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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