Wigan Athletic owners post maiden financial results

The financial results cover the period between January 27, 2021 - the date of Phoenix 2021 Limited’s incorporation at Companies House - to the Accounting Period Date of June 30, 2021.

Phoenix 2021 Limited, the company owned by Mr Abdulrahman Al-Jasmi through his investment company Europa Point Investment Corporation (EPIC), purchased the assets of Wigan Athletic AFC Limited and Wigan Football Company Limited from the administrators Begbies Traynor on March 30, 2021.

The 2020/21 season was concluded behind closed doors and therefore without fans in attendance due to Covid-19 related restrictions.

This had an adverse effect on turnover which was £0.7m for the period, with 64 per cent of turnover derived from central distributions and grants.

The remaining turnover was generated mainly from retail, stadium hire fees, match streaming sales and sponsorship income.

Total administrative expenditure was £2.3m, with salary costs for all staff, including players, of £1.5 million representing 65 per cent of this figure.

The reporting period saw a number of Academy graduates, including Kyle Joseph, leave to join new clubs.

The revenue generated from these transactions, along with some contingent income derived from the transfer of Dan Burn in August 2018, amounted to £0.9million.

Latics CEO Mal Brannigan said: "The first two years of any business turnaround, especially one that follows administration, is always going to be a challenge.

"The board is ready for the opportunities and challenges that the club will be presented with.

"And it was therefore extremely important that on exiting administration, all football creditors were paid in full and EFL Insolvency Policy rules were complied with, to ensure the club suffered no further points deductions.

"This has given the club a strong financial basis from which to build for the future.

“From a football perspective, Leam Richardson and his coaching staff did a tremendous job of keeping the club in League One and ensuring a successful start to a new era in the club’s history.

"That hard work has continued and, as a result, the team is currently in a very strong position to regain its place in the Championship."