THE future of Wigan Warriors is on the line tomorrow as shareholders vote on a takeover by local millionaire businessman Dave Whelan.
The owner of JJB Sports and Wigan Athletic is prepared to spend around £2million on the deal but first needs to get agreement to change the voting system before he can become the majority shareholder.
The issue has arisen because of the debenture shares introduced in the mid 80's by Maurice Lindsay and Co to give them control after they injected money into Central Park. Debenture shareholders come up for re-election every 10 years and Whelan is unwilling to risk the chance of pumping in millions of pounds only to be voted out in 2005.
He has said he is not prepared to continue backing the Warriors unless he gets 76 per cent control and although a rival consortium has been rumoured to be making a challenge, the ball must be squarely in his court.
If Whelan walks away then the Warriors are in a mess. He has already spent around £1million buying out the previous Board and getting the club back on an even keel and the move to his new £30 million stadium at Robin Park, which he wants as an RL Test venue, would be in jeopardy.
To gain control Whelan needs an end to the debenture shareholder system and for the rule limiting holders of ordinary shares to just 48 to be overturned.
Vice-chairman John Martin said the Board was hopeful the vote would be in their favour.
"I am confident now the vote will go the correct way. I am sure there will be people vociferously voicing their opinions, we can't stop that, but we expect the vote to go through. Mr Whelan needs 76 per cent or he will walk away. He needs that figure to prevent 25 per cent of the shareholders blocking any future proposals."
Whelan has already paid £5.50 per share buying out the previous Board's 83,000 debenture shareholding.
Prop Lee Hansen has moved to Featherstone Rovers on loan. Signed from Widnes on a three year deal last season Hansen was a first team regular under coach Eric Hughes, but has been relegated to fifth in the pecking order of props since the arrival of new boss John Monie and the signing of Aussie Tony Mestrov.
Converted for the new archive on 14 July 2000. Some images and formatting may have been lost in the conversion.
Comments: Our rules
We want our comments to be a lively and valuable part of our community - a place where readers can debate and engage with the most important local issues. The ability to comment on our stories is a privilege, not a right, however, and that privilege may be withdrawn if it is abused or misused.
Please report any comments that break our rules.
Read the rules hereComments are closed on this article