Wigan Athletic have ‘75% chance’ of finishing Championship season, says administrators

Administrators are seeking at least £10m for Championship club with 12 prospective buyers already

Wigan Athletic currently have a 75 per cent chance of surviving long enough to finish the season, according to administrator Gerald Krasner, after the Championship club entered insolvency measures on Wednesday.

The Latics’ troubles come less than a month after the completion of a takeover by the Next Leader Fund (NLF), which took the reins from another Hong Kong consortium International Entertainment Corporation (IEC).

Wigan face a 12-point deduction from the EFL for being unable to pay off their outstanding debts, though when that sanction will apply will depend upon where Paul Cook’s side finish in the league table.

Krasner – of insolvency firm Begbies Traynor – was appointed as a joint administrator of the club on Wednesday and said at a press conference on Thursday morning there would be “not one penny” of NLF investment going forward.

The administrators have already been contacted by 12 prospective buyers, with up to 30 expected in total, though that number will fall once they seek proof of funds for ”a minimum of £10m”.

Wages are due to be paid at the Championship club on Friday, but Krasner could offer no guarantees that players and staff will be paid in full. ““We are working on that as we speak,” Krasner said. “If wages are paid, even if they are not paid in full, everyone feels a bit better.”

“The chances [of Wigan finishing the season] are 75 per cent plus, in my opinion, but that could rise fairly quickly,” he added.

“Where there is a problem, find a way round it. I think, given a fair wind and some support, we’ve a good chance of saving this club. There are no guarantees in football or administration. I’m optimistic a buyer will be found. We’ve got to get through July.”

Though Wigan have been widely described as professional English football’s first victim to the coronavirus pandemic, Krasner believes that it is too simplistic to link the pandemic with the club’s predicament.

“Coronavirus doesn’t help, and whether that made the owners decision not to put money in, I don’t know, but I don’t blame this entirely on the coronavirus,” he said. “I think it’s just an element of the problem.”

But Krasner also warned that Wigan are likely to be the first of many professional clubs that will enter administration over the coming months due to behind closed doors games in the Championship and the suspension of the season in League One and League Two.

“Everything we thought has gone out the window,” he said. “It’s my personal view that there are number of clubs in lower divisions that may not survive by coming back and possibly at least one more Championship club that may seriously think of doing the same.”

Krasner admitted that, in Wigan’s case, it was highly unusual for a club to be placed in administration only four weeks after completing a takeover and that an investigation would be carried out in due course as part of the insolvency process.

“My priorities at the moment are to get this club sold and make sure we get to the end of the season so that there is a club next season. Every administration I’ve been involved in ... has its peculiarities, but I think four weeks is a record that will stand for some time."

Wigan are currently 14th in the Championship table with six games left to play, having appeared to have eased their relegation fears by winning all three of their games since the restart, but a 12-point deduction would leave Cook’s side bottom of the table as it stands.