This has occured as an eight month long plan by chairman Dave Whelan came to fruition today. He has solvently wound up Whelco Holdings and replaced it with two seperate companies to run his hotel and football businesses seperately.
This restructuring means that almost 70 million pounds of debt, by Latics and Whelco, has been converted into preffered ordinary shares. Wigan Athletic had owed 46 million pounds to Whelco, whilst Whelco themselves also owed the Whelan family 22 million pounds.
Assets and liabilities relating to Latics will now be the business of the new Wigan Athletic Holdings Ltd, whilst the hotel business will be run by Whelan Hotelco Ltd.
Mr Whelan now owns 85% of Wigan Athletic and 85% of the company that runs the DW Stadium. Speaking of today’s revelations Mr Whelan said,
“Wigan Athletic now has a very healthy balance sheet and is not in any debt anymore. The club now doesn’t owe me anything as the debt has been converted into equity”.
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