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Mandaric Completes Owls Takeover

Mandaric Completes Owls Takeover

Milan Mandaric has finally completed a deal to buy Wednesday, with an official announcement expected on Monday morning, according to reports this morning.

Reports on BBC Radio Sheffield are confirming that the Leicester City chairman, who would need to step down from his position with the Foxes before buying the Owls, has come to agreement with all parties to takeover at Hillsborough.

Mandaric had already satisfied the club's creditors, the Co-operative Bank, with his initial bid, but had fallen short with some of the club's loan note holders, including former chairman Dave Allen.

It's understood a deal with Allen, now chairman at Chesterfield, was the final one to be struck, but the two have come to an agreement and the takeover of the Owls is complete.

The club will now inform the Stock Exchange first thing on Monday morning and Mandaric is set to be unveiled as the club's new owner just hours later.

It's the news that Wednesdayites have been waiting for for years, and will mean the Owls can go to next Wednesday's High Court hearing and pay off the money owed, avoiding going into administration.

The next step will be to announce an EGM, which is a formality in takeover deals due o the support of the major shareholders.

Mandaric was one of a number of bidders looking to takeover the club but, in just a matter of weeks of showing his interest, has provided proof of funding and has swiftly moved to complete a deal.

More to come on this story, keep checking Vital Wednesday for all the latest updates.

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

Writer:Nick
Date:Saturday November 27 2010
Time: 10:30AM

Comments

0
GET IN!!!!!!!!!!
owlswfc
27/11/2010 10:36:00
0
Sounds very promising but after so many false dawns it needs to be a picture of Mandaric at Hillsborough and in charge for me before I believe it!
pob
27/11/2010 10:40:00
0
With you every step of the way Pob
robc
27/11/2010 11:19:00
0
brilliant news 5 years of hurt over new era for wednesday mandaric u will become a wednesday legend !
retfordowl1867
27/11/2010 11:29:00
0
good news! i'm getting a new car
Hirsty's Shinpads
27/11/2010 11:30:00
0
Spoke to Vital on FB chat earlier. They confirmed it's definitely a done deal. Just gotta wait for Stock Exchange to open up Monday morning! Happydays :) UTO
seanowl
27/11/2010 11:35:00
0
Really chuffed this morning, so many years of hurt and pain with a debt which was like a millstone. Now we can move forward together and hopefully reach the promised land in a few years time. Time to let those wasters from the Lane struggle with a big debt and a rubbish ground. Come on MM come on you owls. WTID
whitham's jockstrap
27/11/2010 11:42:00
0
come on pob, show some optimism. Owls fans have had enough pessimism over the years. I am certainly a very happy old owl today.
railman
27/11/2010 11:45:00
0
Well wot can i say just anutha mad day in the lifes of us Wednesdayites.Get so use to getting good news thats followed by bad hope im wrong this time and we can go on and start running this club right.
ollyowl70
27/11/2010 11:51:00
0
Milan Mandric you are a legend, Wednesday shirts for all my friends and family for christmas with the words 'Milan Mandric our SAVIOUR, True Wednesday legend 2010' Wonder what it will be like being able to celebrate new players being brought into the club that we have actually spent money on.
SWFC Tubes 84
27/11/2010 12:41:00
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