Mandaric departure imminent?
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Motown Fox
Well-Known Member
From a Sheffield site.
Looks like the Wednesday fans would like their Club to accept Milan's offer as it seems that the current members of the Wednesday board are trying to pull a fast one and they are not too happy and may try and take some action!!
Looks like the Wednesday fans would like their Club to accept Milan's offer as it seems that the current members of the Wednesday board are trying to pull a fast one and they are not too happy and may try and take some action!!
Mawsley
Well-Known Member
So would I.
Motown Fox
Well-Known Member
If you do go to Wednesday's match Jeff you can take more Owl photos to add to your collection!:icon_wink
Last edited:
W88DY
Member
Mandaric closes in on Sheff Wed rescue
http://news.bbc.co.uk/sport1/hi/football/teams/s/sheff_wed/9221776.stm
Milan Mandaric has told BBC Sport he is "24 hours or less" away from being able to rescue Sheffield Wednesday.
Mandaric first emerged as a saviour for the Owls a fortnight ago, only to apparently pull out last week when his approach was rebuffed by key creditors.
But with administration looming, the current Leicester City chairman has returned to the negotiating table.
"I've made no secret of my desire to help the club - I hope I'm not too far from the line" said Mandaric.
"I have given my representatives the green light to see if they could close the deal.
"Things are in the hands of the [Co-operative] bank now but they're being very cooperative. I hope they'll get back to us in the next day or two and we'll be able to do some serious business.
If I get involved (at Wednesday) I'll just be a maintenance man, not an owner
Milan Mandaric
"They know we're credible people, very football orientated and we're capable financially. So I don't know what else they'd need."
Relegated from the Championship last season, Wednesday were given a 28-day stay of execution against an HM Revenue and Customs (HMRC) winding-up petition last week but face another bankruptcy challenge from the taxman next week.
With their tax bill now at £1.4m and total debts of almost £30m, the Owls cannot risk another trip to the High Court without finding significant new investment or protecting themselves against liquidation by opting for administration.
Wednesday's situation is further complicated by the nature of their debt: £23.5m to their bank, the Co-op, and £3.5m in loan notes from six current or former club directors.
Mandaric, the former Portsmouth owner who recently sold Leicester City for a reported £40m, thought he had reached a deal that would enable the bank to walk away without placing the club in administration - a last-resort option that would bring considerable reputational damage to the bank's brand.
This deal would return just 30% of the Co-op's loans, approximately £7m, but crucially it would happen immediately as Mandaric had placed that amount in an escrow account. With no other bidder making such a statement of intent, the bank hoped this could be its way-out. The Co-op was therefore dismayed when the club rejected his approach.
Initially it seemed the stumbling block was Dave Allen. A former Owls chairman and current majority shareholder at Chesterfield, he is the second biggest creditor at Hillsborough with outstanding loans of £1.5m but rejected Mandaric's repayment offer as "derisory".
Wednesday's Hillsborough HQ has seen more lows than highs in recent years
It soon became clear, however, that Allen was not the only obstacle, as current director Ken Cooke and former director Mick Wright were planning their own takeover. Mandaric's negotiations with the Co-op flushed out their interest and set the price for dealing with the bank.
With last week's HMRC deadline approaching fast, these two seemed to be in the box seat, and this certainly looked the case when the club persuaded a Companies Court registrar it should be given more time to settle its tax bill because of "advanced talks" with Cooke, Wright and another local businessman.
The identity of that third party became clear this week when Garry Scotting, the owner of a car dealership chain in Sheffield, announced he was in negotiations with fans' groups to find a community-based solution to the club's problems.
The details of that plan, One Wednesday, emerged on Tuesday: a three-strand approach to raise money from a small group of wealthy fans willing to commit at least £500,000, a larger group of investors able to pledge £100,000 and smaller contributions from the wider fan-base.
The immediate goal would be to raise £6m by next week to settle the tax bill and fund the club for another 18 months. Anybody delivering £500,000 would be given a seat on a new board, with fans' representatives being appointed according to the contribution from the general appeal.
Scotting's plan has been well received but his earlier association with Cooke and Wright has not, as many supporters want a clean break from the old regime. Whether this explains why the two loan-note holders are no longer working with Scotting has not been explained - it seems they are still working towards their own buy-out.
Former chairman Lee Strafford, a vociferous critic of the current board, has welcomed the One Wednesday move.
"It's the best short-term answer for the club to move forward," Strafford told BBC Sport.
"It would cut the ties to the past and put in place funding that could get the club back to the middle of the Championship.
"But most importantly it creates a community partnership between fans and local investors, with a long-term commitment to bring in outside investment. I would like to see all Wednesday fans get behind this as it could recreate the strength the club had in the 1980s and early '90s."
But both Scotting and Strafford know the odds are against them raising enough money before the club-set deadline of Friday. They must also broker deals with all the key creditors.
"If meaningful progress is made, the Co-op will support this," said Strafford.
"My worry is that if this progress is offset by more poison from the boardroom, Co-op will opt for administration."
As attractive as the One Wednesday scheme is to many Owls supporters, Mandaric's offer is the more concrete and he has gone much further with the Co-op. He is also keen to promote his own fan-friendly credentials.
"I am a people person and supporters are the key people," he said.
"If I get involved (at Wednesday) I'll just be a maintenance man, not an owner. The club will belong to the community. It will not just be Milan Mandaric, it will be us."
Mandaric is due in court on Thursday, facing tax fraud charges relating to his time in charge at Pompey.
http://news.bbc.co.uk/sport1/hi/football/teams/s/sheff_wed/9221776.stm
Milan Mandaric has told BBC Sport he is "24 hours or less" away from being able to rescue Sheffield Wednesday.
Mandaric first emerged as a saviour for the Owls a fortnight ago, only to apparently pull out last week when his approach was rebuffed by key creditors.
But with administration looming, the current Leicester City chairman has returned to the negotiating table.
"I've made no secret of my desire to help the club - I hope I'm not too far from the line" said Mandaric.
"I have given my representatives the green light to see if they could close the deal.
"Things are in the hands of the [Co-operative] bank now but they're being very cooperative. I hope they'll get back to us in the next day or two and we'll be able to do some serious business.
If I get involved (at Wednesday) I'll just be a maintenance man, not an owner
Milan Mandaric
"They know we're credible people, very football orientated and we're capable financially. So I don't know what else they'd need."
Relegated from the Championship last season, Wednesday were given a 28-day stay of execution against an HM Revenue and Customs (HMRC) winding-up petition last week but face another bankruptcy challenge from the taxman next week.
With their tax bill now at £1.4m and total debts of almost £30m, the Owls cannot risk another trip to the High Court without finding significant new investment or protecting themselves against liquidation by opting for administration.
Wednesday's situation is further complicated by the nature of their debt: £23.5m to their bank, the Co-op, and £3.5m in loan notes from six current or former club directors.
Mandaric, the former Portsmouth owner who recently sold Leicester City for a reported £40m, thought he had reached a deal that would enable the bank to walk away without placing the club in administration - a last-resort option that would bring considerable reputational damage to the bank's brand.
This deal would return just 30% of the Co-op's loans, approximately £7m, but crucially it would happen immediately as Mandaric had placed that amount in an escrow account. With no other bidder making such a statement of intent, the bank hoped this could be its way-out. The Co-op was therefore dismayed when the club rejected his approach.
Initially it seemed the stumbling block was Dave Allen. A former Owls chairman and current majority shareholder at Chesterfield, he is the second biggest creditor at Hillsborough with outstanding loans of £1.5m but rejected Mandaric's repayment offer as "derisory".
Wednesday's Hillsborough HQ has seen more lows than highs in recent years
It soon became clear, however, that Allen was not the only obstacle, as current director Ken Cooke and former director Mick Wright were planning their own takeover. Mandaric's negotiations with the Co-op flushed out their interest and set the price for dealing with the bank.
With last week's HMRC deadline approaching fast, these two seemed to be in the box seat, and this certainly looked the case when the club persuaded a Companies Court registrar it should be given more time to settle its tax bill because of "advanced talks" with Cooke, Wright and another local businessman.
The identity of that third party became clear this week when Garry Scotting, the owner of a car dealership chain in Sheffield, announced he was in negotiations with fans' groups to find a community-based solution to the club's problems.
The details of that plan, One Wednesday, emerged on Tuesday: a three-strand approach to raise money from a small group of wealthy fans willing to commit at least £500,000, a larger group of investors able to pledge £100,000 and smaller contributions from the wider fan-base.
The immediate goal would be to raise £6m by next week to settle the tax bill and fund the club for another 18 months. Anybody delivering £500,000 would be given a seat on a new board, with fans' representatives being appointed according to the contribution from the general appeal.
Scotting's plan has been well received but his earlier association with Cooke and Wright has not, as many supporters want a clean break from the old regime. Whether this explains why the two loan-note holders are no longer working with Scotting has not been explained - it seems they are still working towards their own buy-out.
Former chairman Lee Strafford, a vociferous critic of the current board, has welcomed the One Wednesday move.
"It's the best short-term answer for the club to move forward," Strafford told BBC Sport.
"It would cut the ties to the past and put in place funding that could get the club back to the middle of the Championship.
"But most importantly it creates a community partnership between fans and local investors, with a long-term commitment to bring in outside investment. I would like to see all Wednesday fans get behind this as it could recreate the strength the club had in the 1980s and early '90s."
But both Scotting and Strafford know the odds are against them raising enough money before the club-set deadline of Friday. They must also broker deals with all the key creditors.
"If meaningful progress is made, the Co-op will support this," said Strafford.
"My worry is that if this progress is offset by more poison from the boardroom, Co-op will opt for administration."
As attractive as the One Wednesday scheme is to many Owls supporters, Mandaric's offer is the more concrete and he has gone much further with the Co-op. He is also keen to promote his own fan-friendly credentials.
"I am a people person and supporters are the key people," he said.
"If I get involved (at Wednesday) I'll just be a maintenance man, not an owner. The club will belong to the community. It will not just be Milan Mandaric, it will be us."
Mandaric is due in court on Thursday, facing tax fraud charges relating to his time in charge at Pompey.
bocadillo
Water Gypsy
W88DY
Member
fosseboy83
Active Member
Motown Fox
Well-Known Member
From a Sheffield site
a follow up comment
a follow up comment
Motown Fox
Well-Known Member
Milan's got a straight flush...................
to get rid of that mess on the back seat of his car
Motown Fox
Well-Known Member
Motown Fox
Well-Known Member
All done and dusted according to one Shefield site. I expect we'll hear the official news in the morning and Milan will resign as City Chairman and Wednesday will get their Uncle Milan.
GazLCFC
Active Member
I understand the deal was agreed yesterday and if nothing unexpected crops up, it will be completed tomorrow.
Mike - True Blue Tinter
Well-Known Member
OK, I probably have not been keeping up on this but here goes.
The only way to make some quick money in football is to buy a team and take them into the Premier League, Pass Go and collect £80 million.
Milan did that with Portsmouth and nearly did it with us.
Will he live long enough to do it with the Owls or this an HMRC dodging exercise?
The only way to make some quick money in football is to buy a team and take them into the Premier League, Pass Go and collect £80 million.
Milan did that with Portsmouth and nearly did it with us.
Will he live long enough to do it with the Owls or this an HMRC dodging exercise?
GazLCFC
Active Member
SWFC have a set up that could get back to the prem. MM seems to thrive on the success on taking teams up a division and will see potential in SWFC to go quickly and then push for a play off spot in the champ and he may just get lucky.
Not sure why they let Tudgey go on loan today though. I believe the deal has almost been done but surely they dont need to get him off the wage bill.
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