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Mandaric Hopes To Finalise Owls Deal

Milan Mandaric is hopeful of completing a deal to buy Wednesday sooner rather than later, after giving his representatives 'the green light to see if they can close the deal'.

The Leicester City chairman spoke with BBC Radio Sheffield ahead of the Owls' npower League One clash with Walsall on Tuesday night, highlighting his desire 'to do some serious business' and complete a deal before Wednesday's next High Court date on Wednesday, December 1.

The Serbian-American businessman is one of a number of interested parties in taking over the Hillsborough club, with local businessman Spencer Fearn also reported to be heading a consortium, and former Owls director Mick Wright throwing his hat into the ring.

Fans' group One Wednesday, backed by local businessman Garry Scotting, are also looking to raise enough funds to form a deal for the club.

But Mandaric, who sold the Foxes to a Thai consortium earlier this season but remains chairman at the Walkers Stadium, is the favourite to takeover amongst the Owls support.

He told BBC Radio Sheffield: 'I've made no secret of my desire to help the club - I hope I'm not too far from the line.

'I have given my representatives the green light to see if they can close the deal.

'Things are in the hands of the [Co-operative] bank now but they're being very helpful. I hope they'll get back to us in the next day or two and we'll be able to do some serious business.

"They know we're credible people, very football orientated and we're capable financially. So I don't know what else they'd need.'

The former Portsmouth owner has already seen what former chairman Dave Allen called a 'derisory' offer for his loan notes rejected.

But it's believed Mandaric is the favourite to take over with the Co-operative Bank, a major advantage as the club looks to tie up a deal as soon as possible.

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The Journalist

Writer: Nick Mail feedback, articles or suggestions

Date:Wednesday November 24 2010

Time: 7:00AM

Your Comments (oldest first)

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I will believe this when I see it on Sky Sports News or see it as official on Owls website
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24/11/2010 08:31:00

i will only believe this when i see him on the hillsborough pitch holding a scarf above his head, a written contract between his teeth, AI and HW giving him a big cuddle and wearing a full wednesday kit(socks and shorts included). Then and only then will i believe this has happened.
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24/11/2010 09:26:00

This is the only clear and simple offer, if mandaric can persuade the loan note holders to agree to a deal then we will be debt free, HMRC aside, for me all the other bids ( from what we know) will still leave a certain amount of doubt over the future vialbility of the club and we could end up being back at court in 18-24 months time. Sell up now Allen and let us get on with life after the current board, UTO
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24/11/2010 09:29:00

It's the only clear and simple offer to 99% of people, but not those that matter at the moment! (I say matter as in the board members who need to agree deals for their loan notes).
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24/11/2010 09:34:00

I really hope this happens, but we will not quite be debt free. I think the co-op has agreed to write off 17 million of the debt we owe them, leaving us with around 7 million owed. I guess they see this as managable and we will be on a sound footing to move forward. these were the numbers mentioned on Radio Sheffield on the way to the match last night, but that might not have been in connection with the Mandaric offer. If the bank have agreed it can only be the loan note holders that are standing in the way and I don't get it! Hopefully (Yes Dezzy, I am still in the "fingers crossed brigade) this will get resolved today, but don't bank on it!
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24/11/2010 10:18:00

I'm lying in bed at night thinking of Mandaric, it helps me last longer!!!
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24/11/2010 10:43:00

pmsl sussex ! Really hope mandaric gets us think he is a no nonsense type of guy get rid of the tosser's on are board and bring his own team in after 5years of waiting plz finally let this happen
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24/11/2010 11:01:00

easy dobby1, i made my apologies on the other story. 7 million is very managable. The figure i heard was we owe directors 3.5 million and the bank will accept between 7-8 million. either way, its under 12 million which cant be anything but a bargain for a club of our size and potential, especially with a lot of the debt wiped off, you never know, in the next couple of years we might even end up spending a few quid on some players again.....happy days.
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24/11/2010 11:07:00

Sorry DEZZY, it was meant as a joke, but it does't always come across that well on here. Having said that, the image i have of sussexowl right now is not helping my train of thought! Having sais that - I really am still in the fingers crossed bigade and it's driving me nuts
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24/11/2010 11:17:00

Manderic has apparently said that he cant understand why a deal cant be dont. He cant understand the hold up. Well in all honesty, niether cant I. Grierson will be the stumbling block. He will still be insisting on being the financial director in any new set up. By the way sussex, made me smile. Thanks
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24/11/2010 11:54:00

I just wish everyone would stop messing around and do this deal with Mandaric, he is the best person to take this club forward, the fan based takeover will not have enough money in the longterm so what's the point in even entertaining that offer ???? WTID
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24/11/2010 15:18:00

If mandaric buys the club and helps turn us into a force once again I'll put his photo on the mantle piece, it'll keep the kids away from the fire. I'M hoping I'll see him at Hillsborough on Saturday before the match on the pitch with a scarf above his head, not holding my breath though!!
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24/11/2010 16:01:00

I'm right behing MM. He's got a real track record of turning clubs around. I wish the old farts on the board and the LNH's would understandthat thier time is done and my club needs some new blood. ps really great run of results, will be there for Noggyhampton Come on board, come on you owls.WTID
whitham's jockstrap
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24/11/2010 16:23:00

As I understand it, if MM can get the other loan note holders to see the light, the bank have already agreed with him to accept 7 million as full settlement of the outstanding debt to them, therefore we would indeed be totally debt free, and able to effectively turn a profit immediately in the process. How nice would that be, knowing we finally have that monkey off our backs after all these years?
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24/11/2010 21:22:00

i hope so much this deal goes through!
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24/11/2010 23:17:00

i know we have had so many false dawns, but iv actually got a positive attitude about this one. this could actually be the straw that breaks the camels back if it falls through, my love of football has pretty much all but gone, this falling through could kill it all together...... come on milan, become a wednesday legend.
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25/11/2010 00:29:00

Trust me. The deal is done and will be officially announced to the stock market on Monday morning.
Report Abuse
27/11/2010 10:15:00


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