Save Wigan first and ask questions afterwards

The administrators of Wigan Athletic say they will investigate the circumstances surrounding the recent sale of the club, but their first priority is to save it.

Gerald Krasner of insolvency practitioner Begbies Traynor said that by yesterday morning 12 parties had expressed an interest, and hoped he would be left with two serious contenders by the end of the month after establishing proof of a minimum £10 million in funds towards a purchase.

He said external creditors were owed “at least” £6m but that survival until the end of the season – the first target – would require much less.

He also said the administrators would consider whether there were grounds for appeal against the standard 12-point penalty for entering administration once they receive written notification from the Football League.

The sale of Wigan by the Hong Kong-based International Entertainment Corporation (IEC) to the Next Leader Fund, registered in the Cayman Islands, was only formally completed on 4 June.

He said once documents had been sent out to credible buyers, focus could turn to the events that had led to the club being placed in administration.

“I think four weeks (from sale to administration) is a record that will stand for some time,” Krasner said.

“You don’t start the investigation on day one, you save the club on day one and the investigation flows as you get the information. Everyone has got to fill in their questionnaires before we know where we’re starting to look.

“That (investigation) won’t wait until we’ve sold the club, that will start when I know that we can finish the season and we’ve got the non-disclosure letters out, so we’re talking about a two-week delay to get the most important jobs done and then we sit down with our lawyers and we see if there is any litigation there that will be to the benefit of the creditors.”

Krasneradded all options for short-term funding would be looked at.