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IT'S A DEAL!
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BY BILL ANDERSON
CHIEF SOCCER WRITER
10:34 - 02 January 2007
Milan Mandaric's takeover of Leicester City is close to completion and he could be in charge in about two weeks.
The Leicester Mercury understands the club's board has agreed to accept his revised terms - another green light for the Serbian millionaire, who amended his earlier offer in the light of added financial burdens which emerged in the due diligence process.
The original extraordinary general meeting of shareholders in mid-November approved the proposals, but the slow legal process left many fearing Mandaric might find his patience tested to breaking point.
At one stage it was felt his amended bid might not find favour with City, but while the terms are what a source close to the club called "significantly different" from the first time, the deal is very much on. The overall amount of the takeover is still about £25 million.
It is understood that it is the schedule of payments to shareholders which has been changed.
The board is confident that, by backing this latest Mandaric move, it can convince the rest of the shareholders, the majority of whom are in favour of Mandaric taking over, that this remains the best deal for the club.
The long, drawn-out process which has been frustrating for both parties, is now set to gather pace as it enters the finishing stretch. The Mercury understands there will be no need to call another extraordinary general meeting to rubber-stamp the takeover, which means delays should now be kept to a minimum.
City are confident that Mandaric will take over before the transfer window, which opened yesterday, closes at the end of this month, enabling City manager Robert Kelly to strengthen a squad which, after a good run, has lost its way again with two successive defeats.
There is every chance that Mandaric, who is out of the country until next Sunday and so will miss Saturday's FA Cup third round home tie with Fulham, will be in a controlling position by the next game, the trip to Colchester the following week.
That will come as a relief to those at City who were fearing for the future of the club, both financially and on the playing side.
Next Story | Previous Story | Back to list
Be the first reader to comment on this story
BY BILL ANDERSON
CHIEF SOCCER WRITER
10:34 - 02 January 2007
Milan Mandaric's takeover of Leicester City is close to completion and he could be in charge in about two weeks.
The Leicester Mercury understands the club's board has agreed to accept his revised terms - another green light for the Serbian millionaire, who amended his earlier offer in the light of added financial burdens which emerged in the due diligence process.
The original extraordinary general meeting of shareholders in mid-November approved the proposals, but the slow legal process left many fearing Mandaric might find his patience tested to breaking point.
At one stage it was felt his amended bid might not find favour with City, but while the terms are what a source close to the club called "significantly different" from the first time, the deal is very much on. The overall amount of the takeover is still about £25 million.
It is understood that it is the schedule of payments to shareholders which has been changed.
The board is confident that, by backing this latest Mandaric move, it can convince the rest of the shareholders, the majority of whom are in favour of Mandaric taking over, that this remains the best deal for the club.
The long, drawn-out process which has been frustrating for both parties, is now set to gather pace as it enters the finishing stretch. The Mercury understands there will be no need to call another extraordinary general meeting to rubber-stamp the takeover, which means delays should now be kept to a minimum.
City are confident that Mandaric will take over before the transfer window, which opened yesterday, closes at the end of this month, enabling City manager Robert Kelly to strengthen a squad which, after a good run, has lost its way again with two successive defeats.
There is every chance that Mandaric, who is out of the country until next Sunday and so will miss Saturday's FA Cup third round home tie with Fulham, will be in a controlling position by the next game, the trip to Colchester the following week.
That will come as a relief to those at City who were fearing for the future of the club, both financially and on the playing side.
Looking forward to the following reactions on this quote :icon_lol:
