Wigan Athletic: Proposed takeover of League One club collapses
Wigan’s prospective takeover is off after the Spanish bidder reduced their offer by almost 50 per cent.
An offer was accepted by the club in September but the process had dragged on and, on Tuesday morning, a statement from Latics revealed the bad news.
The statement read: “As of 11 am today, the administrators have broken off negotiations with the Spanish bidder.
“The facts are that as late as Christmas Eve the bidder indicated that they wanted to complete the deal immediately and had wired money from Spain to their UK solicitors. This was confirmed as being received by their solicitors over the Christmas period.
“The sale contract was agreed, the documentation had been signed in relation to the assignment of the leases with the Council (Stadium) and College (Training Ground) and completion was planned to take place in between Christmas and New Year.
“However, over this weekend we received a letter from the bidder reducing the bid by almost 50 per cent. This would not allow us to pay non-football creditors the required 25 pence in the pound to avoid further sanctions against the club.
“This would result in a 15-point deduction and would effectively relegate the club to League Two.
“The purchaser was insistent on offering the reduced price but was not prepared to conclude the deal unless the 15-point deduction was waived.
“Under the EFL insolvency policy, this is not possible and the deal is therefore unable to be concluded.
“We have informed the EFL and are now starting to talk to other bidders who have expressed interest and will provide an update when there is any definite news.”
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