Milan Mandaric has targeted leicester!

[Chrysalis]

It appears he is not putting much of his much vaunted fortune in, financing expenditure with debt.

this is based on scaremongering romours tho.

if you had a choice between financial disaster or taking a gamble with a new owner who has football experience which would you pick? no 3rd option I am afraid.

[Chrysalis]

Is it that simple to make Leicester a premiership team? Don't think so.

no it isnt it took him 5 years at pompey but the point was its unlikely milan is coming here without ambition for the club. He wont make much of a profit without promotion.

[Mort]

Personally some of the anti-MM brigade are just comming out with daft guff now... I do wonder if MM was Milan Smith and came from Leicester if folks like Ultra would be all that opposed, i think it's honestly that simple, they have (on the basis on nothing what so ever) developed a personal dislike of the man and as a result are quite happy to risk adminisration and relegation instead ...its exasperatly is all!

[morris1234]

so when do you think rob will make his first bid for a player?and who?

how did we manage to make a profit on low?

will the fulham cry when we hammer them?

so many questions?

[JoeyB]

so that means RK has 100k to buy a player with untill milan comes

my i surgest C.Ronaldo on loan for a week

[He's not bald]

Jez..listen to all this,the guy's taking a slating already!

It's no wonder there's no atmosphere at the Walker's...where the hell did all the "doom and gloom" merchants come from?...your beginning to sound like those whinging fooking gooners.Get behind the club for god's sake..that's all you CAN do

[Mort]

so when do you think rob will make his first bid for a player?and who?

Probably Fryatt... "Matty can ya give me a hand with me bangs, it's a long trip back home"

I think it's highly likely that if the deal goes through RK will not be retained for any length of time.

[morris1234]

Probably Fryatt... "Matty can ya give me a hand with me bangs, it's a long trip back home"

I think it's highly likely that if the deal goes through RK will not be retained for any length of time.

good point! personally i think hed do a shit job with the money anyway!

[luffbra]

MM been a football man and having more of a football track record then the current lot is the better of 2 evils, out of courisity where do you see us in a years time if the takeover doesnt happen? do you think we are in financial trouble?

I think we probably are in trouble (pure conjecture - no facts on which to base it!), which is why the majority of the board are so keen to get this through ...

[dave the caveman]

Blimey, what happened here? The amount of pessimism in thread is quite embarassing.

I think i speak for the overwhelming majority of City fans when i say i couldn't give a f'uck about the finer details of the deal, or potential financial projections or Jack Johnson resigning or Mandys alledged ties to Portsmouth or how he cried when he was 14 after a bigger boy stood on his foot or the colour of his wifes pubes...

All i care about is how well City are doing on the park. And its plainly obvious to anyone with half a brain cell that the arrival of Mandaric will mean better players coming to the club, better football being played and a very realistic chance of being out of this dire footballing situation and back in the premiership in only a couple or a few years.

All the business analysts (you know who you are!) on board, please, climb back underneath your calculater, come back in a few years when we are a stable Premiership side and do some analysis then. Everyone else, all the FOOTBALL fans... join me in a song:

E I E I E I O UP THE FOOTBALL LEAGUE WE GO

WHEN WE GET PROMOTION

THIS IS WHAT WE'LL SING

WE ARE THE CHAMPIONS WE ARE THE CHAMPIONS

MANDARIC IS KING!

[He's not bald]

Blimey, what happened here? The amount of pessimism in thread is quite embarassing.

I think i speak for the overwhelming majority of City fans when i say i couldn't give a f'uck about the finer details of the deal, or potential financial projections or Jack Johnson resigning or Mandys alledged ties to Portsmouth or how he cried when he was 14 after a bigger boy stood on his foot or the colour of his wifes pubes...

All i care about is how well City are doing on the park. And its plainly obvious to anyone with half a brain cell that the arrival of Mandaric will mean better players coming to the club, better football being played and a very realistic chance of being out of this dire footballing situation and back in the premiership in only a couple or a few years.

All the business analysts (you know who you are!) on board, please, climb back underneath your calculater, come back in a few years when we are a stable Premiership side and do some analysis then. Everyone else, all the FOOTBALL fans... join me in a song:

E I E I E I O UP THE FOOTBALL LEAGUE WE GO

WHEN WE GET PROMOTION

THIS IS WHAT WE'LL SING

WE ARE THE CHAMPIONS WE ARE THE CHAMPIONS

MANDARIC IS KING!

Couldn't agree more!... eliquantly put

[Surreal Madrid]

MM been a football man and having more of a football track record then the current lot is the better of 2 evils, out of courisity where do you see us in a years time if the takeover doesnt happen? do you think we are in financial trouble?

MM has had his well documented problems with other clubs before he struck lucky at Pompey. I'm not convinced he's got the money his PR people say, that's all. If he doesn't take over I haven't got a clue what other options the club has - and they can't say because of the confidentiality clause with MM.

[Surreal Madrid]

this is based on scaremongering romours tho.

if you had a choice between financial disaster or taking a gamble with a new owner who has football experience which would you pick? no 3rd option I am afraid.

My problem is that the second option could be financial disaster.

[The People's Hero]

Couldn't agree more!... eliquantly put

Ironic.

[renards]

Blimey, what happened here? The amount of pessimism in thread is quite embarassing.

I think i speak for the overwhelming majority of City fans when i say i couldn't give a f'uck about the finer details of the deal, or potential financial projections or Jack Johnson resigning or Mandys alledged ties to Portsmouth or how he cried when he was 14 after a bigger boy stood on his foot or the colour of his wifes pubes...

All i care about is how well City are doing on the park. And its plainly obvious to anyone with half a brain cell that the arrival of Mandaric will mean better players coming to the club, better football being played and a very realistic chance of being out of this dire footballing situation and back in the premiership in only a couple or a few years.

All the business analysts (you know who you are!) on board, please, climb back underneath your calculater, come back in a few years when we are a stable Premiership side and do some analysis then. Everyone else, all the FOOTBALL fans... join me in a song:

E I E I E I O UP THE FOOTBALL LEAGUE WE GO

WHEN WE GET PROMOTION

THIS IS WHAT WE'LL SING

WE ARE THE CHAMPIONS WE ARE THE CHAMPIONS

MANDARIC IS KING!

There are many who just turn up and watch, others are concerned about the stability of the club and want us to avoid playing on the 'park'

Being starved of info in the media leads to gossip,speculation and a lot of news on message boards

I'm delighted that the MM deal is close

Thankfully there were enough fans who were concerned about the finances of the club

FC FOSSE DONS

[Surreal Madrid]

There are many who just turn up and watch, others are concerned about the stability of the club and want us to avoid playing on the 'park'

Being starved of info in the media leads to gossip,speculation and a lot of news on message boards

I'm delighted that the MM deal is close

Thankfully there were enough fans who were concerned about the finances of the club

FC FOSSE DONS

I don't profess to understand what this post is driving at.

[Ric Flair]

They will have to be very strong bearing in mind the PR offensive MM has mounted. I was never pro MM, mainly because I didn't believe the figures that were being put about on his behalf. I hope I'm wrong, but it appears he is going to pick up the club for a song and hardly put any money in, just saddle us with more debt. Unless he gets us promoted next season I can see us being in admin again, but with much higher debts than we had last time round, and therefore much more difficult to get creditors to agree to administration rather than liquidation. With Johnson resigning, who seems an admirable fellow ( season ticket holder in East Stand, did loads of unpaid work to get us out of admin., partner in one of the biggest law firms in the world ) the remaining board members would seem about to recommend the offer to the shareholders. It will be difficult for them to go against the remaining members of the board. BTW, a previous poster has queried why Johnson didn't say no at the EGM - it was an indicative bid then, and the terms would appear to be totally different now - it is the lack of guarantees that scares the sh*t out of me - if it all goes belly up, MM still has his fortune intact and the club has mega debt. Not happy.

It was me who said that, according to another forum Johnson has been AGAINST it from the start and had to be restrained at the news of MM being allowed to look at the books. Could be all bollocks, it probably is. But if not, then this was when the indicative bid was put to the shareholders. I imagine he's uncontrollable at the news of the revised bid, that's why he's jacked it in.

I'm not sure what you're getting at. It doesn't look like title has been transferred yet - although you'd need to go down to Portsmouth and demand to see the shareholders register for the holding company to be sure of this. Certainly it hadn't been 2 months after MM had said that he had sold the second half of the company. The lack of any change in directors may be an indication of how things stand now...

If this is a problem, why have the board accepted the NEW bid?. If they haven't asked or been given guarantee's from MM that this won't be a problem and they've not seeked confirmation from the FA then they are idiots.

[Ric Flair]

My problem is that the second option could be financial disaster.

It could also lead to us being back in the premiership, having 32,000 fans at every home match and wiping out our debt for good.

What's the alternative? Can this club go forward or even survive under the current regime? My problem, is that I think that answers no. My reasons, just looked at our progress over the last 4 years. We are getting worse and our finances will mean we'll deteriorate even further.

[luffbra]

It could also lead to us being back in the premiership, having 32,000 fans at every home match and wiping out our debt for good.

What's the alternative? Can this club go forward or even survive under the current regime? My problem, is that I think that answers no. My reasons, just looked at our progress over the last 4 years. We are getting worse and our finances will mean we'll deteriorate even further.

Really well put!!

[Floating Fox]

Has anyone seen the Foxes Trust letter on this?

If anyone wants to see it I will post it.

[bold_fox]

Has anyone seen the Foxes Trust letter on this?

If anyone wants to see it I will post it.

please post

[Floating Fox]

please post

Okay its long so give yourslef 5 mins to read it

Hi Trust Members

If has been sometime since our last e-mail update on the takeover situation,

this was due to the confidentiality clauses that were inserted in the Manderic

indicative offer document which limits the circulation of information.

However as we now seem to be progressing to the final offer stage, we thought we

should give you our assessment of the current situation.

For ease of reference and the potential of responding to additional questions

from members, below we have allocated a letter to each paragraph.

a) The club have officially announced via a press release yesterday that James

Johnson, one of the LCFC Non-Exec Directors, resigned last Friday at an LCFC

board meeting, as our Observer was present during the meeting we are aware of

some details but cannot expand too much. It would be best summarised that James

Johnson felt uncomfortable with recommending to shareholders that they should

accept the Manderic bid and therefore felt it was best to step down.

b) We believe the board are moving towards the day when they will accept that

they have the best deal they can obtain from Manderic and put it forward to

shareholders, probably with the recommendation that the bid should be accepted.

c) We believed the formal bid document would be circulated to shareholders this

week, however following a further conversation with the club today, we now

understand it is more likely to be circulated w/c 15th Jan. Most delays in the

takeover process have been blamed on the LCFC Board in the media, in reality

both parties have played their part, as is the case with this latest delay.

d) The shareholders at the EGM in November agreed unanimously to proceed with

discussions, however many indicated at the meeting they needed much more

information before they would commit to selling their shares, we still don't

know if the final bid document will provide enough details to satisify the vast

majority of shareholders. We detailed a list of questions directly to Mandaric's

representatives, some of which were answered, prior to the EGM in November.

Those left unanswered we cannot progress directly due to the takeover procedures

which states all contact must be between the negotiating teams of the club and

Mandaric.

e) The indicative offer from Mandaric has changed a number of times since the

initial offer which was circulated prior to the shareholders EGM on Nov 18th. We

can't provide details, other than to say that many of the amendments relate to

the timing of payments.

f) In many takeover situations where phased payments are involved it is fairly

common practice to utilise bank guarantees, so all parties feel comfortable that

a delayed payment offers little risk. A key factor in whether the vast majority

of LCFC shareholders will accept the takeover offer will be how many of them

would be willing to accept phased payments without bank guarantees being offered

by Mandaric, if that is what he proposes in his final offer.

g) The frequent use of a £25m by the Leicester Mercury has been mis-leading.

This figure appears to include taking over the debt of the stadium, circa £17m

according to their latest article. Please ignore the £25m figure, because as an

example another media outlet did the simple calculation of £25m-£17m and then

stated that Dowie (see point k below) would have £8m to spend in the transfer

window, which is equally incorrect. The Trust Board finds it strange that 4

years ago as part of a consortium it was widely reported in the Mercury that the

consortium took over the club for around £6m (no mention of the Teachers stadium

loan), yet 4 years on the stadium loan is now within the Mandaric figures.

h) There has been some confusion about the need for the club to hold an EGM to

approve an offer, given that requires 14 days notice prior to the meeting, with

the further delay resulting. Our understanding is that although an EGM must be

held, if the required % of shareholders are willing to commit in writing to sell

their shares to Manderic, that this would be enable the club to indicate to

Mandaric the takeover will be approved and then funds would be released for

squad purposes prior to an EGM being held.

i) Without being able to go into details at this stage, working with the club we

have sought to find a way for the Trust to retain it's shareholding in the club

without having any impact on the takeover deal. This looks likely to happen, but

we will explain how this situation arose at a later date. If this proves to be

the situation, the Trust board will not call a members meeting, however should

we be eventually approached to sell our shares, then subject to time

constraints, the Trust Board plans to call a members meeting, so please check

you e-mails regularly, as an e-mail notification would be the quickest method to

call a short notice meeting.

j) Although as explained earlier we currently cannot have direct dialogue with

the Mandaric team, prior to November 18th, his representative did confirm to the

Trust, that the Trust would be offered a position on the Advisory Board which

would be set up, assuming the takeover is approved. The club have since

confirmed they also believe we would hold a position on this board. We don't at

this stage know the full make up of this board.

k) The position of Rob Kelly has been subject to many rumours, the most

consistent being Iain Dowie being linked with the managers position. The Trust

has received conflicting information from various reliable sources and therefore

is not in a position to clarify on this issue

l) If the Mandaric deal falls through, then the LCFC board will need to put in

place a plan B very quickly to generate additionally funding. Currently the

Board cannot approach other parties due to an exclusivity clause in the Mandaric

indicative bid document, however other options were being looked at prior to the

receipt of the Mandaric indicative bid, so we would anticipate a further flurry

of activity should this be the situation.

m) Finally, the Trust Board cannot predict whether the final offer from Mandaric

will receive enough backing from shareholders or not. We are certainly aware of

shareholders who are totally in favour and a few who expressed serious

reservations at the EGM, however the vast majority at the EGM wanted much more

information and that makes it very difficult to predict.

Hopefully this gives you a feel about the current activity and we will provide

further information as soon as we can. Our plan is to produce a members

newsletter soon after the takeover situation is resolved featuring a diary of

events as the takeover unfolded. We will include as much detail as we are

legally able to do.

Regards

The Foxes Trust Board

[Ric Flair]

Quite interesting that. I'm confident the take-over will go through.

[Manwell Pablo]

It'll certainly be after January 15th then.

[Thracian]

I do not like thee Dr Fell,

The reason why I cannot tell,

But this I know, and know full well,

I do not like thee Dr Fell.

It may be my scepticism but I sincerely hope we get a decent plan B.

And it seems at least one person, much closer to the deal than I'll ever be, is sceptical too.