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Allen Rejects Mandaric Offer

Leicester City chairman Milan Mandaric has had an offer to buy out former Owls chairman Dave Allen's remaining interest in the club rejected, according to media reports.

The Yorkshire Post is today reporting that Allen, now chairman at npower League Two side Chesterfield, had a meeting with an associate of Mandaric late last week and rejected an offer said to be around 250,000.

The Yorkshire Post reports that Mandaric made offers to the bank and other loan-note holders, but Allen, who is owed 2.4m from Wednesday, rejected the deal, along with at least one other party.

It's also reported that the bank had agreed a deal with the former Pompey chairman.

Wednesday face a crucial week off the pitch, with a High Court date on Wednesday after being served with a winding up order due to an unpaid tax bill.

The club is desperate to secure a takover to see off the threat of administration this week.

Mandaric issued a statement in response to claims that was looking to invest in Wednesday last week, saying he was 'not currently in discussions regarding the purchase of Sheffield Wednesday.'

He could now up his offer in a bid to takeover the club, or drop his interest completely.

Keep checking Vital Wednesday for all the latest off-the-field news.




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The Journalist

Writer: Nick Mail feedback, articles or suggestions

Date:Monday November 15 2010

Time: 9:48AM

Your Comments (oldest first)

Change to most recent first
should have offered him a pigeon
mick66owl
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15/11/2010 09:58:00

Cant say I am suprised, Allen will get more than 10p in the 1 if we go into Admin
Aston_Owl
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15/11/2010 10:08:00

I would imagine it's easier to negotiate with terrorists or women suffering PMT than some of our loan note holders! What happens to the money owed to the loan note holders if we go into admin, are they likely to get what's owed, a tiny fraction or nothing at all?? If this is true hopefully Mandaric's initial offer was to test the water and he'll come back with something they'll all agree to if that's at all possible the greedy gets! Either way the next few days will be an important milestone in the clubs history.
sussexowl
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15/11/2010 10:15:00

Also, DA must know he won't be getting the full 2.4m back, ever. I think somewhere between 500k and 1m would do it. Same as the Co op won't get their full 23m back or whatever they're owed, all loan note holders must accept the chance of getting all their money back is slimmer than Wagner winning X factor, if they can accept between 50% to 75% back then we might be in business.
sussexowl
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15/11/2010 10:23:00

To be fair, if i had 2.4 million in a club, i wouldnt accept 250,000, administration or not. Good to know somebody is interested though i suppose. I actually think administration is the best bet in regards to making the club sellable, never will get a decent owner with every man and his dog having shares in the club. I cant even see us getting promotion this season so im happy to write this season off as a rebuilding job and start from scratch.
DEZZYP
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15/11/2010 10:43:00

whatever happens and what a topsey turvey nail bitting encounter this is for as die hard Wednesday fans,i can assure all of us the Bank will not let us go into administration.I would not put my life on it but im quite sure it will not happen..The bank are our main creditor and are owed 23million plus,now if they put us into administration they would get (say 1 for every hunderad owed).If your a business you want the full wack back with intrest.If the bank know there are people out there who have proved they have the funds the bank will bail us out again as they are asured they will get there fair wack back.
garrymo
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15/11/2010 10:58:00

what happens to the ground and the training ground if we go into admin? can the bank sell them and take the money and run? what about players - can they all walk away leaving us with youngsters for rest of season(might not be a bad thing!)?
Patrick Blondeau
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15/11/2010 12:41:00

Rest assured. The bank will not bail us out again. They are top of the list. A number 1. The administrator will settle the taxman. Then negotiate with possible investors. The bank have first dip at the ground sale and the training ground, why else would they still be around. Add it up, they valued the land the traing ground was on at about 10 million some time ago. Lets say 5 million now. What about the ground. Prime housing or supermarket site. Lets say 10 million. The bank might be happy to walk away with 15 million.
fed_up_owl
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15/11/2010 13:28:00

DO THE RIHT THING DAVE ALLEN THE RIGHT THINK FOR THIS CLUB AND FOR YOUR OWN KARMA,,
raven jet byrne
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15/11/2010 13:35:00

the bank will let us go into adminstration. also they will most likely cut a deal where by the ground becomes their possesion and they will then rent it back to our new owners at a steep premium
Hirsty's Shinpads
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15/11/2010 13:47:00

Just for information. I did a credit check on another company that I know went out of business and the 2 companies who had debentures and Chettel motgages did very nicely. I know that they actually didnt lose a bean. Because the bank have been so supportive, they must have got one or the other or even both. Thats why I dont believe that they will bail us out again. Sorry to p**s on everyone's parade this lovely cold Monday afternoon, 2 days before a winding up order in the high court. Mortgage Details Mortgage Type: DEBENTURE Date Charge Created: 11/07/03 Date Charge Registered: 18/07/03 Date Charge Satisfied: - Status: OUTSTANDING Person(s) Entitled: NATIONAL WESTMINSTER BANK PLC Amount Secured: ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE ON ANY ACCOUNT WHATSOEVER Details: FIXED AND FLOATING CHARGES OVER THE UNDERTAKING AND ALL PROPERTY AND ASSETS PRESENT AND FUTURE INCLUDING GOODWILL BOOKDEBTS UNCALLED CAPITAL BUILDINGS FIXTURESFIXED PLANT AND MACHINERY Mortgage Type: CHATTEL MORTGAGE Date Charge Created: 11/03/03 Date Charge Registered: 18/03/03 Date Charge Satisfied: - Status: OUTSTANDING Person(s) Entitled: EURO SALES FINANCE PLC Amount Secured: ALL MONIES DUE OR TO BECOME DUE FROM THE COMPANY TO THE CHARGEE UNDER THE TERMSOF THE AFOREMENTIONEDINSTRUMENT CREATING OR EVIDENCING THE CHARGE Details: THE CHATTELS, THE INSURANCE POLICIES AND THE CONTRACTS SEE THE MORTGAGE CHARGE DOCUMENT FOR FULL DETAILS
fed_up_owl
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15/11/2010 15:08:00

Hirsty's shinpads has got it spot on. They will automatically own anything worth anything.
fed_up_owl
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15/11/2010 15:11:00

please DA just accept the next offer! would be pleased with mandaric but its all media reports so might not even be true anyway
Wednesdayforlife
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15/11/2010 16:31:00

Half a finger short of a full hand if you ask me ! But I am Irish!
tommacandernie
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15/11/2010 18:30:00

 

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