such like...Hoboh wrote: ↑Tue Jul 07, 2020 6:33 pmYou know what I meanWorthy4England wrote: ↑Tue Jul 07, 2020 4:41 pmThey wouldn't be assets if they didn't own them...if they don't, they're some other bugger's assets...Hoboh wrote: ↑Tue Jul 07, 2020 3:28 pmDoes the club own it's assets? just a thought.Worthy4England wrote: ↑Tue Jul 07, 2020 3:23 pmThere were 2 loans recorded in last Accounts. £10m from parent co and £10.7m from ultimate parent...How have they paid those off whilst making a £7m/£9m per annum loss? The debt seems to have just evaporated..
That’s bob on for me. I have absolutely no idea why they think the rules shouldn’t apply here....Worthy4England wrote: ↑Tue Jul 07, 2020 4:33 pm"Dear Ang, Thanks for paying £41m for us. Had our season finished on time, we'd have been asking Stanley to dip in his pocket so could you just see us right for another £7m/£10m until the end of June" - he probably shat it.BWFC_Insane wrote: ↑Tue Jul 07, 2020 3:38 pmI agree - admins don't seem to think there are any secured debts.Worthy4England wrote: ↑Tue Jul 07, 2020 3:23 pmThere were 2 loans recorded in last Accounts. £10m from parent co and £10.7m from ultimate parent...How have they paid those off whilst making a £7m/£9m per annum loss? The debt seems to have just evaporated..
I would ask them (if I could) why the business was placed into admin in that case then since ALL that was required was running capital - lets say in worst case 10M which could have been raised (as admins are raising it now according to reports) via player sales and redundancies.I fear there is a piece of the jigsaw being missed.
There's something does feel fishy about the whole affair, but really that much different than Anderson's "disappearing funding"? Not for me, they should be docked points, embargoed like every other poor set of bastards in the fcuked up world of football finance - and as I said in OP, hopefully saved - but I'm fine with a world of pain heading there way along the path to redemption.
I guess it will be interesting with their appeal. Many of the Clubs previously docked 12 points for Admin, the fans would put it down to piss-poor ownership and managements. We all had doubts about whether Deano/Anderson had the necessary funds to run the Club against budget.
I dont think it is. I get they'll have been shocked by admin coming out of nowhere but they have no grounds for appeal as far as I can see.Worthy4England wrote: ↑Thu Jul 23, 2020 10:27 amI guess it will be interesting with their appeal. Many of the Clubs previously docked 12 points for Admin, the fans would put it down to piss-poor ownership and managements. We all had doubts about whether Deano/Anderson had the necessary funds to run the Club against budget.
I'm not sure yet how Wigan's situation is much different than any other Club with a piss poor owner.