Mandaric's 'rescue deal' queried

[Scarby]

As Leicester City welcomed Milan Mandaric as their new white knight, a former director claimed that it was a black day for the club and that the numbers did not add up. James Johnson, a City lawyer who resigned from the board in December, said the so-called £25million deal was actually worth only an initial £4.5 million and accused the former Portsmouth owner of gaining power by surfing “a wave of propaganda”.
Mandaric was presented at a press conference at The Walkers Stadium yesterday, but amid relief that a deal had been completed some three months after the original bid was tabled, Johnson sounded a sceptical note. “I just hope that my worst nightmares don’t come true,” he said. Last month Andrew Taylor, the chairman, and Greg Clarke, the third largest shareholder, joined Johnson in quitting the board.
Johnson said that Mandaric had pledged £4.5 million up front with another £4.5 million due by the end of 2008. “The £25million figure was a pure figment of imagination,” he said. The Mandaric camp, whose takeover comes four years to the day since a consortium led by Gary Lineker, the former England and Leicester player, brought the club out of administration, said it has also guaranteed almost £17 million of debt remaining on the stadium.
“I want to be in the Premiership in three years and, if that is not the case, I will have failed and would have to review my position,” Mandaric said on a day that ended his five-month sabbatical from football. “I know that is a strong statement, but you have to have plans. Failure is not a word associated with my personality. I want to say one day that I have done it again with Leicester. It is a huge, huge, huge challenge, but I am not a loser.”
Mandaric revealed that he had spoken to Iain Dowie, the former Charlton Athletic manager, but assured Rob Kelly that his job was safe until the end of the season. It is believed that that commitment has prompted Dowie to seek a return to management with ailing Coventry City, although a downturn in fortunes could result in a change at Leicester in the summer.
“Many people have asked why go back?” Mandaric said. “My daughters don’t understand why I don’t lie in the sun, but what would I do after seven days? I did not expect to return so soon, but maybe I will take things easy when I am 98. I am my own boss and I want to put myself in the firing line.”
Mandaric promised a significantly bigger “payroll” next season and he has warned the players that they are on trial for the remainder of the season. “The club is like a bank account — people can’t just take out, they have to put in,” he said. “It is a two-way street.”
Fans greeted the news with optimism and Tim Davies, the chief executive, spoke of “the dawn of a new era”, but Johnson, a lifelong Leicester fan, remains to be convinced. “People were saying the club was going to go bust but it was never that bad,” he said. “I think he has got this through on a wave of propaganda.”
The Foxes Trust had also expressed reservations about the Mandaric deal, but they welcomed the completion of the takeover last night. Ian Bason, the Trust chairman, said: “We waited until we had the final proposals before we said whether we backed it or not. Now we back it and see it as the best way forward for the club.”
The completion was delayed when Mandaric’s accountants uncovered greater debt than expected and then when his mother fell ill back in Serbia, sparking fresh rumours that the deal was in danger of collapse. Today, though, the tycoon is firmly installed in the East Midlands and ready to put his money where his mouth is.

http://www.timesonline.co.uk/tol/sport/football/championship/article1381500.ece

 

[Boy Genius]

That James Johnson seems a right tosser, and the club is best rid of him.

 

[SJN-Fox]

I'm sure there's bits in there that I don't remember hearing at the PC!

 

[MHS]

That James Johnson seems a right tosser, and the club is best rid of him.

Definitely

 

[drew]

So MM is paying 9 million in? A bit more than JJ's investment. Sour grapes me thinks.

 

[Xantha]

sour grapes was my first thought. If he wasn't sure about the deal why the hell did he not make his reservations known publicly..
Why wait until now to try and piss on the parade...
twat

 

[Jeff]

If he wasn't sure about the deal why the hell did he not make his reservations known publicly..

He did do that, in an interview with Radio Leicester a few weeks ago.

 

[Chrysalis]

as I thought hes maoning about the share values and nothing else.

 

[Country Fox]

i genuinely hope this will be a new and brighter chapter in the history of LCFC but i dont think we should slag off anyone from the old board who voices reservations about mandaric unless we really know the facts, they did manage to save the club from liquidation after all.

 

[Melton Fox]

He did do that, in an interview with Radio Leicester a few weeks ago.

But it came across as nothing more than propoganda

 

[Spanky Fox]

Mandaric promised a significantly bigger “payroll” next season and he has warned the players that they are on trial for the remainder of the season. “The club is like a bank account — people can’t just take out, they have to put in,”

I like what he has said, he knows that he doesn't want to spend money on bring lazy players to the club, and sounds like he is willing to pay more for some one who will play and do great for the club, i think the summer will be a great time for our club, new manager and new players i can see us getting rid of a lot of player i think there will be about 9 new faces coming in this summer, espically if west ham charlton and watford go down and if southend go down i think we should invest in freddy eastwood.

 

[PFKAKTF FOX]

Mandaric promised a significantly bigger “payroll” next season and he has warned the players that they are on trial for the remainder of the season. “The club is like a bank account — people can’t just take out, they have to put in,”

I like what he has said, he knows that he doesn't want to spend money on bring lazy players to the club, and sounds like he is willing to pay more for some one who will play and do great for the club, i think the summer will be a great time for our club, new manager and new players i can see us getting rid of a lot of player i think there will be about 9 new faces coming in this summer, espically if west ham charlton and watford go down and if southend go down i think we should invest in freddy eastwood.

I doubt MM will be willing to pay big transfer fees, what he will look to do is use his contacts and reputation within the game to attract out of contract players or loans with the ability to offer decent wages and an opportunity to join and become part of his revolution. That is why he will want a charismatic manager and whether RK fits that bill remains to be seen.

 

[Melton Fox]

I doubt MM will be willing to pay big transfer fees, what he will look to do is use his contacts and reputation within the game to attract out of contract players or loans with the ability to offer decent wages and an opportunity to join and become part of his revolution. That is why he will want a charismatic manager and whether RK fits that bill remains to be seen.

Spot on A-Z. MM will be selling this venture to potential players, he will convince them to become part of the City revolution, make history by building us back up from scratch with the promise of great financial reward should they work hard enough to achieve it.

 

[homer]

Unbelievable stuff

What a bitter and twisted twat

 

[Britbulldog]

Basic business sense
Perform and your rewarded!
Underperform and your shipped out!
Spot on MM, the foundations for success are being set!

 

[Spanky Fox]

Spot on A-Z. MM will be selling this venture to potential players, he will convince them to become part of the City revolution, make history by building us back up from scratch with the promise of great financial reward should they work hard enough to achieve it.

Yeh thats true, i think he can pick up some decent out of contract players as well as some loan signings in the summer i think he will be looking to bring in players with good experience so they know what to expect of the league, regarding RK we know hes here till summer after that its in Milan's Hand, I would personally like to see an experience man with both perimership and championship experience a good understanding of the game so he know what is needed.

 

[PFKAKTF FOX]

Yeh thats true, i think he can pick up some decent out of contract players as well as some loan signings in the summer i think he will be looking to bring in players with good experience so they know what to expect of the league, regarding RK we know hes here till summer after that its in Milan's Hand, I would personally like to see an experience man with both perimership and championship experience a good understanding of the game so he know what is needed.

What like Harry Redknapp

 

[Spanky Fox]

i hope soooo, if so then maybe matthew taylor could come with him.

 

[Redditch Fox]

Ubeleivable stuff

What a bitter and twisted twat

I think that some members of the old board took the sensible view that they had done all that they were prepared to do and moved aside with a bit of grace.

But those who are carping need to remember that they had ample opportunities to either put in additional resources if they were serious about enabling the club to move forward again.

The sort of statements made by this guy just underline why it was essential for the club to have new leadership. I don't think MM will always make the right decisions - but he will make decisions and as we have said so many times before it's his leadership that is the most important thing - cos frankly there has been little or none of that since MON left.

 

[homer]

What like Harry Redknapp

Never in a squillion years