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Mandaric close to Wednesday takeover

Thu 25th Nov 2010 | Clubs Ownership

Former Portsmouth chairman, Milan Mandaric is poised take control of Sheffield Wednesday Football Club after another round of rescue talks at Hillsborough yesterday.

Mandaric was meeting the club’s board to finalise the buy-out after he was understood to have satisfied all the financial criteria to save the club from administration.

Mandaric had an initial offer to buy the club turned down last week which ended up with Wednesday relying on a High Court adjournment to stay in business. However, it is understood that he has agreed to pay the Co-operative up to £8m - with the bank writing off the remaining £15m of the £23m they are owed by the club.

Wednesday, who appeared in court last week to answer a winding up petition by HMRC were given a 28 day extension on the basis that they were close to completing a takeover. HMRC are owed £1.5m and has been a major sticking point in attempts to sell the club.

Critics of Mandaric, who will move from Leicester after the club's recent Thai takeover, suspected that he was waiting for the Owls to go into administration as a result of a High Court appearance next Wednesday.

 

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