Wigan owner waives £36million of debts owed to him by club

Wigan are currently in administration and are seeking a new buyer. Credit: PA

Wigan owner Au Yeung Wai Kay has waived £36million in debts owed to him by the troubled club, removing the threat of a further points penalty next season as administrators try to find a new buyer.

Yeung's Next Leader Fund was owed separate debts of £25.3m and £10.7m by the club, but administrators announced on Thursday that the Hong Kong businessman had waived his right to repayment.

"(Yeung) has given the administrators the powers necessary to put this into effect and to use all monies for the benefit of the club," a statement said.

"By waiving all his rights Mr Yeung has also made it much more possible to pay the necessary 25p dividend to the creditors and thus avoid a further 15-point penalty next season."

The statement added: "The Joint Administrators note that in the Sun article of the 20 August, its professional journalist Mr Alan Nixon goes into great detail about a bid from Randy Frankel and Michael Kalt.

"Firstly, we would point out that release of any information by them (or someone in their group) is a complete breach of the non-disclosure agreement.

"Secondly, we would inform fans in the light of this breach that no credible bid has been received from this organisation that would lead to the saving of the football club."

The administrators have said that talks with "serious bidders" are continuing.