"Contracts have been exchanged, a deposit has been received and it is envisaged that the sale will be completed by 31 March 2021," Wigan said in a statement; the sale helps club to avoid a 15-point deduction, improving the likelihood of League One survival
Monday 15 March 2021 20:23, UK
Wigan have announced that a deal has been agreed to sell the League One club to Phoenix 2021, subject to EFL approval.
The Latics, who went into administration last summer and were relegated to League One, said in a statement that the sale is expected to be completed by March 31 at the latest.
Wigan, who are two points above the relegation zone, will avoid a 15-point deduction because the "sale allows for non-football creditors to be paid a minimum dividend of 25p in the pound", improving their survival chances.
The statement read: "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 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.
"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."
Phoenix 2021 Limited chairman Talal Al Hammad described the deal as a "remarkable outcome".
He said in a statement posted on Twitter: "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."
