leicesterlass
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Post by leicesterlass on Dec 15, 2006 16:30:49 GMT -1
Don't even say such things! Ok i won't.... but now your thinking it... No I'm not, honestly
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leicesterlass
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Post by leicesterlass on Dec 15, 2006 16:45:45 GMT -1
Maybe I'm just being well too optimistic, but there could possibly be an official announcement at tomorrow's game?!
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Post by GeoFox on Dec 15, 2006 22:42:27 GMT -1
Its eerily quiet at the moment. Would like an announcement tomorrow, but I can't see it. Something cannot be right or it wouldn't be taking so long as this.
Strong rumours going round today that 3 shareholders are against it and would reject the bid and Milan is on the verge of pulling out. Is supposed to be at the game tomorrow and there are also rumours that he may not be anymore...
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leicesterlass
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Post by leicesterlass on Dec 18, 2006 9:58:04 GMT -1
Milan Mandaric's takeover of Leicester City appears to have suffered a setback after reports that considerable extra debts have surfaced.
On Saturday, a club source was said to have informed Radio Leicester that the process was not going as smoothly as had been hoped, and the suggestion was that some shareholders wanted better terms for their shares.
However, it is now understood that Mandaric's representatives are unhappy with what has been revealed in the due diligence procedure, in which the club's accounts are scrutinised, notably a higher level of debt than had been disclosed initially.
This development could have a significant effect on the final bid, which has not yet been technically lodged, and further negotiations may be needed.
Under takeover rules, neither City nor Mandaric are allowed to comment publicly on the way the deal is progressing, which makes the leaked information from the Walkers Stadium all the more surprising, not to mention highly irregular.
The £25 million takeover has already been agreed in principle, but fears that Mandaric might be going cold on the deal were not eased when he did not watch Saturday's win over Barnsley as expected.
However, the notion that the takeover is dead is not the case, only that it might take longer than anticipated, but hopefully still in time for City boss Robert Kelly to receive transfer funds for the January transfer window.
Mandaric is known to be impatient to get to grips with the job of revitalising the club, whose potential was shown by the 30,000-plus crowd for Saturday's win against Barnsley.
City fans are eager to welcome the investment, but there are misgivings among supporters that something might go wrong and that this golden opportunity could be lost.
This latest development of added debt showing up will not ease their minds, but does put extra pressure on the board and shareholders to get it sorted out as quickly as possible.
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leicesterlass
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Post by leicesterlass on Dec 18, 2006 9:58:27 GMT -1
Also:
If the Times article is to be believed, any hold-ups/problems are due to MM still having an interest in Portsmouth via a trust, because Gaydmark still has to pay MM £8 million. The interest he still holds would appear to be against FA rules, and the missing £8 million might well knock a big hole in his final offer for LCFC.
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leicesterlass
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Post by leicesterlass on Dec 18, 2006 10:03:00 GMT -1
Mandaric takeover plans in jeopardy Rick Broadbent Milan Mandaric's proposed £25 million takeover of Leicester City is on the verge of collapse, two weeks before the transfer window opens. The former Portsmouth owner is said to be unhappy after seeing the results of his accountants’ examination of the club’s finances.
Shareholders voted unanimously to let Mandaric examine Leicester’s books at an extraordinary meeting last month and a formal bid had been expected on Friday, but the deal is now in danger unless the parties can agree a revised price.
* Should Mandaric walk away, it seems likely that Leicester will consider a rights issue as a way to raise funds, but that would be a crushing blow after fans had welcomed Mandaric as a white knight. Among those backing him were two former players, Gary Lineker, who owns 100,000 shares, and Emile Heskey, who has 50,000. Hammond Grange — a property management company — and Pukka Pies own the largest stakes.
Leicester’s accounts value the shares at £6.3 million. That means that if Mandaric had tabled a £25 million bid and chose to pay off the £15.9 million loan on the Walkers Stadium, there would have been £2.8 million available to Rob Kelly, the manager, for team-building. However, a source close to the club told The Times that a takeover was looking precarious last night after the period of due diligence.
Shareholders had been expecting to see details of the bid this week, giving them 21 days to decide whether to accept it. News that the takeover is in jeopardy will alert Sir Jack Hayward, the Wolverhampton Wanderers owner, who had been courting Mandaric and has since halved his asking price to £20 million.
Last month Mandaric sounded enthusiastic as he looked ahead to the prospect of returning to football. “It should be a matter of time before we can put this together,” he said. Andrew Taylor, the Leicester chairman, was equally upbeat. “He has got a credible track record and has a lot of football nous,” he said. “He talks about quality of money, not quantity.”
Some were less convinced. The Foxes Trust, one of the shareholders, claimed in November that £25 million was an inflated figure as Mandaric was unlikely to buy the stadium outright.
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Post by GresleyRam©®™ on Dec 18, 2006 22:46:58 GMT -1
Oh dear......they'll be blood shed at The stadium of Crisps if this all goes milky!! I wouldnt want to be a board member if it goes belly up.....well, to be honest i wouldnt want to be a board member at all, but you get what i mean!!
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leicesterlass
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Post by leicesterlass on Dec 29, 2006 11:01:06 GMT -1
MILAN MANDARIC has made a final £25million bid to gain control of Leicester City. The former Portsmouth owner remains committed to the planned buy-out he started in November. But he has reduced the price he is willing to pay to gain a 90 per cent shareholding at the Walkers Stadium after his advisors discovered the club’s debts were much worse than first thought. Mandaric wants his new terms to be accepted within 14 days so he is in control before the transfer window closes. Foxes boss Rob Kelly said: "This is not just about me and wanting to spend money on new players. It would be good for everyone at the club to see the thing sorted out once and for all. "In the meantime, all we can do is concentrate on the real world and prepare to face Southampton on Saturday." www.thesun.co.uk/article/0,,2002390000-10151,00.html
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Post by GeoFox on Dec 29, 2006 19:19:02 GMT -1
All up in the air at the moment really. A bid made at last then? Well who knows. Nothing from RL or the club. I won't believe anything now until I've heard whether it has happened or not from him or the club.
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leicesterlass
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Post by leicesterlass on Dec 31, 2006 15:07:28 GMT -1
Milan Mandaric's takeover of Leicester City will not be completed before Monday - the opening of the transfer window.
But I understand that his £25million buy-out may be in place before the end of next month if the current talks on his latest terms come to fruition in time.
This would give manager Robert Kelly time to strengthen his squad - although how much time, and how much quality, would still be available in the transfer market is uncertain.
More realistically, though, the chances are that any big-money investment will occur in the summer, and that loan deals from now until the end of the season are more likely.
The club claim that Mandaric's buy-out plan is still on course - but Kelly has to concentrate on the playing side and admitted that the disappointing lack of cash is a far-from-new experience for him.
He landed free agent Danny Cadamarteri this week, but it was a deal partly funded by the loan wages of winger Andy Welsh who returned to Sunderland.
Kelly said: "I am pleased I can get a player of Cadamarteri's pedigree and calibre because there is no money.
"No disrespect but that's the reason we have got him and Danny knows that. We couldn't go out and make even loan signings and I can't wait to find out what might happen with the takeover.
"I've got to deal with where we are now which is exactly the same situation as we always have been, no money available. I am grateful to the board for the little bit of money to sign Danny - but that is where we are and I can't do any more."
On the plus side, however, the threat of Kelly losing his best players during the transfer window would seem to have receded because, with the Mandaric deal in the offing, City would hardly want to lose key men before the new owner has taken his place.
In between all this, after today's trip to Southampton, football is set to break out again on Monday when Sunderland arrive the Walkers Stadium - and Kelly feels this will stretch his resources again.
He said: "At Christmas, it was bad enough playing Saturday and Tuesday, now it is Saturday and Monday which makes it harder - but we will just have to get on with it."
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leicesterlass
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Post by leicesterlass on Jan 1, 2007 19:13:51 GMT -1
The final bid is IN.
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Post by GresleyRam©®™ on Jan 1, 2007 21:07:24 GMT -1
£2.50?? with 50p for new signings!
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