A takeover of Wigan Athletic has begun as the sale of the football club is now underway, joint administrators have confirmed.
The Latics are being sold to company Phoenix 2021 Limited, with the transaction being 'finalised' after contracts have been exchanged and deposits being received.
In a statement released on the Wigan Athletic website this evening (March 15), joint administrators revealed that the only remaining outstanding matters are 'practical' issues 'around EFL membership and property transfers'.
The deal will also allow the club to avoid a 15-point penalty deduction, improving its chances of staying in League One.
The joint administrators said: "We are pleased to announce that a significant step has been taken in relation to the rescue of the club.
"We have agreed a sale of the club and related assets to Phoenix 2021 Limited and we are in the process of finalising the transaction.
"Contracts have been exchanged, a deposit has been received and it is envisaged that the sale will be completed by 31 March 2021 at the latest.
"The outstanding matters that need to be finalised to allow completion are practical matters around EFL membership and property transfers."
The administrators are working to ensure the sale 'concludes as soon as possible'.
"The sale allows for non-football creditors to be paid a minimum dividend of 25p in the pound which avoids a 15-point penalty deduction for the club which improves the prospect of remaining in League One this season," the statement adds.
"We are working with the purchaser and their management team to ensure that the sale of the club concludes as soon as possible to allow some much needed stability both on and off the pitch.
"We have also been working closely with the EFL in relation to the sale and liaising regularly with the official supporters club.
"A further announcement will be made on completion of the sale."
The deal with the UK-based company will be subject to EFL board approval, says the club.
A letter from the Phoenix chairman Talal Al Hammad said: “I am pleased to announce that we have finally signed the Purchase Agreement for Wigan Athletic Football Club, between Phoenix 2021 and the joint administrators.
“I would like to take this opportunity to give my appreciation to Mr Abdulrahman Al-Jasmi, the owner of Phoenix 2021 and Europa Point Investment Corporation (EPIC), his investment team in Gibraltar and the Phoenix Management Team as they showed full support of this opportunity from the beginning and their commitment led to this remarkable outcome.
“I am grateful to Wigan Council, the supporters club, and the joint administrators, as we would not be where we are today without your support and cooperation. Furthermore. my most heartfelt thanks go to the valued supporters and employees for their devotion and patience.
“We understand the significance of the responsibility we will hold as the owners of Wigan Athletic Football Club and we will work to earn your trust.
“The Phoenix management team and I look forward to finalising the outstanding matters. This will enable us a speedy completion thus allowing us to be the new custodians of this reputable football club.
“I am looking forward to visiting Wigan in the near future and I wish the club and the town prosperous years ahead.”
Wigan MP Lisa Nandy issued her own statement after helping to facilitate the takeover and secure the club's future.
The MP has said: "The last nine months have been nothing short of a nightmare for Wigan Athletic fans, the players, the staff and our town.
"I know many fans will be relieved by today's news that Phoenix 21 Limited owned by Mr Abdulrahman Al-Jasmi has exchanged contracts and the nightmare of administration is nearly over.
"I also know others will be anxious about the prospect of unknown new owners after the ordeal we have endured."
The MP says she personally asked the ELF to undertake 'comprehensive background checks' on the new owners and the finance behind the bid, including 'questions about political independence, corruption, human rights and financial propriety'.
Ms Nandy says 'she has been assured no red flags were raised' in the investigations.
"“It is my cautious hope that we can finally close the door on the nightmare of recent months and begin a new chapter for Wigan Athletic," said the MP.
The club fell into administration in July, 2020, a month after being overtaken by Next Leader Fund, headed by Hong Kong businessman Au Yeung Wai Kay.
The 'significant impact' of Covid-19 on the clubs finances was cited as a key reason for the event.
Wigan Athletic currently sit 21st in the League One table.
