That doesn't look great but effectively they are being propped up by £6 million in loan's from Lenegan who isn't calling in his debt.


They also have debtors of over £1 million. I can't think who would owe them that much, unless it's just timing differences on TV money.

Do you have the link to pur accounts Fil?

Don’t we owe the council 3 million for the purchase of the ground

If you look up Spirit of 1873 Ltd you will find the accounts to November 2021.

I don't think ours look bad at all compared to Wigan.
MC has worked wonders there.

Debt in itself is not an issue, the problems start when you are unable to service that debt. If it's mainly directors loans unless Leneghan has a massive about turn and decides he's had enough of Wigan and wants hiss brass back , then Wigan don't have a problem. Probably the same at Huddersfield and St's and one or two other clubs.

£3m for an assett as opposed to nothing in effect.

Correct,

A mortgage, which is what this is, is a loan against an increasing asset, it's a win win. Within ten to fifteen years I would fully expect the value of the land will have increased to such a point that we own more in value than we owe on the land, or positive equity as its known. I'd like to see Wigan do that with their debt!

Can't give much away but shares are selling well.

I don't know the amounts etc, but the numbers are higher than I expected.

Keep it coming those who can, if we can keep it going at this rate, it will make a big difference to what happens in the next 12 months IMHO.

Need to sort mine out as well Vasty.......

The debt is a loan from WMDC, very similar to having a mortgage on your house.
Once it's paid the clubs owners will have a extremely valuable asset.
As long as there are no issues with making the repayments, it's massively better than renting something that "we" will never own.

Again, correct.

Even though we have not paid it off, miles away yet, it still sits on our balance sheets as an asset. Giving us a better credit rating and making us more attractive as an investment (though clearly not in the truest sense).

It's like these members shares. You won't ever get a dividend, but if all goes well you will still have a shares in a company/team you love that in say ten years time with the land and the stand will have assets in excess of ten million. Not too shabby.

Fair enough, all better for trinity then. Will be really interesting to see how IMG look into finances etc with the grading. With my limited knowledge of it all how can Wigan be awarded say a grade A when they are loosing money year on year and don’t own their own ground etc. Are they a certainty to get a grade A

At the end of the day it will depend on how each section of the criteria is weighted, lose points on one section but gain points on other sections. I’m sure many will find fault with the system when the clubs are eventually graded.

I got my email today explaining about what will happen next.

This one
Firstly, many thanks to each of you for applying to invest in the club. Your support is so important to us all.

We have had a great first week of applications and they are continuing to flow in.

For those of you who have “signed up” already, we will be asking for funds and issuing shares next week and I thought I would give you the heads up. Hopefully bank transfer will work for most or all of you.

Thanks again and have a great weekend

JohnT

Yes. I'm assuming that's the start of the setup.

Shouldn't it be from John M ???
Are you sure that email didn't originate from Nigeria ???




Or have they found a new role for Johnny Thompson ??

Yes I noticed the T, I’m letting PT, pay first, just to confirm it’s the real thing.

I got same email today

There was definitely no T on my email. Was from signed John.............the Prince

Paid my monies this afternoon.
Just to let you all know that when I entered Spirit of 1873 and the account numbers, I received an onscreen warning that the account numbers didn’t entirely match the account name, Wakefield Trinity Wildcats. Anyway, I continued by pressing to accept tabs, and the payment was accepted. I have emailed the club and advised them just in case someone else is a bit unsure.

Just paid my money over

I see a few people have replied to the email to ask if the link and details can be added to the website to give them more confidence than an email.

I've used that bank account before to pay for player sponsirship with no problem.