Bbc

[leicester_til_i_die]

Milan Mandaric's proposed takeover of Leicester is on the verge of collapse. (The Times)

 

[The Voice From Above]

The Times

Full article from The Times...........


Mandaric takeover plans in jeopardy

Rick Broadbent

Milan Mandaric's proposed £25 million takeover of Leicester City is on the verge of collapse, two weeks before the transfer window opens. The former Portsmouth owner is said to be unhappy after seeing the results of his accountants’ examination of the club’s finances.

Shareholders voted unanimously to let Mandaric examine Leicester’s books at an extraordinary meeting last month and a formal bid had been expected on Friday, but the deal is now in danger unless the parties can agree a revised price.

Should Mandaric walk away, it seems likely that Leicester will consider a rights issue as a way to raise funds, but that would be a crushing blow after fans had welcomed Mandaric as a white knight. Among those backing him were two former players, Gary Lineker, who owns 100,000 shares, and Emile Heskey, who has 50,000. Hammond Grange — a property management company — and Pukka Pies own the largest stakes.

Leicester’s accounts value the shares at £6.3 million. That means that if Mandaric had tabled a £25 million bid and chose to pay off the £15.9 million loan on the Walkers Stadium, there would have been £2.8 million available to Rob Kelly, the manager, for team-building. However, a source close to the club told The Times that a takeover was looking precarious last night after the period of due diligence.

Shareholders had been expecting to see details of the bid this week, giving them 21 days to decide whether to accept it. News that the takeover is in jeopardy will alert Sir Jack Hayward, the Wolverhampton Wanderers owner, who had been courting Mandaric and has since halved his asking price to £20 million.

Last month Mandaric sounded enthusiastic as he looked ahead to the prospect of returning to football. “It should be a matter of time before we can put this together,” he said. Andrew Taylor, the Leicester chairman, was equally upbeat. “He has got a credible track record and has a lot of football nous,” he said. “He talks about quality of money, not quantity.”

Some were less convinced. The Foxes Trust, one of the shareholders, claimed in November that £25 million was an inflated figure as Mandaric was unlikely to buy the stadium outright

 

[Melton Fox]

I'm gonna try and forget this whole takeover is happening and try to concentrate on my own lfe in the real world. It's causing me too much stress for something that doesn't involve me.

On the plus side it wil save me the best part of £1000 next season when we screw it up

 

[Real Sharapova]

On the plus side it wil save me the best part of £1000 next season when we screw it up

SO it isn't MM who's getting cold feet, Melts? It takes two to tango.

 

[Melton Fox]

SO it isn't MM who's getting cold feet, Melts? It takes two to tango.

I know, I'm not saying I won't renew if MM doesn't take over, I'm saying I won't renew if the current board are still driving the club on a high speed non return train to Nowheresville come renew time

 

[Real Sharapova]

I know, I'm not saying I won't renew if MM doesn't take over, I'm saying I won't renew if the current board are still driving the club on a high speed non return train to Nowheresville come renew time

Yes, but is it the board's fault if MM for whatever reasons says no? Until we know one way or the other, and also find out the truth of the actual " bid ", which has as yet still to be made, we are all pissing in the dark.

 

[drew]

Doesn't look to be any substance to that, it just looks like a rumour that has been spiced up with a few long words for the Times' readers.

 

[Foxello]

Hey look on the plus side!...........sorry there is'nt one.

 

[Melton Fox]

Yes, but is it the board's fault if MM for whatever reasons says no? Until we know one way or the other, and also find out the truth of the actual " bid ", which has as yet still to be made, we are all pissing in the dark.

I don't know all the facts, but I would "guess" that MM has either found something he doesn't like about the way the club is being run that could seriously jeopardise his ability to turn it around into a profitable business, or he has came across certain obstacles that seem unwilling to be moved without great reward.

I can't for the life of me see a scenario where all this is MM's fault, not saying there isn't one, I just can't see it. I have known this club for a long while, I have known this current board for as long as we all have, I have seen enough evidence through the last 3 or 4 years to support my unsubstantiated theory that it could possibly be the boards fault and not MM's.

I'm not blaming the shareholders as I have seen various quotes from the board (and others) that they won't consult the shareholders if the board aren't gonna get wongad up

 

[Jeff]

I don't know all the facts, but I would "guess" that MM has either found something he doesn't like about the way the club is being run that could seriously jeopardise his ability to turn it around into a profitable business, or he has came across certain obstacles that seem unwilling to be moved without great reward.

Or he's not got all his money from the sale of Portsmouth so he's trying to spend less on us.

 

[Melton Fox]

Or he's not got all his money from the sale of Portsmouth so he's trying to spend less on us.

Possibly, but the shareholders/board have said all along that this isn't about money it's about the club. I reckon if the shareholders hand over this club for nothing with the guarantee that MM will put £7mill into the transfer kitty and install an experienced manager it will prove them to be right all along

 

[drew]

I think MM is playing hardball now hoping the board will panic in to selling. I hope they do as well. As I cannot see the current board willing to put in another 50% of their shares.

 

[Real Sharapova]

I think MM is playing hardball now hoping the board will panic in to selling. I hope they do as well. As I cannot see the current board willing to put in another 50% of their shares.

If it came down to a rights issue, not everyone has to take part - but those who don't will see their pecentage holding of the club go down.

 

[drew]

Sticking another 500k in the pot will do **** all, the club needs long term stability and investment. Something i think MM can do (hopefully).

 

[Foxello]

Is'nt it amazing the shareholders said it was 'dead money' when they took over 3 years ago now their haggling for more money. Tw ats

 

[Real Sharapova]

Is'nt it amazing the shareholders said it was 'dead money' when they took over 3 years ago now their haggling for more money. Tw ats

Who said they are haggling for more money?

 

[Foxello]

Who said they are haggling for more money?

Thought the whole point was that MM was'nt offering enough? Maybe got it wrong. To be honest i aint in the mood for all this bullshit today. I've got half a hangover and i just wish they'd sort it out, one way or another.

 

[drew]

I think MM is haggling for less and they don't want to give the club up on that basis. However if he said that the extra funds saved would go straight into the side the board don't really have an arguement. After all the issue isn't about money......

 

[Biff]

I don't know all the facts, but I would "guess" that MM has either found something he doesn't like about the way the club is being run that could seriously jeopardise his ability to turn it around into a profitable business, or he has came across certain obstacles that seem unwilling to be moved without great reward.

he saw the team play :icon_eek:

 

[SilverFox]

If it wasn't about money I don't think there would be a problem.

I do wonder how much ego is involved.