Wegan to be taken over by Hong Kong hotel and casino company

The 2013 FA Cup winners and League One leaders are of serious interest to the International Entertainment Corporation which operates in the Philippines as they have told the Hong Kong stock exchange they could be in charge by February 14, date in which they will have to agree on a price.

The company - registered in the tax-haven Cayman Islands – released a statement saying: “Shareholders and potential investors of the company should note that the terms of the proposed acquisition are still under negotiation and no formal and legally binding agreement in relation to the proposed acquisition has been entered into as of the date of this announcement.

“The group 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.

“The proposed acquisition, if materialized, represents a good opportunity to diversify the income stream of the company and broaden its revenue base.”

IEC own the AG New World Manila Bay hotel, a five-star, 32-floor casino hotel in the Philippines capital.

The most recent financial reports reveal a revenue of £13.7m and a loss of £600,000.

JJB Sports founder Whelan, a former player at Blackburn and Crewe, bought his local club in 1995.

The 81-year-old rebuilt the club and funded their rise up three divisions to an eight-year stint in the Premier League.

In March 2015, Whelan stepped down as chairman, appointing his 23-year-old grandson David Sharpe in the role.