Wigan Athletic have announced that a deal to sell the club to Phoenix 2021 has been agreed, subject to approval from the English Football League (EFL).
The Latics were in turmoil last summer when it was declared the club went into administration and were relegated from the Championship into League One, however, with a deal expected to be completed by March 31 at the latest, it could offer hope for the team who were on the cusp of a 15-point deduction.
If subject to a deduction in points, Wigan could have found themselves in an even deeper issue sitting only two points above the relegation zone.
A statement from Wigan read: "We have agreed a sale of the club and related assets to Phoenix 2021 Limited and we are in the process of finalising the transaction.
"Contracts have been exchanged, a deposit has been received and it is envisaged that the sale will be completed by 31 March 2021 at the latest.
"The outstanding matters that need to be finalised to allow completion are practical matters around EFL membership and property transfers.
"The sale allows for non-football creditors to be paid a minimum dividend of 25p in the pound which avoids a 15-point penalty deduction for the club which improves the prospect of remaining in League One this season.
"We are working with the purchaser and their management team to ensure that the sale of the club concludes as soon as possible to allow some much needed stability both on and off the pitch.
"We have also been working closely with the EFL in relation to the sale and liaising regularly with the official supporters club."
In a statement posted on Twitter by Phoenix 2021 Limited, chairman Talal Al Hammad said: I am pleased to announce that we have finally signed the purchase agreement for Wigan Athletic Football Club between Phoenix 2021 and the joint administrators.
"I would like to take this opportunity to give my appreciation to Mr Abdulrahman Al-Jasmi, the owner of Phoenix 2021, and Europa Point Investment Corporation (EPIC), his investment team in Gibraltar, and the Phoenix management team as they showed full support of this opportunity from the beginning and their commitment led to this remarkable outcome.
"I am grateful to Wigan Council, the supporters club and the joint administrators as we would not be where we are today without your support and cooperation.
"Furthermore, my most heartfelt thanks go to the valued supporters and employees for their devotion and patience.
Author: Jake Wilkin