£22m takeover of Wigan Athletic will be completed in matter of weeks
The £22m takeover of Wigan Athletic is expected to complete within the next two months.
The club has announced that the proposed deal is expected to be concluded within the next six weeks.
The International Entertainment Corporation, which is based in Hong Kong, announced in May it was planning to buy the club.
The firm said it wanted to buy the Whelan family shares along with the DW Stadium and the club’s training ground.
The deal was subject to the approval of IEC’s shareholders and approval from the English Football League,
This summer the Football League approved the sale and the company is now in the final stages of gaining shareholder approval.
Wigan Athletic were promoted to the Championship this season and are currently 12th in the league.
Current Wigan chairman David Sharpe and his family have been majority shareholders since 1995.
The club said in a statement: “The change of ownership is expected to complete within the next six weeks subject to, and upon the fulfilment of, certain conditions including the approval by the shareholders of IEC of the relevant transactions for the change of ownership.
“We would like to stress our appreciation once more for your patience and continued loyal support throughout this process.”
International Entertainment Corporation is listed on the Hong Kong Stock Exchange.
The group is mainly involved in hotel management and the leasing of properties for casino and ancillary leisure and entertainment purposes.
In 1995, David Whelan bought a stake in Wigan Athletic Football Club and, during the next 10 years, oversaw the club’s promotion from the fourth tier of the football league to the Premier League.
Law firm Squire Patton Boggs is advising on the acquisition. The Squire Patton Boggs team advising International Entertainment Corporation is led by corporate partner and football M&A expert David Hull, assisted by corporate associate Annie McElwain.
