Update for Supporters 03/11/2020
Supporters Club News
This morning we were made aware that discussions with the Spanish bidders regarding their proposed takeover of the club have failed.
As Christmas time approaches, we would again like to thank all of our members and Latics fans for their remarkable efforts during what has been a challenging year for Wigan Athletic.
Supporters Update 3/11/20
Since the proposed new owners of Wigan Athletic entered their period of exclusivity with the administrators, Wigan Athletic Supporters Club has been in conversations with the bidders for a number of weeks. As part of these discussions, the bidders invited the crowdfunder monies to be invested into the new company of A.F.C Wigan Athletic as part of the bidder’s purchase of the club – click here to view the proposed Heads of Terms in full.
For a number of reasons, as custodians of the supporters’ donations, we feel unable to move forward with the proposed deal at this time.
- After our publicised meeting with the EFL on Thursday 29th October, we were advised on Monday 2nd November that a final decision must be made regarding the investment by no later than 12noon on Tuesday 3rd November. The timescales have been insufficient to enable us to investigate the outcomes of that meeting and to hold the proper discussions with our wider committee
- We are yet to agree the details of how the funds would be accounted for (as equity, loan or by other means). More clarity on this is required to ensure that the supporters’ monies receive fair value.
- The EFL’s due diligence process regarding the proposed new owners and their business plan is not yet complete. We feel that supporters’ monies should only be invested once the EFL have confirmed that their processes have been brought to a satisfactory outcome
- We are keen to invest the funds in order to secure equity in Wigan Athletic and a voice for the supporters. However we must be sure that the proposed bidders have the wherewithal to purchase and fund the operations of the club and stadium successfully independently of our funds based on acceptable financial forecasts. We have been assured by the bidders that this is the case, however we feel it is important that proof of sufficient funds is confirmed by the EFL prior to any supporters’ funding being committed.
For the above reasons, we believe that more reassurances are required before agreeing to invest the significant value of funds raised by the supporters.
Although these conditions prevent any immediate agreement, we remain open to continuing our dialogue with bidders, with the aim of gaining the reassurances we need to invest and secure a positive role for the supporters in the future of our club should a bid be successful.
Our involvement in the process is a direct result of the fundraising efforts of Latics fans and the football community across the world. As such, it is important to note that the Supporters Club is keenly aware of our responsibility to represent the supporters, and to ensure as much transparency for the fans as is legally possible.
We will share information whenever we are able, and we will ensure that the supporters’ funds are invested correctly – and only when we can be sure beyond reasonable doubt that it will be for the benefit of our football club going forward. To this end, throughout this process we have taken professional and legal advice, and we are also grateful to the FSA for their ongoing advice and support.
To all Latics supporters thank you for your patience so far. Keep the faith and we will update you further as soon as we are able to do so.
From all the team at Wigan Athletic Supporters Club.
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