IEC confirms agreement to acquire Wigan Athletic FC
News on 25 May 2018
News on 25 May 2018
Hong Kong-listed gaming and entertainment firm, International Entertainment Corp., which earlier this month signed an Asian poker partnership deal with the Stars Group (see previous report has confirmed that it has reached agreement to acquire the UK football club Wigan Athletic for GBP 22.4 million and now awaits the approval of the Hong Kong stock exchange and the Football League.
The deal includes IEC taking over all existing loans incurred by the club, currently owned by the Whelan family..
Latest club FY revenues reached GBP 27.3 million, up from GBP 18 million in the preceding year
IEC says the acquisition is part of its diversification strategy to create new revenue sources, and expects the club to move up to the EFL Champions League next season, with a consequent improvement in revenue and profitability due to sponsorship and media rights.
In a stock exchange advisory, IEC commented:
“On the football business side, the company will implement a business plan around increasing match day and non-match day revenues through development of sponsorship, hospitality, retail, ticketing and fan engagement strategies to increase overall turnover.
“After conducting a detailed review of current operations, the company will look to strengthen the human resources function and facilities infrastructure around the above revenue areas through targeted investment in people and facilities.”
