Wigan Athletic announce agreement over takeover of club

Wigan Athletic have reached an agreement that will see the club sold by the end of the month.

Bahrain-backed company Phoenix 2021 Limited, have agreed a deal with the Latics administrators to purchase the relegation threatened League One side.

The deal is expected to be agreed before the end of the month and still needs to be ratified by the EFL.

Wigan in a club statement have confirmed to supporters that the deal is on the verge of being finalised, and will be completed within the next two weeks.

“We have agreed a sale of the club and related assets to Phoenix 2021 Limited and we are in the process of finalising the transaction.

“Contracts have been exchanged, a deposit has been received and it is envisaged that the sale will be completed by 31 March 2021 at the latest.

“The outstanding matters that need to be finalised to allow completion are practical matters around EFL membership and property transfers.

The takeover should see the club avoid a 15-point penalty deduction and help avoid consecutive relegations for Wigan.

“The sale allows for non-football creditors to be paid a minimum dividend of 25p in the pound which avoids a 15-point penalty deduction for the club which improves the prospect of remaining in League One this season.”

The club had been plunged into administration last July, after a takeover by Hong Kong based company Next Leader Fund, saw the club handed over to administrators just a month after the sale had taken place.

Wigan at the time of the takeover were 14th in the Championship, but a 12 point deduction relegated the Latics to League One – which saw their playing squad dismantled and sold for a fraction of it’s market value – manager Paul Cook’s resignation was also a part of the mass exodus at the Lancashire club last summer.