Post by leicesterlass on Feb 12, 2007 10:49:50 GMT -1
Milan Mandaric is set to be installed as the new owner of Leicester City tomorrow after his £25 million takeover received the final backing of the club's shareholders.
The millionaire businessman's concluding bid was issued to the board last week.
The Leicester Mercury understands from the club that the response in favour is already much more than the 75 per cent required to give him control.
A press conference is expected to be held at the club tomorrow to unveil Mandaric as the new owner if everything goes to plan.
Mandaric, who has clearly been frustrated by several delays since he made his interest known in early November, cannot yet comment directly on the details.
However, he said: "I am getting positive news from everybody and, if that is the case, I am excited at the prospect.
"I have always had the deepest respect for the club's shareholders, because it was they who stepped in to save the club when it was in trouble.
"When I have chatted to them on my visits to the club, I have found them very supportive and never found anyone who was against this.
"I felt they always had the best interests of their club at heart and it shows."
Once the final figures are communicated to the club today, the remaining legal documents are expected to be completed and signed. Mandaric will be announced as the club's new owner tomorrow.
The long, drawn-out process has had an effect on the whole club.
Manager Robert Kelly admits it has affected the players, who ended a bad run of results with Saturday's win at Ipswich, watched by Mandaric.
Kelly, despite speculation to the contrary, is likely to continue as manager as Mandaric has always insisted he had no plans to do otherwise.
Kelly said: "It is a good thing for the supporters and the players that it looks as if it is all over.
"We have all had this hanging over us for so long now.
"We will now know where we are heading after all the uncertainty, and that can only be good for everyone.''
If the deal goes through as expected it will bring to an end a saga which began in August last year when rumours began to circulate about Mandaric's interest in the club.
At the end of October, a £25 million bid was put forward, which set the deal in motion.
However, not everyone at the club has warmed to Mandaric's plans. Chairman Andrew Taylor and directors Greg Clarke and James Johnson have resigned from the board during the takeover.
The millionaire businessman's concluding bid was issued to the board last week.
The Leicester Mercury understands from the club that the response in favour is already much more than the 75 per cent required to give him control.
A press conference is expected to be held at the club tomorrow to unveil Mandaric as the new owner if everything goes to plan.
Mandaric, who has clearly been frustrated by several delays since he made his interest known in early November, cannot yet comment directly on the details.
However, he said: "I am getting positive news from everybody and, if that is the case, I am excited at the prospect.
"I have always had the deepest respect for the club's shareholders, because it was they who stepped in to save the club when it was in trouble.
"When I have chatted to them on my visits to the club, I have found them very supportive and never found anyone who was against this.
"I felt they always had the best interests of their club at heart and it shows."
Once the final figures are communicated to the club today, the remaining legal documents are expected to be completed and signed. Mandaric will be announced as the club's new owner tomorrow.
The long, drawn-out process has had an effect on the whole club.
Manager Robert Kelly admits it has affected the players, who ended a bad run of results with Saturday's win at Ipswich, watched by Mandaric.
Kelly, despite speculation to the contrary, is likely to continue as manager as Mandaric has always insisted he had no plans to do otherwise.
Kelly said: "It is a good thing for the supporters and the players that it looks as if it is all over.
"We have all had this hanging over us for so long now.
"We will now know where we are heading after all the uncertainty, and that can only be good for everyone.''
If the deal goes through as expected it will bring to an end a saga which began in August last year when rumours began to circulate about Mandaric's interest in the club.
At the end of October, a £25 million bid was put forward, which set the deal in motion.
However, not everyone at the club has warmed to Mandaric's plans. Chairman Andrew Taylor and directors Greg Clarke and James Johnson have resigned from the board during the takeover.
