Frampton group OUT of Wigan Athletic takeover race
The group, fronted by Wigan-born businessman Frampton, was the frontrunner to take over after the Spanish bid collapsed at the beginning of January.
Despite being confident of completing a takeover 'inside a fortnight', the group was unable to make much headway after contacting the administrators to register their interest.
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Hide AdFrampton himself is tied to a non-disclosure agreement (NDA) that prevents him from talking about the situation.
But well-placed third parties have told Wigan Today he has walked away from the process - frustrated by the lack of progress being made despite the perilous plight of the football club.
Frampton had previously bemoaned the ‘exclusivity’ conditions favoured by the admins, which prevented his group doing anything after the Spanish tabled their deposit.
With the admins needing money to pay the February wages, Frampton outlined his view on how the process could continue while addressing the short-term cash flow:
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Hide Ad“One way of doing it would be to put money into an escrow account," he said.
“That way if you do have two or three credible bids – and you’re not going to have more than that – then you ask them all to put down a secure deposit that way.
“Obviously then whichever bid is successful, you use that money, and the other unsuccessful bids have their money returned.
“It’s simple, it’s not rocket science. We do this for a living. This is normal.
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Hide Ad“I just don’t understand why the situation is being over-complicated."
Sadly, over-complicated has escalated back into farce, with Latics no nearer to a successful resolution - almost SEVEN MONTHS after being placed into administration by the former owners.
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