Wigan Athletic: Preferred bidder chosen, says administrator Gerald Krasner
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A preferred buyer for Championship club Wigan Athletic has been chosen, says administrator Gerald Krasner.
The Latics were placed in administration on 1 July when the new Hong Kong-based owners conceded they could not support the club financially.
Krasner said the bidder has until 12:00 BST on Thursday to sign a letter confirming their lawyers are holding the entire funds.
He added that contracts have to be exchanged by 31 July.
Wigan were deducted 12 points as punishment for going into administration. Krasner says the appeal against that decision is set for 31 July, adding it will cost between £400,000 and £500,000 because the club must also pay the English Football League's fees.
The deduction has not yet been applied to the Championship table, which shows the Lancashire side 10 points above the relegation zone going into Wednesday's final fixture at home against Fulham (19:30 BST kick-off).
Of 64 non-disclosure agreements sent out at the beginning of July, Krasner says he received "six proof of funds and five offers".
He added that "the bids were all similar bar one" and that "the decision took into account how much was being offered and the ability to meet certain criteria".
Earlier in July, Wigan Warriors rugby league club expressed their interest in buying the Latics.
Supporters were spoken to by the administrators as part of the process, although Krasner said: "If we wait for a Wigan fan to buy it, that may never happen. The promise I made was that Wigan would play football here next season."
It is understood the administrators declined to speak to prospective purchasers who were keen on using land owned by the club - which includes two training grounds - for development.
"All the people we have spoken to seriously want to run this as a football club with an academy," said Paul Stanley, another of the three administrators dealing with the sale.
Krasner confirmed he had already sold one player to pay outstanding wages until June and that another two players were likely to be sold by the end of the week.
He also said owner Au Yeung Wai Kay had agreed to speak to him to explain why Wigan were put into administration just weeks after he took control at the end of May.
There is still a possibility the Latics could receive an additional 15-point deduction next season and a transfer embargo for up to two years. The punishments will only apply if new club owners are in default of any agreement in relation to secured creditor claims.
"It feels like three years," said Stanley of the three weeks since the administrators were called in.
"We came in with no knowledge and there was a nervousness because we didn't know what we were coming into.
"I am a lot more confident than I was on day one that we will get a positive solution to it."