Wigan Athletic takeover: What happens next?

So who is the prospective new owner?

The administrators said in their statement that the preferred bidder wished to remain anonymous until the process had been completed. But he was named by ‘The Business Desk’ as 55-year-old Spanish businessman Jose Miguel Garrido Cristo.

Who is he?

Encouragingly, he has a background in sport, having been in charge of Spanish clubs, Albacete and Castellon, as well as the Hispania Racing Formula One team in 2011. The 55-year-old businessman has since been linked with Elche, Cordoba, Recreativo de Huelva, and Tenerife, before taking the plunge at Wigan. Brilliantly, Garrido Cristo is the nephew of the famous Spanish circus performer – and lion tamer, no less – Angel Cristo.

What’s he buying?

The offer that’s been accepted is for the football club, the DW Stadium and the training ground at Christopher Park. The administrators will continue to try to sell the Sharpy’s restaurant site separately.

So what’s next?

After meeting the approval of the administrators, Garrido Cristo must now get the green light from the EFL to complete his takeover. It’s impossible to put an exact timetable on things, because these matters are very much on a case-by-case basis. But there are general boxes that must be ticked, including the ‘Owners and Directors Test’, source and sufficiency of funding for the next two years, and a couple of other processes that will need to be addressed.

How does the EFL assess the suitability of the new owner?

The administrators have made the initial determination that they’re happy for due diligence to be carried out. Now it’s over to the EFL to rubber-stamp it. A lot of the process relies on self-assessment, with the new owner providing various pieces of information as and when required. They’ll need to be confident and comfortable they’re in the right place, and it can be a complicated process with different people doing different things at different times.

Has the Owners and Directors Test been tweaked following the situation at Wigan Athletic earlier this year?

Not yet. There are changes that have been discussed, and proposals are in circulation with clubs, but they won’t come in until next summer at the earliest – if indeed they do come into force. Because ultimately it will be up to the clubs to vote on that, not the EFL.

It’s also important to note the process is of unearthing any red flags – such as previous bankruptcy, gambling in sport, match-fixing, etc – which would preclude them from taking over. The burden of responsibility still lies with the selling party to decide if they will be good owners for Wigan Athletic.

What level of funding would the new owner have to provide?

A figure of £5million has often been cited as the figure – which works out as two years of a salary cap of £2.5million. It’s not a hard and fast figure but a rough guide.

Do the EFL actually meet the new owners?

In the current climate, that looks extremely unlikely. And it wouldn’t have to be a face-to-face meeting, but there is direct dialogue.

When will we know?

Administrator Gerald Krasner believes everything will be sorted out before the end of the month. We shall see.

Will the Supporters Club be involved, after raising so much money to save Latics?

It’s unclear at this stage how much involvement the new owner would allow the fans’ group, who ideally want some kind of representation on the board in return for their money. Talks have taken place, though, and we await comment from either side.