Post by GeoFox on Oct 29, 2006 9:25:22 GMT -1
In the Sunday Mirror so read into it as little as you like:
29 October 2006
£25M MANDARIC TABLES BID FOR LEICESTER EXCLUSIVE SUPPORTERS' PLEAS ANSWERED Paul Smith
MILAN MANDARIC will launch a £25million takeover bid for Leicester City this week.
The 68-year-old Serbian businessman is poised for an early return to club ownership a month after finally completing the sale of Portsmouth and walking away after nearly eight years in charge.
Mandaric is expected to table his offer as early as Tuesday, and that will prompt an emergency board meeting by Leicester City directors.
A joint statement from both parties is expected to follow, confirming the offer.
Since his departure from Fratton Park on September 25, Mandaric has been inundated with offers from a number of clubs interested in full or part ownership.
Among them were five of Leicester's Championship rivals.
But he vowed to take time out before committing himself to another club because of his emotional ties to Portsmouth.
Talk of an early return remained rife, and although Mandaric was at pains to deny any imminent plans to buy another football club, speculation persisted about Leicester - who are seen as a prime target for a takeover.
That interest then grew stronger thanks to overwhelming support from Leicester fans, who bombarded Mandaric with letters, emails and phone calls to rescue their club.
A close friend of Mandaric said last night: "A bid for Leicester City is imminent and will be presented to the club in the next two days.
"The offer itself is extremely attractive and Milan doesn't envisage too many problems to ensure a smooth transaction. If things go to plan he could be in place by the end of December.
"Obviously he has thought long and hard about the offer. In an ideal world he would have liked to take more time out before committing to another club.
"His emotional ties with Portsmouth remain and understandably he was concerned about the reaction from supporters he has taken to his heart over the years.
"But he feels that he made good on his promises to the club and their supporters and the time is right to move on."
The timing of Mandaric's move for Leicester, while unexpected, has come as a result of the imminent restructuring of the club.
About 50 businessmen, the vast majority local to Leicester, ploughed in about £6.5million to keep the club afloat after they came out of administration three years ago.
But lack of investment has seen the club go into a slow decline with little optimism for the future.
The club have been faced with either finding a new buyer, brokering a ground-sharing deal with the local rugby club Leicester Tigers or asking the existing shareholders to invest more money.
Mandaric's friend added: "The timescale wasn't ideal, but in order to facilitate a buy-out Milan had to move immediately to have an impact on the club.
"He sees a lot of similarities between Leicester and Portsmouth. Obviously in terms of facilities Leicester are way ahead of his former club. But on the field the reverse applies.
"While Portsmouth are enjoying their fourth season in the Premiership, Leicester are languishing in the lower half of the Championship.
"But, as with Pompey, the Leicester fans are passionate about their club and want success on the field.
"And Milan is convinced he can come in and have same impact he had at Fratton Park."
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£25million would be fairly welcome!! ;D
29 October 2006
£25M MANDARIC TABLES BID FOR LEICESTER EXCLUSIVE SUPPORTERS' PLEAS ANSWERED Paul Smith
MILAN MANDARIC will launch a £25million takeover bid for Leicester City this week.
The 68-year-old Serbian businessman is poised for an early return to club ownership a month after finally completing the sale of Portsmouth and walking away after nearly eight years in charge.
Mandaric is expected to table his offer as early as Tuesday, and that will prompt an emergency board meeting by Leicester City directors.
A joint statement from both parties is expected to follow, confirming the offer.
Since his departure from Fratton Park on September 25, Mandaric has been inundated with offers from a number of clubs interested in full or part ownership.
Among them were five of Leicester's Championship rivals.
But he vowed to take time out before committing himself to another club because of his emotional ties to Portsmouth.
Talk of an early return remained rife, and although Mandaric was at pains to deny any imminent plans to buy another football club, speculation persisted about Leicester - who are seen as a prime target for a takeover.
That interest then grew stronger thanks to overwhelming support from Leicester fans, who bombarded Mandaric with letters, emails and phone calls to rescue their club.
A close friend of Mandaric said last night: "A bid for Leicester City is imminent and will be presented to the club in the next two days.
"The offer itself is extremely attractive and Milan doesn't envisage too many problems to ensure a smooth transaction. If things go to plan he could be in place by the end of December.
"Obviously he has thought long and hard about the offer. In an ideal world he would have liked to take more time out before committing to another club.
"His emotional ties with Portsmouth remain and understandably he was concerned about the reaction from supporters he has taken to his heart over the years.
"But he feels that he made good on his promises to the club and their supporters and the time is right to move on."
The timing of Mandaric's move for Leicester, while unexpected, has come as a result of the imminent restructuring of the club.
About 50 businessmen, the vast majority local to Leicester, ploughed in about £6.5million to keep the club afloat after they came out of administration three years ago.
But lack of investment has seen the club go into a slow decline with little optimism for the future.
The club have been faced with either finding a new buyer, brokering a ground-sharing deal with the local rugby club Leicester Tigers or asking the existing shareholders to invest more money.
Mandaric's friend added: "The timescale wasn't ideal, but in order to facilitate a buy-out Milan had to move immediately to have an impact on the club.
"He sees a lot of similarities between Leicester and Portsmouth. Obviously in terms of facilities Leicester are way ahead of his former club. But on the field the reverse applies.
"While Portsmouth are enjoying their fourth season in the Premiership, Leicester are languishing in the lower half of the Championship.
"But, as with Pompey, the Leicester fans are passionate about their club and want success on the field.
"And Milan is convinced he can come in and have same impact he had at Fratton Park."
_____________________
£25million would be fairly welcome!! ;D