Mandaric resigns from POMPEY

[OldGit]

I think his money will be welcomed but my fear is on what terms. The Portsmouth situation was different to ours as he did buy a controlling interest in the club and then eventually sold it on to a Russian. The way our club is structered it will be impossible for him to do that, thus probably making him think twice about investing in us. Even if we allow him to buy a bigger percentage of the club, he will never be allowed to buy a majority share. Don't know what the answer to it is,as at the moment we are set up so that no one can send us into administration again.

The present set-up was not put in place to prevent the club going bust / into administration, but to prevent it falling into the hands of a megalomaniac or asset stripper. If someone approaches the club with an offer and can demonstrate a realistic business plan for developing the club, then a 2 thirds majority of the shareholders can agree to remove the restriction on individual shareholdings. Even if the rules were not there, a potential buyer intent on "doing a pompey" would want to persuade at least that proportion to sell, so in reality they are not a barrier.

Lets face it, for every Mandaric (or even al Fayed or Abramovic) there are a dozen incompetents, sentimentalists, asset strippers or whatever around. Crystal Palace, Wimbledon, Stoke, Wrexham, Brentford, QPR, Fulham, Brighton, Chelsea to name but a few have all been brought to the verge of extinction by apparent "saviours" over recent years.

 

[alex]

Great points OG, however we are talking about a proven 'good egg' here surely?

 

[OldGit]

Yes we are - though I any board would have a legal duty to examine carefully any proposal - even his, if it came.

The second bit was a reminder of why the rules were put there.

 

[Leigh]

Another interview with MM on the Moan In tonight, heard a clip of it in the news, sounded interesting. Don't know if the quotes were out of context but he said (as expected and as he's said before) that he can't talk about taking over City now and that he's concentrating on Pompey at the moment, but he also says 'maybe we'll talk about it later' and 'I don't think I'll be out of football for long'

 

[Melton Fox]

Another interview with MM on the Moan In tonight, heard a clip of it in the news, sounded interesting. Don't know if the quotes were out of context but he said (as expected and as he's said before) that he can't talk about taking over City now and that he's concentrating on Pompey at the moment, but he also says 'maybe we'll talk about it later' and 'I don't think I'll be out of football for long'

Forgot about the moan in, thanks Leigh

 

[Steven]

i wish this would either happen or feck off its begining to bore me now :icon_roll

Source

OTHER GOSSIP

Former Portsmouth chairman Milan Mandaric has refused to rule out a move to buy Leicester. (Various)

 

[TornadoShaunUK]

Another interview with MM on the Moan In tonight, heard a clip of it in the news, sounded interesting. Don't know if the quotes were out of context but he said (as expected and as he's said before) that he can't talk about taking over City now and that he's concentrating on Pompey at the moment, but he also says 'maybe we'll talk about it later' and 'I don't think I'll be out of football for long'

if we don't quit pestering the poor bastard he certainly won't be coming here... I bet hes had it up to hear with BBC Radio Leicester.

 

[Hazzman]

Mr.Mandaric, come and save us, please mate!!!

 

[Scarby]

Mr.Mandaric, come and save us, please mate!!!

:icon_cool

how long have you been mates?

 

[Hazzman]

:icon_cool

how long have you been mates?

Since I bumped into when I was in the army in Bosnia, I saved his family from a burning village.

 

[Tamworth Fox]

just listened to the interview he never said no or yes hopefully he will come to us lets hope and pray !!!!

 

[Brown Nose]

The fact that MM is happy to talk to Radio Leicester and The Mockery should tell you something. Why would he bother if he wasn't interested? Believe me, he is extremely interested and we are his first choice club to go to.

MM will be here with his millions within 6 months if the supporters and shareholders want him. Wait and see.

However, he won't come here if he thinks we're going down. He wouldn't buy into a club lower than the Championship so we could do with a few results!

Note of caution: MM will put substantial amounts into LCFC (circa £30m). He will also take that and some more out of the club before he's finished. If, like with Pompey, that means leave when firmly established in the Prem - fine. However, if it doesn't work, we could well find ourselves far deeper in the shite than we are now. MM is not a football genius and has made loads of mistakes with Pompey. He has also told porkies to them repeatedly about the amounts he has invested in players.

Personally, looking at the pros and cons, I say go for it.

 

[bocadillo]

The fact that MM is happy to talk to Radio Leicester and The Mockery should tell you something. Why would he bother if he wasn't interested? Believe me, he is extremely interested and we are his first choice club to go to.

MM will be here with his millions within 6 months if the supporters and shareholders want him. Wait and see.

However, he won't come here if he thinks we're going down. He wouldn't buy into a club lower than the Championship so we could do with a few results!

Note of caution: MM will put substantial amounts into LCFC (circa £30m). He will also take that and some more out of the club before he's finished. If, like with Pompey, that means leave when firmly established in the Prem - fine. However, if it doesn't work, we could well find ourselves far deeper in the shite than we are now. MM is not a football genius and has made loads of mistakes with Pompey. He has also told porkies to them repeatedly about the amounts he has invested in players.

Personally, looking at the pros and cons, I say go for it.

Houston. We have a problem!

 

[Matt_B]

The fact that MM is happy to talk to Radio Leicester and The Mockery should tell you something. Why would he bother if he wasn't interested? Believe me, he is extremely interested and we are his first choice club to go to.

MM will be here with his millions within 6 months if the supporters and shareholders want him. Wait and see.

However, he won't come here if he thinks we're going down. He wouldn't buy into a club lower than the Championship so we could do with a few results!

Note of caution: MM will put substantial amounts into LCFC (circa £30m). He will also take that and some more out of the club before he's finished. If, like with Pompey, that means leave when firmly established in the Prem - fine. However, if it doesn't work, we could well find ourselves far deeper in the shite than we are now. MM is not a football genius and has made loads of mistakes with Pompey. He has also told porkies to them repeatedly about the amounts he has invested in players.

Personally, looking at the pros and cons, I say go for it.

Would that even clear our debts?

 

[Lboro fox]

The fact that MM is happy to talk to Radio Leicester and The Mockery should tell you something. Why would he bother if he wasn't interested? Believe me, he is extremely interested and we are his first choice club to go to.

MM will be here with his millions within 6 months if the supporters and shareholders want him. Wait and see.

However, he won't come here if he thinks we're going down. He wouldn't buy into a club lower than the Championship so we could do with a few results!

Note of caution: MM will put substantial amounts into LCFC (circa £30m). He will also take that and some more out of the club before he's finished. If, like with Pompey, that means leave when firmly established in the Prem - fine. However, if it doesn't work, we could well find ourselves far deeper in the shite than we are now. MM is not a football genius and has made loads of mistakes with Pompey. He has also told porkies to them repeatedly about the amounts he has invested in players.

Personally, looking at the pros and cons, I say go for it.

That much is definately true, if he buys in and it all goes wrong, we would be totally fecked. He would have to come in and bring an English manager, not a foreigner with no experience of the english game, we may have a chance. If the curbishley rumour is the truth then we may be onto something, maybe thats why he hsant gone to Leeds or WBA.

 

[Jeff]

Would that even clear our debts?

Yes I'm sure it would. But that doesn't mean any money coming in would be used to pay off debts. The vast majority of the debt is the stadium - and it's unlikely that MM (or anyone else who came in) would want to pay that off immediately, they'd be happy to continue paying it off at the current rate.

 

[Dour]

MM will put substantial amounts into LCFC (circa £30m).

Can't see it being that much. That's what he trousered out of Portsmouth from an investment of something between £5-8 million, as far as I can work it out. If he's going to put in £30 million, for a similar return, that'd suggest he'd be looking to sell the club for £100 million plus what he bought it for (which may be nothing, to be fair).

I dunno how dirty you'd have to go down the list of Russian crooks to find someone willing to pay that wedge for a semblance of respectability.

 

[Matt_B]

Yes I'm sure it would. But that doesn't mean any money coming in would be used to pay off debts. The vast majority of the debt is the stadium - and it's unlikely that MM (or anyone else who came in) would want to pay that off immediately, they'd be happy to continue paying it off at the current rate.

I didn't think we were currently paying it off? Just making interest payments or renting so to speak?

 

[Jeff]

I didn't think we were currently paying it off? Just making interest payments or renting so to speak?

But if we were promoted we would start to reduce the debt.

 

[Jeff]

A lot of the people who have 'bought' clubs have done so by putting none of their own money in. They borrow money to finance the takeover (which has to be paid back - with interest), they borrow more money to spend on players, and they need to be successful just to keep servicing the debt. If you can do that and get promoted it can succeed, but only three clubs can go up each season. Spending money doesn't guarantee promotion, so we really do need to make sure any potential new owner really is prepared to lose their money before they're allowed to take control of our club.