Mandaric Gives Owls £20m Ultimatum
Sky Sports News is today reporting that Leicester City chairman Milan Mandaric will withdraw his offer to buy Wednesday if a deal isn't completed this weekend.
The Serbian-American businessman announced his interest in the club last week, presenting a deal to the Co-op Bank, the clubs major creditors, and the current loan note holders.
Although it's understood the Co-op Bank was in favour of his offer, Mandaric couldn't agree terms with former Owls chairman Dave Allen, who called the offer for his shares 'derisory', and one other loan note holder.
Mandaric, who would have to step down from his role as Foxes chairman to complete any deal at S6, had left his offer on the table before Wednesday were due in the High Court faced with a winding-up order over an unpaid tax bill of £600,000.
But, with Wednesday given 28 days to secure a buyer by the High Court, the latest report on Sky Sports News is reporting that the former Portsmouth chairman will withdraw his offer if not accepted this weekend.
The report reveals a £20m buyout of the club, but neither Mandaric nor Wednesday have commented on the news.