Statement Issued By Andrew Taylor, Chairman, Leicester City Football Club
Let us be quite clear. There is one overriding factor foremost in the hearts and minds of all Leicester City Football Club shareholders.
The complete and total focus at all times has been and will continue to be to represent, protect and serve the best interests of our football club.
I doubt there has been a more emotive debate about Leicester City at any time in the past three years.
Not since it was the same shareholders who rescued the club from administration who now have a key decision in shaping the future of this club again.
It is a major responsibility and one that I know will be discharged in a careful and measured manner.
Our shareholders, and that includes our supporters as well through the Foxes Trust, are charged with safeguarding the club's future.
This is a weighty task.
We must think of the club's future; not just this season but also those to come.
When the club came out of administration it did so through the support of former players, local businessmen and women and a very wide cross-section of the community of Leicestershire. Fans all.
It really was a tremendous display of community spirit. Without that display, there might not be a Leicester City right now.
Football, however, never stands still. The club is now faced with a different set of challenges and circumstances.
When I arrived as chairman at the end of last season, it was quite clear that one of the immediate challenges facing the football club was the impact of falling revenues.
This season marked the first season in which we have had no Premiership television monies. Just to be clear, the football club "lost" approaching £7m in parachute payments.
We are now in our third consecutive season of football outside the top flight of English football.
That is the first time we have been so since the early 1990s. There is a price to pay for that absence.
Therefore, the Board has been actively looking at a number of ways of generating increased investment into the football club.
Naturally, and understandably, there has been considerable focus on an offer tabled by Milan Mandaric to buy the club.
Mr Mandaric's footballing credentials are outstanding. He has transformed the fortunes on and off the pitch at Portsmouth Football Club.
During my many meetings with him his knowledge about football has shone through and he has a burning ambition to help steer our football club into the Premier League.
I am sure you will appreciate that the exact content of our discussions must remain confidential at this time as should the other options we are exploring to generate additional investment.
Mr. Mandaric's offer and the alternative proposals will be discussed by shareholders at a meeting on Saturday morning. Because of the formalities and complexities it must be understood that no definitive decision will be reached at the EGM on Saturday in respect of any of the proposals. In the event that following the shareholders meeting Mr. Mandaric wishes to pursue his indicative offer he must circulate a formal offer document and shareholders will have a minimum period of 21 days to accept or reject it. The alternative proposals will also have their own time lines as required by the law. We cannot get ahead of ourselves and try to rush this. As a public limited company the club is bound by well-established principles of governance and the Directors are responsible for ensuring that due process is followed. It may seem tortuous to those seeking clarity of direction but it is nonetheless a process understood by those involved.
Finally as a shareholder myself I would reiterate that the best interests of the club will be pre-eminent in my decision and I am sure in the decision reached by my fellow shareholders.
Let us be quite clear. There is one overriding factor foremost in the hearts and minds of all Leicester City Football Club shareholders.
The complete and total focus at all times has been and will continue to be to represent, protect and serve the best interests of our football club.
I doubt there has been a more emotive debate about Leicester City at any time in the past three years.
Not since it was the same shareholders who rescued the club from administration who now have a key decision in shaping the future of this club again.
It is a major responsibility and one that I know will be discharged in a careful and measured manner.
Our shareholders, and that includes our supporters as well through the Foxes Trust, are charged with safeguarding the club's future.
This is a weighty task.
We must think of the club's future; not just this season but also those to come.
When the club came out of administration it did so through the support of former players, local businessmen and women and a very wide cross-section of the community of Leicestershire. Fans all.
It really was a tremendous display of community spirit. Without that display, there might not be a Leicester City right now.
Football, however, never stands still. The club is now faced with a different set of challenges and circumstances.
When I arrived as chairman at the end of last season, it was quite clear that one of the immediate challenges facing the football club was the impact of falling revenues.
This season marked the first season in which we have had no Premiership television monies. Just to be clear, the football club "lost" approaching £7m in parachute payments.
We are now in our third consecutive season of football outside the top flight of English football.
That is the first time we have been so since the early 1990s. There is a price to pay for that absence.
Therefore, the Board has been actively looking at a number of ways of generating increased investment into the football club.
Naturally, and understandably, there has been considerable focus on an offer tabled by Milan Mandaric to buy the club.
Mr Mandaric's footballing credentials are outstanding. He has transformed the fortunes on and off the pitch at Portsmouth Football Club.
During my many meetings with him his knowledge about football has shone through and he has a burning ambition to help steer our football club into the Premier League.
I am sure you will appreciate that the exact content of our discussions must remain confidential at this time as should the other options we are exploring to generate additional investment.
Mr. Mandaric's offer and the alternative proposals will be discussed by shareholders at a meeting on Saturday morning. Because of the formalities and complexities it must be understood that no definitive decision will be reached at the EGM on Saturday in respect of any of the proposals. In the event that following the shareholders meeting Mr. Mandaric wishes to pursue his indicative offer he must circulate a formal offer document and shareholders will have a minimum period of 21 days to accept or reject it. The alternative proposals will also have their own time lines as required by the law. We cannot get ahead of ourselves and try to rush this. As a public limited company the club is bound by well-established principles of governance and the Directors are responsible for ensuring that due process is followed. It may seem tortuous to those seeking clarity of direction but it is nonetheless a process understood by those involved.
Finally as a shareholder myself I would reiterate that the best interests of the club will be pre-eminent in my decision and I am sure in the decision reached by my fellow shareholders.
