Real Sharapova
Well-Known Member
Health Warning: What follows is totally unsubstantiated rumour, but I thought I'd pass it on as we all like a gossip on a Thursday morning. A friend of mine in the wild and wacky world of accountancy has told me what might be behind Milan Mandaric's claim of finding " legal and financial problems " as a result of due diligence, and it's nothing to do with a massive black hole in LCFC's accounts or Tim Davies robbing the tea machine. Apparently it may relate to the biggest player in the takeover that is very rarely mentioned - the Teacher's Pension Fund of New York. It appears that Mandaric may be trying to take over most or all of the mortgage - as with any lender Teacher's want reassurance that the payments will still be made both in the short and long term and that the business plan Mandaric is proposing is robust. Rumour has it that the information provided by Mandaric to Teacher's may not have totally satisfied them and they will block any transfer of the mortgage from LCFC to Mandaric's LCFC Mark II, thus scuppering any bid. Note for libel lawyers - the above is rumour and in no way should be taken as derogatory in any sense towards the financial standing towards Milan Mandaric who is well known as a successful and honest businessman.