According to the Guardian...
Milan Mandaric's initial takeover offer for Leicester City "does not have a hope in hell" of succeeding, according to an influential shareholder at the club. The former Portsmouth chairman yesterday tabled what he described as a "fair and generous offer" after weeks of speculation linking him with a move for Leicester, but sources close to the deal insist the bid is significantly less than the £6.6m invested to rescue the Championship club from collapse four years ago.
There is also concern that Mandaric's proposal does not contain guarantees about the long-term future of the club, including the possibility of purchasing the Walkers Stadium - owned by an American loan company and valued at around £15m. Mandaric would not be drawn on his bid's breakdown, referring to the issue as "sensitive" and subject to "confidentiality" agreements. "If they don't [accept it] that's their prerogative," he said.
Sources close to the Serbian, however, insist the offer submitted would not leave the shareholders, whose funding enabled the club to stabilise financially after coming out of administration in 2002, shortchanged in any way. It is also claimed that Mandaric would assume responsibility for the loan repayments on the stadium. He could, however, face competition from other parties, with Leicester indicating last night that his offer is "one of a number of options available". It is understood that there is also interest from the United States and a Midlands-based consortium. A club statement assured supporters that a decision will be made as "soon as practically possible," although Mandaric will almost certainly need to return to negotiations if he is to succeed. The 68-year-old's discussions with the board have been far from straightforward and his decision to follow up his bid with a public statement, indicating his desire to "re-awaken Leicester City" and "bring back Premiership football" has upset some shareholders.
"Mandaric has not been too clever," said one. "He's got to convince 47 individual shareholders that he's the right man to take over the club. The best way to do that is to make a sensible offer with some assurances about what he wants to do and not go making what looks like direct appeals to the crowd to stir up trouble. None of the shareholders came in to it looking to make money or are looking to make money getting out of it."
Milan Mandaric's initial takeover offer for Leicester City "does not have a hope in hell" of succeeding, according to an influential shareholder at the club. The former Portsmouth chairman yesterday tabled what he described as a "fair and generous offer" after weeks of speculation linking him with a move for Leicester, but sources close to the deal insist the bid is significantly less than the £6.6m invested to rescue the Championship club from collapse four years ago.
There is also concern that Mandaric's proposal does not contain guarantees about the long-term future of the club, including the possibility of purchasing the Walkers Stadium - owned by an American loan company and valued at around £15m. Mandaric would not be drawn on his bid's breakdown, referring to the issue as "sensitive" and subject to "confidentiality" agreements. "If they don't [accept it] that's their prerogative," he said.
Sources close to the Serbian, however, insist the offer submitted would not leave the shareholders, whose funding enabled the club to stabilise financially after coming out of administration in 2002, shortchanged in any way. It is also claimed that Mandaric would assume responsibility for the loan repayments on the stadium. He could, however, face competition from other parties, with Leicester indicating last night that his offer is "one of a number of options available". It is understood that there is also interest from the United States and a Midlands-based consortium. A club statement assured supporters that a decision will be made as "soon as practically possible," although Mandaric will almost certainly need to return to negotiations if he is to succeed. The 68-year-old's discussions with the board have been far from straightforward and his decision to follow up his bid with a public statement, indicating his desire to "re-awaken Leicester City" and "bring back Premiership football" has upset some shareholders.
"Mandaric has not been too clever," said one. "He's got to convince 47 individual shareholders that he's the right man to take over the club. The best way to do that is to make a sensible offer with some assurances about what he wants to do and not go making what looks like direct appeals to the crowd to stir up trouble. None of the shareholders came in to it looking to make money or are looking to make money getting out of it."
