OT Wigan sale?

[stewfil 12]

www.theguardian.com/football/2018/feb/07/dave-whelan-wigan-athletic-sale-hong-kong-iec

Interesting about the transfer from Whelan to Grandson and the buying company''s finances.

Sorry about the link.

[TIL 1010 5,246]

https://www.theguardian.com/football/2018/feb/07/dave-whelan-wigan-athletic-sale-hong-kong-iec

[TCCANARY 263]

12 November 2011: “I do have big ­reservations about

foreign ownership. Many do not ­understand English football. At

Manchester City and the like, it may be good for the fans, but how long

will it last? Will someone spit their dummy out?” – Wigan Athletic owner

Dave Whelan – this Dave Whelan – makes his stance on foreign ownership clear.

7 February 2017: oh.

[king canary 8,757]

Good on him for being open minded enough to change his stance I guess?

[Dorset Canary 0]

Looks like IEC made it quite clear in their media response that they wish to make a profit;

IEC said of its interest in Wigan: “The proposed acquisition, if materialised, represents a good opportunity to diversify the income stream of the company and broaden its revenue base.”

Is that by selling all assets or promoting the club to the land of riches... looks like they have history re losses themselves... Sell the Stadium - Sell the players

Let''s watch this space!

[PurpleCanary 6,386]

IEC’s interim financial results for the six months to 30 September 2017

showed revenue of HK$148.5m (£13.7m) and a loss of HK$6.4m (£600,000).

The company issued a profit warning in November forecasting that loss,

following profits made in the similar six-month period in 2016.I hope for Wigan''s sake Whelan is making sure there is a bit more to this company than meets the eye from those figures.

[Badger 2,745]

"IEC’s interim financial results for the six months to 30 September 2017

showed revenue of HK$148.5m (£13.7m) and a loss of HK$6.4m (£600,000)."Revenue (6 month) of £13.7m and a loss of £0.6m - not sure that I''d be looking forwards to that if I were a Wigan fan, especially given their stated desire to profit from the club.

[PurpleCanary 6,386]

[quote user=" Badger"]"IEC’s interim financial results for the six months to 30 September 2017

showed revenue of HK$148.5m (£13.7m) and a loss of HK$6.4m (£600,000)."Revenue (6 month) of £13.7m and a loss of £0.6m - not sure that I''d be looking forwards to that if I were a Wigan fan, especially given their stated desire to profit from the club. [/quote]SNAP!

[capricorn1 18]

It''s interesting that so many here moan about "Nephew Tom" and what experience does he has to run a football club, but at least he''s onboard learning the ropes before anything is handed over.

"The Wigan Athletic owner, Dave Whelan, has reached an outline agreement to sell the League One club to a Hong Kong-based company whose principal business is running a hotel and casino in the Philippines."

So, is the issue that he has no experience or that he isn''t ''rich''? Would everybody be happy with an ''hinvestor with no experience if they''re rich enough? I''m assuming we''d rather keep Delia than be taken over by these guys?

[andyc24_uk 79]

Well, these guys aren''t really all that ''rich'' if these figures are true - If their annual turnover is only £13.7m, that''s not that much more than Delia and MWJ are worth is it? So no, I''d definitely not want these chancers taking over. However, if another potential buyer came in, regardless of where they''re from, with significant funds to invest in the team - then yes I''d like to see a change at the top instead of continued mediocrity under someone with no knowledge of how to run the club.

[king canary 8,757]

The issue is that he is both.

He brings nothing to the table in terms of business acumen (Delia did) and no real ability to put money into the club.

Most people who own football clubs didn''t have experience in football beforehand and one of the more notable examples of someone owning their second club (West Ham) don''t seem to have learnt much from their first.

There is no perfect blueprint for an owner- for every Southampton there is a Charlton and for every Middlesborough the is a Blackpool. However outside of ''he''s a fan'' and ''he seemed nice when he came to our quiz!'' what does Tom bring to the table?

[king canary 8,757]

No idea where the big red angry face came from- I''m not insane.

[nutty nigel 7,902]

Kingo help me out here buddy.

Why is "he seemed nice when he came to our quiz" a negative. Or did you mean it as a positive?

[king canary 8,757]

It''s neither. It''s a nothing to me to be honest. Maybe a very minor positive.

[nutty nigel 7,902]

Oh ok.

It''s just that I''d never seen anyone say that before.

I will always look to the man before the money though.

[Badger 2,745]

[quote user="king canary"]...  Most people who own football clubs didn''t have experience in football beforehand and one of the more notable examples of someone owning their second club (West Ham) don''t seem to have learnt much from their first. [/quote]Not sure about that - Sullivan and the Golds were reputed to have made about £40m on the sale! Now West Ham is in the London Stadium, I''d have thought that they stand to make a good profit on that as well (as long as they don''t get relegated) - I think that  they paid about £100m for it + inherited debts. With attendances of 55,000+  and London based, I''d be surprised if they didn''t treble their money at least.I''d say that they have learnt well.[:D]The perfect blueprint is being successful - the good employers that you quote are only good at the moment. If Southampton get relegated their owners won''t look so good with debts of £60m+. Middlesbrough have debts of over £100million.

[TIL 1010 5,246]

In April 2016 West Ham took on a 99 year lease for the London Olympic Stadium paying £2.5 million a year unless you tell me otherwise Badger.

[Duncan Edwards 2,424]

My understanding was that they don’t own the stadium but presumably made a killing on the Boleyn.

Isn’t that why there was some athletics thing there relatively recently?

[Van wink 2,994]

They have a deal which includes stewarding. It was a cracking opertunity for them.

[ec-p 117]

And West Ham fans are up in arms about they way their owners are ruining their club. I believe they sold Upton Park to developers.

[Badger 2,745]

[quote user="ec-p"]And West Ham fans are up in arms about they way their owners are ruining their club. I believe they sold Upton Park to developers.[/quote]Not sure that''s really the point - investors want to make a profit not please the fans, although I''m sure that they make all the right noises. Gold and Sullivan could do very well if they sell West Ham now and they didn''t do badly with Birmingham either.

[TCCANARY 263]

Sullivan is giving his West Ham shares to his son.