Wigan Athletic sold to Hong Kong-based company

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. The company, International Entertainment Corporation, announced the agreement of a “term sheet” with the Whelan family to the Hong Kong Stock Exchange last week, stating that they would have an exclusive fortnight to 14 February to negotiate the price and details of the purchase.

Registered in the Cayman Islands tax haven and floated on the Hong Kong stock exchange, 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.”
Will Grigg hits double as Wigan cause FA Cup upset against 10-man West Ham
Read more

In its most recent financial statements, published in November for the six months to 30 September, IEC said that it is an investment company whose main business is “hotel operations and leasing of properties for casino and ancillary leisure and entertainment operations”.

It owns the AG New World Manila Bay hotel, a five-star, 32-floor casino hotel in the Philippines capital, whose purchase the company completed in 2016. The “functional currency” of the group is the Philippine peso, the statement said, as that is its principal place of business.

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.

Whelan, the former JJB Sports magnate, bought his local club in 1995 then funded the multimillion-pound construction of its new stadium and rise up three divisions to an eight-year stint in the Premier League, which ended with relegation and an FA Cup final triumph in 2013.

In 2015 he resigned as the club’s chairman and his grandson David Sharpe, then 23, was appointed to run the club. At that time Whelan said the family did not intend to sell the club, but Sharpe has since confirmed that talks were ongoing and promised that the family would seek a buyer who would maintain the traditions and a good ethos.

Neither the club nor the family have commented since IEC made its public announcement. If a sale is agreed, the Football League would have to approve the purchase, certifying that IEC has the money to buy the club and would be a “fit and proper” owner for Wigan Athletic.

Oh oh........Registered in the Cayman Islands tax haven and floated on the Hong Kong stock exchange, 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.”

It sounds dreadful. Is there no shame anymore. Blatant. And there was the FA or League, or someone, recently saying they're wanting to get their act together and tighten up on money laundering and the like. They probably meant they should be more efficient with the laundry LOL.
Glad I'm not going.

Used to work with a fella from Wigan and he hated Wigan FC under Whelan.

I don't recall the exact details but he was rugby fan and member of Orrell RUFC, a club with a proud tradition, and Orrell got so royally shafted along the way that I don't think it even exists any more.

Can't say I see this ending much better for Wigan FC because if ever the sale of a football club rang alarm bells then here it is.

I expect their fans'll just support the boys, talk about the football and hope for the best.

It’s all a bit odd, because if ever there was someone who demonstrably would put millions of his own cash into a club - without any guarantee of a return, then it was/is Whelan. There are plenty of chancers, but whelan was in the mound of Walker at Blackburn, or Gibson at ‘Boro.

I’d be surprised if he’d take a very definite and clear risk, with a sale. But I do agree it has all the hallmarks of ‘dodgy’ written all over it.

I Refuse to believe this is genuine as dave whelan has talked about how he broke his leg at wembley and what roberto martinez's next move is on sky sports news yet.

What the Wigan fans need is a motivational speaker who will take on the corporate giants and lead the club out their darkest hour, whilst porking any players wives who happen to be in the vicinity.

Can't think of anyone like that though....

I'll just gurgle that and get back to you.