Hong Kong based consortium to receive majority stake in Wigan Athletic after deal agreed with Dave Whelan
Dave Whelan has agreed a deal to sell his familys majority stake of Wigan Athletic to a Hong Kong based consortium.
Just days after the club secured the League One title, International Entertainment Corporation, headed by pro gambler Fai Stanley have stressed their desire to invest in the Latics.
The Football League and Hong Kong Stock Exchange must now approve the deal, which will see IEC stake a majority shareholding in both the DW Stadium and the clubs Christopher Park training ground.
IECs most notable business interests include running a hotel and a casino and they are registered in the tax haven of the Cayman Islands.
They also own the five-star AG New World Manila Bay Hotel in the Philippines capital city.
On the proposed deal, Wigan chairman David Sharpe said: "We are very proud of what we have achieved for the club.
"It is important to confirm that this process, which has taken longer than expected, has now reached the next stage.
"While we await formal approval and consent by the aforementioned parties, which may take some time, the Whelan family will do whatever it can to support the business operations and IEC during this transition."
In February, IEC said on the prospect of buying the club: "The proposed acquisition, if materialised, represents a good opportunity to diversify the income stream of the company and broaden its revenue base."
The proposed move also comes after it was confirmed that current boss Paul Cook committed his future to the club after signing a four-year deal with the club.
Whelan, who is the former owner of JJB Sports, bought the club in 1995 and oversaw the clubs spectacular rise up three divisions and into the Premier League.
The Latics lasted eight years in English footballs top flight which also saw them win the FA Cup in 2013 with a surprise victory over Manchester City.
Wigan were relegated to League One in the 2014/15 season, before bouncing straight back, but they went down to the third tier straight away.
However, they are back in the second tier and Whelan hopes that a cash injection ahead of next season will see the club able to tempt better players and help them keep hold of impressive the likes of star forward Nick Powell.