HONG KONG’S IEC ACQUIRES WIGAN ATHLETIC
Hong Kong-based gaming investment company International Entertainment Corporation (IEC) has acquired English football club Wigan Athletic. The club, which has played in the English Premier League, is currently playing in English League One.
As per the deal, IEC acquire the entire share capital in Wigan Athletic Holdings Limited from the majority shareholder of Wigan Athletic AFC Limited and from the trustees of the Whelan Family Bare Trust.
Although few details were given in a notice confirming the acquisition late Wednesday, the company previously stated that although it is “principally engaged in hotel operations and leasing of properties for casino and ancillary leisure and entertainment operations … it has continued to review the existing principal businesses of the group and look for potential business opportunities in order to diversify the group’s business.”
It added that the acquisition represents a good opportunity to diversify the income stream of the company and broaden its revenue base.
IEC currently leases a casino-hotel in Manila as well as office space to Philippines gaming regulator Pagcor. It previously owned a 40 per cent stake in Arc of Triumph Development Company, operator of casino resort L’Arc Macau, but sold its interest in 2010.