Bbc

[stevewalshwasgod]

the only time we know is when:
MANDRIC PULLS OUT
is front page news in the mockery

 

[Jeff]

the only time we know is when:
MANDRIC PULLS OUT
is front page news in the mockery

Can't see that happening. When they mis-spell his name they usually call him "Manderic".

 

[stevewalshwasgod]

whoops!

 

[Chrysalis]

But they can turn down the offer without it being about the amount of money they're being offered.

As some of the shareholders have kept saying, it's about making sure the club is in good hands for the long term. If MM's plans involve too much risk and don't include guarantees about the club's future if debts are taken on that can't be repaid, why should the shareholders accept it?

If MM's idea is to take over the club on the cheap and use borrowed money to spend on players, why do we need MM to do that - if the club wants to go into debt they can do that without MM's help.

As I understand it they cant either tim davies or the chairman made a comment about the club been refused credit but were suddenly offered it when there was takeover bids so it seems the club has been trying to borrow money but refused.

Going into not wanting to go into debt etc. I feel that the current board's ambitions are poor do they have any ambition other then to avoid relegation? I strongly feel we need a change of leadership away from a group of accountants to a football man in sole charge at the helm and manderic fits the bill well, even if manderic was offering 0 cash I would want him in.

 

[Leigh]

Merc catching up with the rest of us (apart from with the 25m thing):

Contracts needed to clinch a City deal

Milan Mandaric can, in theory, revise the terms of his proposed takeover of Leicester City as many times as he wants, a leading accountant revealed today.

As reported in yesterday's Leicester Mercury, the business tycoon has changed his offer for City, although it still amounts to £25million.


The club's shareholders now have to decide whether to accept the new terms six weeks after giving the go-ahead to Mandaric's initial approach.

The new terms form part of the "heads of agreement" (also known as heads of terms), a legal expression used to describe a document which outlines a proposed deal. Although this agreement is not usually legally binding, in some circumstances it can be.

But a takeover will not actually take place until contracts between Mandaric and City are exchanged.

Steve King, partner at Leicester accountancy firm PKF, said: "In theory you can revise your heads of terms until the cows come home, but both sides have to agree to do it."

He said the revised terms could relate to a wide range of issues, including the ownership of the stadium.

"He could put in all sorts of additional terms," said King.

Mandaric wants the deal to be completed as soon as possible, but there are now real concerns it will not be concluded before the start of the January transfer window on Monday.

The shareholders could also reject the revised terms, or ask for more time to consider them, delaying the process still further.

http://www.thebluearmy.co.uk/detail...534431&parentkey=1D29|0|2185366269754|p|536|0

 

[Leigh]

The Sun says:

MILAN MANDARIC has made a final £25million bid to gain control of Leicester City.

The former Portsmouth owner remains committed to the planned buy-out he started in November.

But he has reduced the price he is willing to pay to gain a 90 per cent shareholding at the Walkers Stadium after his advisors discovered the club’s debts were much worse than first thought.

Mandaric wants his new terms to be accepted within 14 days so he is in control before the transfer window closes.

Foxes boss Rob Kelly said: "This is not just about me and wanting to spend money on new players. It would be good for everyone at the club to see the thing sorted out once and for all.

"In the meantime, all we can do is concentrate on the real world and prepare to face Southampton on Saturday."

http://www.thesun.co.uk/article/0,,2002390000-10151,00.html

 

[bocadillo]

Merc catching up with the rest of us (apart from with the 25m thing):

I still don't see what is wrong with this £25M figure. I know that people say that this figure includes the debt owed on the stadium, but if MM intends to take over this debt why should it be excluded from the total figure?

 

[Melton Fox]

I still don't see what is wrong with this £25M figure. I know that people say that this figure includes the debt owed on the stadium, but if MM intends to take over this debt why should it be excluded from the total figure?

I shouldn't be. MM has a total figure he wants to invest in the club, that figure is £25 million. He now finds out that the club has greater debts. He doesn't want to invest anymore than the said £25 million so he needs to make cutbacks to pay off the unexpected debts.

The only way to do this is to offer the shareholders less or slash the transfer budget.

MM wants to invest £25 million into this football club, why shouldn't he quote this figure

 

[Real Sharapova]

I still don't see what is wrong with this £25M figure. I know that people say that this figure includes the debt owed on the stadium, but if MM intends to take over this debt why should it be excluded from the total figure?

But if it is borrrowed, it is not money he personally is investing in the club. If I offered £0 for the club, but transfered the Teacher's loan to my mortgage with Standard Life I haven't suddenly invested £15 million in the club, I've invested nothing. At the end of the day there is a still a £15 million loan that would have to be secured on the assets of the club.

 

[Melton Fox]

But if it is borrrowed, it is not money he personally is investing in the club. If I offered £0 for the club, but transfered the Teacher's loan to my mortgage with Standard Life I haven't suddenly invested £15 million in the club, I've invested nothing. At the end of the day there is a still a £15 million loan that would have to be secured on the assets of the club.

If MM comes in and immediately buys the stadium, will it belong to Leicester city of MM?.

If Leicester City, then it must count as an investemnt of £(x) million into the club regardless of where he gets his money from

 

[bocadillo]

But if it is borrrowed, it is not money he personally is investing in the club. If I offered £0 for the club, but transfered the Teacher's loan to my mortgage with Standard Life I haven't suddenly invested £15 million in the club, I've invested nothing. At the end of the day there is a still a £15 million loan that would have to be secured on the assets of the club.

But to all intents and purposes, MM will be the club. The responsibility for the repayment of the £15M would be transferred from the present shareholders to you, so it is part of the deal - and I don't see why it would need to be excluded from the quoted total figure.

 

[Real Sharapova]

If MM comes in and immediately buys the stadium, will it belong to Leicester city of MM?.

If Leicester City, then it must count as an investemnt of £(x) million into the club regardless of where he gets his money from

But matched by an equal debt = no overall investment, he's just swapped one debt for another.

 

[Real Sharapova]

But to all intents and purposes, MM will be the club. The responsibility for the repayment of the £15M would be transferred from the present shareholders to you, so it is part of the deal - and I don't see why it would need to be excluded from the quoted total figure.

But it would be secured on the assets of the club, so the situation is no different to what pertains now, the name of the lender has changed, that's all. An extra £15 million hasn't suddenly appeared in the coffers of the club.

 

[Melton Fox]

But matched by an equal debt = no overall investment, he's just swapped one debt for another.

I'm not talking about MM, I'm interested in Leicester City. If he puts a total of £25mill into the club, I don't care how much personal debt he has built up for himself. I'm not interested in MM's personal P & L or balance sheets.

In fact, the more debt the better as he will need to work harder for himself

 

[Real Sharapova]

I'm not talking about MM, I'm interested in Leicester City. If he puts a total of £25mill into the club, I don't care how much personal debt he has built up for himself. I'm not interested in MM's personal P & L or balance sheets.

In fact, the more debt the better as he will need to work harder for himself

But the fact remains that all the debt will be secured on the club - if his plans do not work out here comes administration again, the lenders will want their money back somehow. I suppose I could support Hinckley Town once LCFC has been consigned to the dustbin of history.

 

[Durham Fox]

But the fact remains that all the debt will be secured on the club - if his plans do not work out here comes administration again, the lenders will want their money back somehow. I suppose I could support Hinckley Town once LCFC has been consigned to the dustbin of history.

No you cant, they are more dead than LCFC :icon_wink

 

[Feriol]

I'm not talking about MM, I'm interested in Leicester City. If he puts a total of £25mill into the club, I don't care how much personal debt he has built up for himself. I'm not interested in MM's personal P & L or balance sheets.

In fact, the more debt the better as he will need to work harder for himself

thats the key statement i think. there is a difference between putting money in, and taking responsability for debts. if the stadium situation is going to remain the same, and MM is paying it off over a long period, i think it is wrong to include it in his 'initial investment' figure, unless £25 million is all he ever going to spend over the 5 - 10 - 15 seasons he is here. in which case his takeover looks much less attractive

 

[Real Sharapova]

No you cant, they are more dead than LCFC :icon_wink

Nice bar 'tho.

 

[Durham Fox]

Nice bar 'tho.

Cant really remember it, Hinckley Uniteds is nice though :icon_wink

 

[Real Sharapova]

Cant really remember it, Hinckley Uniteds is nice though :icon_wink

Bugger! All right, United.