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Tuesday, 29 September 2020

Gerald Krasner Pt 5

 

The fifth meeting with Gerald Krasner took place this evening, Tuesday 29/09/20. The telephone call lasted 38 minutes.

 


 

Rumours The Americans have gone for good, but there are ‘other’ Americans interested.

 

I don’t know of any Dutch interest, but that doesn’t mean there isn’t one, because we’ve sent out 106 NDAs now and we’ve dealt with 22 bidders so far.

 

EFL I’ve no complaints with the EFL, they’ve kept to the rules, they’ve let us trade it on, they want Wigan to survive, they’re actually talking today about money distribution. If there is any money coming down it won’t be for us now, but will be for the new owners.

 

The EFL are in regular contact, I had a phone call with them yesterday, which I’m not going into because it is highly confidential, but they have expressed no concern at this current moment in time. They are in weekly contact.

 

Running Costs We have a monthly cost of £600K, of which the players wages are £217K, without a buyer, or EFL intervention, as I said previously, we won’t make Christmas.

 

Alan Nixon Interview I would accept that Mr Nixon gave a very fair and balanced interview from the fans point of view, using a lot of information that was in the public arena or that had been given to him off the record despite NDAs, unfortunately the people giving him this information didn’t give him the full picture on what the bids actually were. With regards to the fees, the club aren’t paying the fees and we still haven’t drawn a penny yet.  

 

But in fairness it was a good interview and it shows he understands what has gone on, he’s been used by the Americans and he’s used them for stories, that’s what journalists do.

 

More Bids For Players? We aren’t looking to sell anymore, what you have to bear in mind is some of the sales, and we’ve sold all the valuable ones I accept, is due to the players themselves handing in transfer requests in writing and we can’t refuse it. It’s not that we've sold them, we’ve had a request from the players, they didn’t want to play on lower wages.

 

There are no bids sitting on the table for any of the players left in the squad, we need to put a team out so there is no one left that we can sell.

 

Administrations I’ve had a look in previous administrations how long it took to sell the football clubs, Bolton was two and half months, Bournemouth was over a year, Port Vale was roughly a year, Stockport a year, Bolton is the only one to be quicker and we’ve been here just 3 months on Thursday. So despite what people may feel, this isn’t dragging on.

 

Previous Owners The fact that they wouldn’t put any more money in, is not a crime, it’s morally irreprehensible, but it’s not a crime.

 

Of all the people that have come to me, maybe one has been a Wigan fan, the others? It’s just a vehicle to do something, that’s how it’s looked on. You don’t find Dave Whelans anymore.

 

Sharpey’s I’m not going to tell you how much we’re going to be getting for the Chippy, that’s confidential, but also we haven’t sold it yet and we may not sell it, we haven’t decided yet. We’ve had a good bid, but whether we will break it up, it isn’t like the other training ground (Euxton), everyone we spoke to wanted that and to sell it on at a profit, not one bidder was looking at that as a training ground for Wigan, so criticise me for selling it, but I’ve sold it and there are reasons for selling it, to get the offer price down.  

 

If the Chippy is sold separately it will go into the property company. But it may have to fund some of the shortfall in the football club, we’ve got a loss in the football club of £3m.

 

Players Coming Out Of Contracts I don’t deal with the players, its Paul Stanley who deals with that side of the admin, he liaises with the manager and the players.

 

Bidders Since yesterday morning it’s changed, I’ve lost one and gained one, we’ve got that many contracts out because they all want different things, surely someone is going to sign, that’s not borne out of hope, that’s my gut feel after all these years of doing it, when I can’t say, I get emails every day, but things change rapidly, though the people who came in yesterday morning are still there, that hasn’t changed overnight. I emailed them the NDA and it was back in 2 minutes, very quick, doing their due diligence on the club in the data room all day today. I’m very optimistic.

 

As soon as there is something definite, by that I mean money shown and signature I won’t wait to call a press conference, I will just announce it, I will put it on the website, do a press release, but even then from what they are telling me, is none of the bidders what their identity disclosed in any way.


Wednesday, 23 September 2020

Any Previous? - Pompey v Latics

Latics and Portsmouth surprisingly haven’t crossed too many times down the years, including our first ever encounter back on 26 September 1978 during our inaugural league campaign, we have only met each other 19 times, ten of those games coming in the Premier League.

 

We lost that first meeting in 1978, at Fratton Park 1:0, but gained revenge in the return fixture at Springfield Park later in the season, running out 2:0 winners.

 

The stand-out game for me was the Premier League clash at Fratton Park on the 5th November 2005, goals from Jason Roberts and Pascal Chimbonda in a 5:15 kick off, gave us all the points and put us 2nd in the Premier League.

 

Chimbonda Scores in the 79th min

 

Previous Encounters

Played – 19

Won – 5

Drawn – 4

Lost – 10

 

Last Six

 

League 1

02 Apr 2018

Pompey 2:1 Latics

League 1

26 Aug 2017

Latics 1:1 Pompey

Premier League

14 Apr 2010

Latics 0:0 Pompey

Premier League

31 Oct 2009

Pompey 4:0 Latics

Premier League

24 May 2009

Latics 1:0 Pompey

Premier League

01 Nov 2008

Pompey 1:2 Latics

 

 


Meet The Ref - Pompey v Latics

 

 
Antony Coggins

Latics travel down to the south coast on Saturday looking to pick up their first points of the season as the take on Portsmouth at Fratton Park in the 3rd League 1 fixture of this campaign.

 

The referee for the game is Bicester official, Antony Coggins, who will be taking charge of his first ever Latics match.

 

The 30 year old is relatively new to ‘big time’ refing, having only been appointed to the National List back in the 2017/18 season, though, as previously said, he hasn’t ref’d a Latics game he has been in charge of three Pompey matches, all at Fratton Park, two wins and a draw.

 

Coggins has had one Championship game, Swansea v Barnsley (0-0) last December, all the rest have been at either League 1 or 2 level.

 

Having started refereeing when he was 13, Coggins quickly progressed and a year later he had qualified as one of the youngest officials in the country.

 

"When I first started off I did it for the money, because it was better than doing a paper round" Coggins said.

 

"My dad needed a referee for the under 11 leagues that he ran. I did a couple of games and someone said 'why not get on a course' and it started from there."

 

The future? Coggins says "Some people say 'I want to referee the World Cup finals', but my ambition is to focus on doing my best at each level.

 

"I just do the games that I'm told to. I'm just one ref of many."

 

So far this season Antony Coggins has been in charge of Plymouth 3:2 QPR in the EFL Cup round 1 and the opening day League 1 encounter at Roots Hall, Southend United 0:4 Harrogate Town

 

Antony Coggins Card Watch 2020/21

Games – 2

Yellows – 4

Reds - 0

 

Portsmouth v Wigan Athletic     
Referee -
Antony Coggins
Assistants – Chris Kidd and Simon Shaw
Fourth Official - Mike Begley


Gerald Krasner Pt 4

 

The fourth meeting with Gerald Krasner took place this evening, Tuesday 22/09/20. The telephone call lasted 46 minutes.

 


Full range of questions asked, all that were emailed in, some stuff, not much to be fair, was off the record

 

Callum Lang (question from week 3 that got missed) I needed to save the outflow of wages, the wages were really costing the club so we had to make some savings.

 

League 1 & 2 Being Cancelled if the reported cancellation did come about it would create turmoil, but only the High Court could stop the administration process, I don’t see what cancelling the season would achieve really, you’re going to alienate millions of people who are fans, you’re not going to save certain costs that are there anyway, like rates, stadium costs and stuff - and it will be up to the Government, the Premier League and the EFL to come up with a package and the players would have to take reduced wages.

 

So the administration process would carry on but under an even worse scenario.

 

American Bid I tried to explain, in my statement why I turned down the American offer, the Americans have gone public on this more than once and it gives me the right to respond in public, unless we pay £3.3m of administration expenses, we cannot pay the creditors 25p in the £ in law.

 

If the Americans want to bring that bid back and would deal with the creditors themselves I’m telling you it would be seriously looked at.

 

It’s come back to me, rightly or not, that the Americans were surprised that we rejected, they thought we’d make a counter offer, but we’ve laid out where we are and I have to meet a minimum standard, they got to waive in their offer the creditors position. They either up the bid by £1.3m or if they’re tied for cash on day one, the best thing to do is offer me is £2.7m and they pay the creditors £1.8m over three years, roughly, but that incurs a 15 point penalty.

 

Bidders Put Off Everybody has called me a liar on this, but I am an officer of the court and I cannot lie as I would be hauled before the courts, I had a bidder that I met, I had physically gone somewhere to meet, they are very rich, let’s just say that money was not the problem, they were going to bid just under £4m but were going to put £4m in their solicitors account, I spoke to their solicitor who said he’d got instructions that on Monday, he’d given his bank account details to them, he said to me that they had to have complete anonymity and this stage, until their bid was accepted by the EFL they were not going to go public. There was a very good reason for this which I cannot disclose.

 

When Nixon put that article account, not only them but every other bidder was onto me “what’s this, your selling for £2 million”, now this wasn’t the fans fault but Nixon not phoning up checking a story. At that stage we’d had no bid from America for £2million. We didn’t get it for another four days, so how does he know it’s coming?

 

These people (bidders) have got professionals monitoring the websites and social media to see what’s going on, Monday morning I got a phone call from their agent saying that they were having a rethink due to publicity and they never transferred the money. They’ve now gone and definitely not in the bidding and not coming back.

 

You can imagine how I felt, they had the contract, they said if we put the money in can we have exclusivity, I said no because there are other contracts out but once the money is in they are ready to sign the contract. That was the leading bid of three at the time.

 

His (Alan Nixon) job is to get a story, his responsibility is to check there is an element of truth in it, that’s what I’m saying.

 

Finance/Debt  No we wouldn’t finish the season if no buyer came in, there are too many things that can effect it for me to give you a date, it’s not Christmas, it’s before Christmas in my opinion.

 

What do we owe? We have written off £25m the best estimate is £5.2m at the moment, which is why 25p is £1.3m (which must be paid), now there are creditors in the other companies , but I don’t have to pay them anything at this moment but I may have to do after.

 

Will we put a definitive amount owed on the website? No. The absolute cost depends on whether they are paying the creditors or not, this is explained in the discussion about the American bid previously. £4 million with the creditors paid by us, or £2.7 million and the new owners pay the creditors themselves.

 

Euxton There is a tax problem with the Euxton sale, it is in the books at £650K everybody knows it cost more than that. Anything we sold it for over £650K we’ve got a tax bill to sort out on it. We have also got creditors on the other companies and yes half of the Euxton money, but not all of it, will be used for fees. It wasn’t sold for that reason, originally it would have gone back to the Cayman Islands that money, but the owners have waived it and said we will guarantee your fee, our property companies will pay them. None of our fees will go to the football club – and I keep saying this – the legal fees is for the appeal, no other professional fees for us or the lawyers will go to the Football Club.

 

If we hadn’t done what we’d done and sold Euxton the Football Club still wouldn’t have seen the money because it would’ve gone to the Cayman Islands.  I’m not denying that some of that (Euxton) money will have to be used for our fees and lawyers fees.

 

Peter Risdale I followed Risdale at Leeds United, he’s not a friend of mine despite what he says, he is a very smooth talker, but saying it (Euxton) is worth £10 million is for his own fans (PNE) consumption.

 

Michael Danson (Wigan Warriors investor) hasn’t been approached by us.

 

Streaming the games into the ground may have been possible up until today

 

Dean Watson going to the Ipswich game, all necessary precautions always undertaken

 

Transfer Fees The bidders see the individual transfer fees but not all being made public, though they will be totaled on report.

 

Bad News If there ever is going to be bad news I won’t be putting it on the website I will come down face to face to give and to answer questions, that isn’t a plan, it isn’t, but I’m not going to run away and only come for good news.

 

Fire Sale There hasn’t been a fire sale, we turned down bids for players. Let’s deal with this and the Add Ons. We came in on the 1st July knowing nothing, first thing we ask “have Junes wages been paid” no. So we’ve got 28 days to pay the wages otherwise the entire team could walk and then it’s not a fire sale it’s close the club.

 

So what do we do, we sell immediately two youth players and doubled the original bids that have been received, one of them before we were appointed. Brighton had made the offer, we got double the money in the end. Forget the add-ons, then we sell Gelhardt to Leeds because we were coming up to July’s wages .

 

The most important things were to get money to pay wages, the bill, including ground staff was in excess of £1m a month even after furlough monies were received. But there was the deferrals from March which had to be paid, and after the end of the season, everyone who was out of contract, or left, was entitled to an extra month’s salary at Championship rates.

 

So we had to sell players to meet that commitment for the three months, now we’re in the middle of Covid no clubs are getting any income, including the Premier League, if we sold any player before the transfer window came in we couldn’t get the money to pay the wages unless we sold to a Premier League club. The only people who are going to pay reasonable money are Premier League and top half of the Championship.

 

What we have done is refuse bid after bid to get what’s known as the add-ons, Gelhardt for example went for £800K but there are £1m of potential add-ons on that contract, the other players we’ve sold have add-ons worth up to £7m.

 

Strictly that money will come to us as administrators what we have said is that we need the first £250K as a buffer and we will sell you the rest for £1. So any new owner going forward over the next five years can expect a steady stream of income all things being equal, you won’t get full amount but certainly £1m+.

 

The buffer, we’ve had to make some assumptions of how much we need to pay everybody, the revenue haven’t put a claim in, we think that there is some they haven’t claimed yet, so we have to make allowances here and there,  that’s the buffer. If we don’t spend that 250 we’ve told all the bidders “you’ll get it back”.

 

The add-ons are appearances, sell ons etc. A lot of people don’t understand football insolvency and it needs explaining that this is a vital asset going to the new owners.

 

Our fees aren’t negotiable, they are approved by creditors. Are our fees negotiable? I don’t think we are going to get all our fees, let’s put it that way.

 

We did a deal with the owners on the basis that if it didn’t work out we could do a million pounds worth of work and not get paid a penny. Our fees are dependent on selling the club, if we don’t sell it we’re in trouble.

 

Just to reiterate, debt is £5.2m @25p (£1.3m) owing and £3m is the revenue. Sale - £2.7m with them paying the creditors or £4m with admin paying the creditors.

 

Conflicting Statements We have been accused of putting out conflicting statements, Paul Stanley was taken out of context in a telephone call with the Guardian newspaper, he was asked an innocuous question, he was explaining like Macclesfield and Bury what happens if we don’t sell the club, he’s not saying this is a Macclesfield, things are taken out of context, headlines do not mean what he said.

 

Everyday we are talking to the bidders either by phone, email or via meetings, it’s a non-stop process, but as of today it hasn’t progressed to where someone is going to sign a contract.