Former Sheffield Wednesday Chairman Rejects Mandaric Offer
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Mandaric Offer Described As ‘Derisory’
Leicester City chairman Milan Mandaric has had an offer to buy out former Sheffield Wednesday chairman Dave Allen rejected. Mr Allen, who is owed £2.4 million, says Mandaric made what he describes as a ‘derisory’ offer of £250,000 at a meeting last week.
Mandaric is believed to have offered around £8 million to the Co-operative Bank, which is owed £25 million by Wednesday, with smaller offers proportionate to their debt to directors and former directors with outstanding loans to the club.
While the bank and some other directors were ready to accept the offer, Allen and at least one other party were not. Allen has said he will forego around £900,000 interest due on his outstanding loans and accept repayment in instalments of the £1.5million he has loaned the club. In return, he will give away his remaining 9.5 per cent stake in the club for nothing.
The rejection brings forward the possibility that the club could be placed into administration. Wednesday face a winding-up order later this week and are desperate to push through a takeover before the winding up order is heard in just two days’ time.
It is believed one UK investor is believed to be ready to invest £5 million into the club but as that would leave debt levels at the level they are currently this is said to be unattractive to the Co-operative Bank who are believed to be unwilling to accept such a deal.
It remains to be seen whether Mandaric will pursue his interest in the club any further. On Friday he released a statement saying he was not in any discussions to purchase Wednesday.
Two other consortia, the Chicago-based Cloud 9 and a consortium led by businessman Kevin Mundie, have recently pulled out of discussions to buy the club.
Group A: Inter Milan, Werder Bremen, Tottenham, FC Twente Group B: Lyon, Benfica, Schalke 04, Hapoel Tel Aviv Group C: Manchester United, Valencia, Rangers, Bursaspor Group D: FC Barcelona, Panathinaikos, FC Copenhagen, Rubin Kazan Group E: Bayern Munich, AS Roma, FC Basel, CFR Cluj Group F: Chelsea, Marseille, Spartak Moscow, Msk Zilina Group G: AC Milan, Real Madrid, Ajax, Auxerre Group H: Arsenal, Shakhtar Donetsk, Sc Braga, FK Partisan
Leeds United Transfer News and Rumours, Thursday 26 August
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Bolton’s Ward Set For Leeds Loan Deal
Bolton Wanderers striker Danny Ward looks set to join Leeds United on loan until Christmas.
A number of Championship clubs have been interested in the 18-year-old but it is believed that the Bradford-born Ward has chosen the Elland Road side and will stay there until the January window.
“I’m going to allow him out on loan but only until January to allow him to get that Championship experience,” Bolton boss Owen Coyle told the Bolton News. “What I have done with the lad, so that he is comfortable with his environment, I have allowed him to speak to the necessary clubs. Once that’s resolved, we’ll look at the finance involved for the football club and what’s involved in it. Whether it’s concluded this week, time will tell, but we are certainly agreeable to it.”
Salzburg v Hapoel Tel-Aviv
Rosenborg v FC Copenhagen
Basel v Sheriff
Sparta Parague v Zilina
Partizan Belgrade v Anderlecht
Young Boys v Spurs
Braga v Sevilla
Werder Bremen v Sampdoria
Zenit v Auxerre
Dynamo Kiev v Ajax
Leicester City have appointed former Swansea boss Paolo Sousa as their new manager. Sousa replaces Nigel Pearson, who left last week to take charge of Hull City.
Sousa left Swansea three days ago after rumours linking him with the Leicester job.He had been at Swansea for just one season and prior to that was manager at QPR.
Leicester City Chairman, Milan Mandaric, said:
“I am delighted to acquire a manager of such great calibre. Paulo has an excellent reputation as both a player, and now as a manager, and I believe that he is the right man to take our club forward.
I admire his style of football and I am sure all supporters will join me in looking ahead to the new season.
Sousa himself is eager to looking forward to the new season:
“I am delighted to be here, it is a great club with great supporters and a rich history and I am very excited by the challenge.
The Club has a fantastic stadium with great facilities and I am very much looking forward to working with the players.”
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