Wigan Athletic 'finances will get sorted out' - administrator

Wigan Athletic were placed into administration as a result of new owners Next Leader Fund LP 'appearing not to have put funds into the company recently'.
Paul StanleyPaul Stanley
Paul Stanley

But Paul Stanley, one of the joint administrators of Begbies Traynor, insists the finances 'will get sorted out' in due course.

Administration is when the company carries on, but the administrators replace the directors and have wide powers.

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It basically stops anyone taking an action against the company while the financials are sorted out.

"There was an ownership change, and the new owners appear not to have put funds into the company recently and called a board meeting," said Mr Stanley.

"Given there weren't funds coming into the club, a decision was taken to put the company into administration.

"Obviously in the short term there isn't enough money to pay things as they go.

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"In the medium term the club has assets and we're involved in all five companies within the group so we have control of the stadium and the club itself.

"The finances will get sorted out, but in the short term there wasn't the money.

"The board was expecting money to come and it didn't.

"That's why they needed the protection of the administration."