Mandaric Era Ends on Monday

Reports from Sheffield are claiming that Milan Mandaric has agreed an £8M deal to buy Sheffield Wednesday.

Although a contract has been signed the takeover must be rubber-stamped by the club’s shareholders at an extraordinary general meeting, but no obstacles are foreseen.
A club spokesman for Wednesday issued a statement that will sound familiar to Leicester City fans: “Milan has had to put his hand in his pockets. He’s had tremendous feedback from Wednesday fans since becoming involved and that made him more determined to do the deal.”
Mandaric has agreed a £7M settlement with the Co-operative Bank, who were owed £23M.
If all proceeds as planned Monday night’s derby against Nottingham Forest at the Walkers Stadium will be the 72 year old Serb’s last as City chairman. 
Although financially better off City are in more or less the league position where Manadaric found us four years ago; and a scattergun approach to managerial appointments led to the club being relegated to the third tier for the first time in our history.  
Even when Mandaric eventually stumbled upon the right man, in the form of Nigel Pearson, his relationship with him deteriotated until Pearson was effectively forced out of the club despite reaching the play-offs.
The abiding memory of the man will be that of his double-talk: one day insisting that Paulo Sousa must be given more time and the next day sacking him first thing in the morning. And just recently he claimed that he was in no way involved in talks with Sheffield Wednesday…

Good luck Wednesday… you’ll need it.

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Mandaric Era Almost at an End?

Leicester Chairman and former owner Milan Mandaric is on the verge of taking over Sheffield Wednesday, according to reports today…

With the Owls facing a winding-up order over an unpaid tax bill of £600,000 on Wednesday, the club’s main creditor, the Cooperative Bank, will attempt to elect a new buyer on Tuesday.

According to Sheffield sources there are three bids in contention and Mandaric’s proposal is the favourite…

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Football League Rubber Stamp City Takeover

The takeover of Leicester City, fronted by Aiyawatt and Vichai Raksriaksorn, has finally been approved by the Football League.

Leicester City became the first club to pass the new, more stingent test and a Football League statement read:
“We warmly welcome the new owners of Leicester City to The Football League. We also thank the new owners and club officials for their full cooperation during the review process that has now been completed.”

Milan Mandaric remains chairman for the time being.

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Sousa Sacked…

Several news sources have reported that Paulo Sousa has been sacked..

A day after Milan Mandaric told City fans to unite behind the manager it appears that Sousa’s short tenure is over.
Sven Goran Erriksson and Martin O’Neill are rumoured to be topping the new manager wish list.

The official LCFC website has now confirmed that Paulo Sousa is leaving the club with immediate effect.
Chris Powell and Mike Stowell will take charge of the squad for tomorrow’s game at home to Scunthorpe.
The club statement says that they are hoping for a quick new appoointment, wheras Sky Sports News claims that there have been talks with former boss Martin O’Neill and former England coach Sven Goran Eriksson. 

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Sousa Close to the Edge

Although the rumour-mill proved to be wrong over the weekend Paulo Sousa’s position as manager of Leicester City is under threat according to the Daily Mirror… 

The Mirror story claims: “Sousa is on the brink of the sack at the Walkers Stadium, with rumours growing last night that he had been fired by Milan Mandaric. It is understood that Sousa will remain in charge for tomorrow night’s trip to Norwich. But Foxes chairman Mandaric is ready to take action after the club’s dreadful start to the season, with Alan Pardew’s name already in the frame.”

Sousa is just 82 days into his reign, but a solitary win from eight league games sees City rock-bottom of the Championship with a goal difference of -11.
Chairman Milan Mandaric’s notorious trigger-finger will be itching, and the new Thai Owners can’t be terribly impressed, especially as Friday night’s 6-1 humping at Portsmouth was televised in Thailand.
Sousa needs results, and quick, starting with tomorrow’s trip to Norwich.

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City Takeover – More Questions Than Answers

The Guardian’s David Conn has this morning highlighted the fact that we are still very light on details regarding the recent takeover of Leicester City.

Conn even offers the theory, echoing local rumours, that the deal has not even gone through yet and is still at the due diligence stage.
Milan Mandaric has spoken in extremely vague terms about the takeover, which apparently sees ownership of the club pass from him to the Asia Football Consortium, and now it appears that the club do not yet have Football League approval for the move.
There were also contradictory messages coming from the Leicester press conference and the one held in Bangkok announcing the Raksriaksorn’s takeover.

Curiouser and curiouser….. you can read David Conn’s article here: http://www.guardian.co.uk/sport/david-conn-inside-sport-blog/2010/aug/25/leicester-takeover-football-league-transparency

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City Now Owned by Asia Football Investments

Thai businessman Aiyawatt Raksriaksorn and his ‘Asia Football Investments’ consortium have today become the majority stakeholders in Leicester City Football Club.

A statement on the club’s website reads: “The deal brings new strength and energy to Leicester and offers a tremendous opportunity for supporters and the club.
We are celebrating today as the deal represents three things.
First, ambition. This will help us push forward to compete harder for a place at the top table of English football.
Second, strength. It will strengthen the squad and youth academy by bringing additional financial support and introducing a new global network of contacts and access to player talent.
It also represents a third key factor – partnership. I am delighted to remain as chairman and a stakeholder in the new consortia.”
Aiyawatt commented: “We are delighted that Asia Football Investments has secured this exciting deal.
I am passionate about football and I see in Leicester City as a club with tremendous passion and potential.
It has excellent management on and off the pitch and I am convinced that it has the right mix of ambition and realism to drive the team, and club, forward.
I do look forward to getting behind the new manager and his team and to enjoying real progress, which I know the fans crave and deserve.”

Mandaric, club owner for the last three years, will retain his chairmanship for the time being. Details of the other consortium members have yet to be released.
 

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City Takeover Imminent?

According to several news sources, and local rumour, Milan Mandaric is on the verge of selling 49% of his interests in LCFC to a group of Thai businessmen.

This deal, which it is said could happen as early as next week, would allow the Serbian to retain control of the club for an interim handover period before selling the rest of his shares to the consortium in the near future.
The Daily Mirror claims that Israeli super-agent Pini Zahavi - who was instrumental in linking up Chelsea and Roman Abramovich and Portsmouith and Alexandre Gaydamak - is helping broker the deal and that the departure of Nigel Pearson and appointment of Paulo Sousa were all part of the grand plan.
A figure of £26M – equivalent to City’s current debt – for the club has been bandied about, with further funds being available to push City up into the Premiership.

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Paulo Sousa to be new Leicester Manager

Former Portugal international Paulo Sousa will be Leicester City’s first foreign manager when the deal is wrapped up over the next couple of days.

The 39-year old, who has managed at QPR and Swansea, is currently in negotiations with chief executive Lee Hoos, but will not officially be unveiled as the new City boss until Milan Mandaric returns from an overseas trip.

Mandaric told the Mercury that City do not need to sell their prize assets: “I will not be selling any of our best players. I am not under any pressure to do so. If I sell them then that means I have been telling you the wrong things. We are ambitious and we want to add to our best players. Everyone who contributed last season will get a chance with the new manager.”

Rumours persist that a Thai consortium are on the verge of buying the club, after a group of far-eastern businessmen were shown round the Walkers Stadium and Belvoir Drive last week…

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Paulo Sousa is Favourite for Walkers Hot-Seat

Paulo Sousa has emerged as a hot favourite for the Leicester City manager’s job with persistent betting activity driving down the odds.

Swansea chairman Huw Jones commented: “I have never had a letter, an email or a phone call from anybody at Leicester City.” but a story is circulating that Sousa watched Leicester’s play-off semi-final home leg against Cardiff in May as a guest of Milan Mandaric. If true, this would throw new light on Nigel Pearson’s departure.

A spokesman for Mark Jarvis bookies claimed: “The word on the street is that Paulo is the man for Milan and that’s reflected in his odds. I think the problem the fans have at the moment is that they don’t know to what extent these potential investors will be involved. They don’t know if they are looking at a complete takeover or just playing some part in the club’s future with Mandaric still at the helm.”

Paulo Manuel Carvalho de Sousa had an impressive playing CV, with Benfica, Juventus and Inter among his clubs. He was also capped 51 times for Portugal.
After a short spell as manager of QPR, Sousa moved to Swansea last Summer, the Swans narrowly missing out on a play-off place.

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