Wigan Athletic’s former owner waives rights to outstanding debts

Wigan Athletic FC

The previous owners of Wigan Athletic FC have waived any rights over debts owed to them, the joint administrators confirmed this afternoon.

This would help the administrators, from Begbies Traynor, in their bid to sell the club to a new owner.

Talks are continuing with interested parties, they said in a statement released today.

The joint administrators also dismissed claims in the Sun newspaper that a deal was imminent.

Wigan Athletic was placed into administration on July 1, by its previous owner, Mr Yeung, of Next Leader Fund.

The club has since been relegated from the Championship to League One, after incurring a 12 point penalty for entering administration.

A statement issued today said: “The joint administrators have previously made references to the club owing debts of £25.3m and £10.7m to Next Leader Fund, L.P. and Wigan Athletic Holdings Limited, respectively.

“There has been much speculation, both on social media and elsewhere, regarding these debts and to what extent they would need to be repaid in the event of a successful sale of the club.

“We should like to clarify this matter and to now inform fans that the administrators have been in discussions with Mr Yeung, who has cooperated fully for the benefit of the club and who has agreed, in order to ensure the survival of the club and to give the administrators the best possible chance to agree a sale, to waive his rights to the repayment of the debts owed to him and to his companies.

“He has given the administrators the powers necessary to put this into effect and to use all monies for the benefit of the club.

“By waiving all his rights Mr Yeung has also made it much more possible to pay the necessary 25p dividend to the creditors and thus avoid a further 15 point penalty next season.

“The joint administrators note that in the Sun article of the 20 August, its professional journalist Mr Alan Nixon goes into great detail about a bid from Randy Frankel and Michael Kalt.

“Firstly, we would point out that release of any information by them (or someone in their group) is a complete breach of the non-disclosure agreement.

“Secondly, we would inform fans in the light of this breach that no credible bid has been received from this organisation that would lead to the saving of the football club.

“Talks, however, are continuing with serious bidders with a view to bringing a successful sale to fruition.”

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