Asian consortium to buy out City

[escos66]

Will be about the takeover I imagine....great, would rather it be about signing Steed Malbranque.

How very random!

 

[Blue Maniac]

How very random!

Harbs is a legend.

 

[RHYDAL]

Harbs is a legend.

Tired. A new single word expression I'll be using to convey my belief that an in joke has run its course.

 

[TommyK]

Big announcement at 3??!

http://www.telegraph.co.uk/sport/fo...1/Leicester-to-announce-takeover-details.html



Leicester to announce takeover details
Leicester City are preparing to announce a takeover of the club this afternoon, expected to be by a consortium of Asian businessmen led by Thai businessman Vichai Raksriaksom, the owner of the duty-free shopping business King Power Group.

By Sandy Macaskill
Published: 11:22AM BST 12 Aug 2010
Leicester to announce takeover details
In talks: five Asian companies are understood to have held talks with the current chairman of Leicester, Milan Mandaric Photo: GETTY IMAGES

Five Asian companies are understood to have held talks with the current chairman of the East Midlands club, Milan Mandaric, about buying a majority stake.

Mandaric - who according to reports will remain as chairman despite the takeover - has returned from overseas to make the announcement this afternoon at 3pm.

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It is thought that the club is being valued at £39 million, while the new ownership would be expected to take on the £26 million worth of debt the club is currently saddled with.

Although some reports have suggested the consortium would only take on 49 per cent, with a view to taking control of the rest at a later date, it is understood that they will assume a majority stake immediately.

Last week, Mandaric said of the takeover: “There’s a lot of details and lots of conditional things to put together. We hope to announce something by the end of next week.”

King Power owns 76 outlets at domestic terminals and has a duty-free monopoly at Bangkok’s Suvarnabhumi international airport, one of Asia’s largest.

Leicester said they would make “excellent partners to take the club forward”. The last Thai venture into English football ended in acrimony when former Prime Minister Thaksin Shinawatra, ousted in a 2006 coup and still living in exile, bought Manchester City and sold the club a year later.