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Mandaric Hopes To Finalise Owls Deal

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.



Click here to join in the debate on the club forum.

Writer:Nick
Date:Wednesday November 24 2010
Time: 7:00AM

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Comments

0
I will believe this when I see it on Sky Sports News or see it as official on Owls website
Hickyowl1977
24/11/2010 08:31:00
0
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.
DEZZYP
24/11/2010 09:26:00
0
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
Aston_Owl
24/11/2010 09:29:00
0
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).
welshyowl
24/11/2010 09:34:00
0
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!
dobby1
24/11/2010 10:18:00
0
I'm lying in bed at night thinking of Mandaric, it helps me last longer!!!
sussexowl
24/11/2010 10:43:00
0
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
retfordowl1867
24/11/2010 11:01:00
0
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.
DEZZYP
24/11/2010 11:07:00
0
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
dobby1
24/11/2010 11:17:00
0
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
fed_up_owl
24/11/2010 11:54:00
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