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Wigan Athletic’s prospective takeover has collapsed after investors pulled out of the deal on Tuesday morning.
Administrator Paul Stanley has told talkSPORT the Spanish consortium ‘got cold feet’ and has pulled the plug on their deal to save the in-trouble League One club.
Stanley also said the administrators can now only realistically keep supporting the Latics for ‘a matter of weeks’, plunging the side into danger of liquidation.
2012/13 FA Cup winners Wigan have been in administration since the start of July, when a 12-point deduction saw them relegated from the Championship to League One.
News of a serious bidder appeared to give them a route out but last month the EFL said it was still unable to sanction the deal.
And the administrator has now explained the deal was taken off the table on Tuesday after the Spanish bidder reduced the money they were offering by 50 per cent.
But Stanley believes that move was merely a ‘smokescreen’ to disguise the fact they no longer wanted to do business.
Speaking to talkSPORT host Jim White on Tuesday, Stanley said: “We got to the point just before Christmas where we’d agreed with the council that the stadium and the training ground had all been signed over and we’d agreed the terms of the deal.
“We got confirmation that the money had left Spain, we got confirmation immediately after Christmas that the UK-based Spanish lawyers had got the cash in, they were ready to do the deal.
“But then we came back in over the weekend and we got a letter from the lawyers saying they were halving the bid, basically, give or take.
“It put us in a position where if the money is not there we can’t pay the 25p in the pound to the creditors, which we have to pay or we’ll get a 15 point deduction.
“They said they would only do the deal if the EFL would waiver that 15 point deduction, but of course that’s not going to happen, it’s not allowed to be waived and no other clubs in the EFL would agree to it.
“But I think that was really a smokescreen, what’s really happened is I think they’ve got cold feet over the New Year having wired the money and looked at the bank balance to see where it’s gone.
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“I think they’ve got cold feet and just decided with the Government’s new COVID restrictions, which are probably going to go into next season, they looked at the funding requirement and thought it’s a step too far, and at the 11th hour they changed their minds.
“So, as far as I’m concerned, they’ve gone.”
In a club statement, Wigan said they were resuming discussions with other interested parties as they seek to escape the doom of liquidation.
However, asked if they’ve got another buyer lined up, Stanley did not have any good news for worried fans.
“No, of course we haven’t,” he added.
“There were people who told us they were waiting in the wings, whether they are or not is another issue.
“It’s a matter of weeks, now.”
Wigan currently sit in the League One relegation zone in 22nd place, two points from safety.
The club have also been hit by coronavirus and their next two fixtures have been called off following an outbreak in the camp.
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