davieG Posted 9 November 2006 Share Posted 9 November 2006 Businessman Milan Mandaric has put forward his £25 million offer to buy Leicester City. He spoke of "reawakening" the club and bringing Premiership football back to the Walkers Stadium after making his bid last night. The Serbian-American multi-millionaire was expected to make his move for the club later this week, but interest from other parties prompted him to put in his bid now. He said the club have something tangible to consider after all the speculation. Mr Mandaric said today: "I feel I have made a fair and generous offer to acquire Leicester City Football Club from the present shareholders. "Under the circumstances, and following a very emotional departure from Portsmouth after nearly eight years of ownership, I have given serious thought to the offer, the timing and implications of such a bid. "In an ideal world I would have preferred to have delayed my return to football, but under the circumstances and following other interest in the club, I have had to accelerate my takeover plans. "My aim is to reawaken Leicester City and aspire to the dreams of their passionate supporters and bring Premiership football back to the club at the earliest opportunity." After last night's win against Stoke City, the club issued the following statement, saying the board were looking at the offer. "We can confirm the club have received an offer and this will be given due consideration," it read. It is understood it may take a fortnight for the board to go through the formalities of considering the offer. A £25 million deal would, at a stroke, remove the Foxes' debt - the most significant being the £15.9 million owed to an American loan company for the Walkers Stadium - pay off the shareholders and still leave enough for a transfer fund for City boss Robert Kelly. Kelly revealed that, before last night's victory, he ordered his players to put any thoughts about the impending offer out of their minds. He said: "I got them together and told them to concentrate on what we do, play the game itself, to keep on doing that and, if there is anything to tell them, then I will do it." If successful, the final formalities of the Mandaric takeover are expected to coincide with the opening of football's transfer window in January. There are three other companies interested in buying Leicester City - two American firms and a Midlands-based concern. Link to comment Share on other sites More sharing options...
davieG Posted 9 November 2006 Author Share Posted 9 November 2006 Former Portsmouth owner Milan Mandaric has confirmed he has made a bid for Championship club Leicester. "I feel I have made a fair and generous offer to acquire Leicester City Football Club from the present shareholders," said the 68-year-old. Mandaric left Portsmouth in September and revealed he would have preferred a longer break between clubs. But he added: "Following other interest in the club I have had to accelerate takeover plans." Mandaric's bid is believed to be in the region of £25m. "My aim is to re-awaken Leicester City and aspire to the dreams of their passionate supporters and bring Premiership football back to the club at the earliest opportunity," he said. Mandaric guided Portsmouth into the Premiership before selling the club to Alexandre Gaydamak earlier this year. He continued in a role of non-executive chairman at Fratton Park before finally severing his links at the end of September. http://news.bbc.co.uk/sport1/hi/football/t...ity/6098724.stm Link to comment Share on other sites More sharing options...
davieG Posted 9 November 2006 Author Share Posted 9 November 2006 Source With Milan's money Leicester can become another Blackburn, Bolton or West Ham, says Holmes By Mark Shail 01-11-06 BBC sports presenter and former England international Gary Lineker is backing Milan Mandarics attempted takeover of Leicester City. Lineker, a shareholder along with top football agent Jon Holmes, was a prominent figure when the club was rescued four years ago and the pair will listen to Mandaric's offer when he makes his formal proposal this week. Through the efforts of Holmes and Lineker, around £6.5 million was raised from 55 investors to keep the club afloat. The likelihood is that the former Portsmouth owner will gain full control of the club and both Holmes and Lineker are set to give Mandaric their support. Holmes said: "When I went around asking for money from people to rescue Leicester City I hoped then that a rich benefactor might come forward. Now he has. I've talked about this with Gary and he is of the same opinion as me that, if we like what he has to say, then we will back Milan Mandaric to be the new owner of Leicester City." Lineker and another former Foxes legend, Emile Heskey, are among the 55 shareholders Mandaric has to convince. His £25 million offer will consist of £10 million going straight into the club and another £15 million to buy the ground off American bankers Teachers. Mandaric needs 30 per cent of the shares and then he can make an offer for the remainder and he hopes the process will be completed by Christmas. He would then make funds available to buy players in the January window. City made a £6 million profit last season after a £3.5 million loss the year before, the club recovering from debts reported to be in the region of £45 million. Holmes added: "If there is somebody else out there, whether they be foreign or Leicester-based, who wants to come and make a bid, then let them come forward as well and we'll see what they've got to offer. But we know about Milan Mandaric. He has got a good track record at Portsmouth, he knows how English football works. "This is the way forward for Leicester, it's gone about as far as it can go under the current arrangement. Leicester is attractive to Mr Mandaric. There is no ground to build, there's an excellent one he can buy back, there's good support and no other club within a 25-mile radius. "I don't know what Mr Mandaric's thought are on this, but I would give our current manager Rob Kelly an opportunity. He has done well so far on limited resources and if there are some funds for him in the January transfer window then Mr Mandaric could see how he does to make a judgement. "This is the Championship remember, you are not going to come sweeping in with a big name like Sven-Goran Eriksson. On the other hand, both Gary and I think there is no reason why Leicester cannot become another Blackburn, Bolton or West Ham in the Premiership." Link to comment Share on other sites More sharing options...
davieG Posted 9 November 2006 Author Share Posted 9 November 2006 Official Statement Leicester City today confirmed they have received a formal offer for the club from former Portsmouth chairman Milan Mandaric. The offer is one of a number of options available to the club in terms of generating new investment to fund the club's ambitions. Mr Mandaric's offer will be considered in due course as the directors consider the best way forward for the club. A club statement said: "We have received an offer from Mr Mandaric and this will be given full consideration. "We have a number of options available to the Board and it is imperative that the right decision is taken to safeguard, protect and develop the best interests of the football club in the short, medium and long term. "As soon as is practically possible, the club will communicate further with shareholders, supporters and staff." Link to comment Share on other sites More sharing options...
davieG Posted 9 November 2006 Author Share Posted 9 November 2006 The Guardian is this morning reporting that Milan Mandaric's initial bid to take over at Leicester City will end in failure. The newspaper is quoting an un-named Leicester shareholder as saying the bid "does not have a hope in hell" of succeeding. It's thought Mandaric's offer will leave shareholders with less than they invested in the club, and there are also concerns regarding guarantees about the club's long term future. Whether the story is true or not remains to be seen - but with others also interested in taking over or investing in the club it seems the current shareholders are in a strong position, and don't need to accept the first bid if it's not right for themselves and the club. is this morning reporting that Milan Mandaric's initial bid to take over at Leicester City will end in failure. Mandaric Leicester bid rebuffed by shareholders Stuart James Thursday November 2, 2006 The Guardian Milan Mandaric's initial takeover offer for Leicester City "does not have a hope in hell" of succeeding, according to an influential shareholder at the club. The former Portsmouth chairman yesterday tabled what he described as a "fair and generous offer" after weeks of speculation linking him with a move for Leicester, but sources close to the deal insist the bid is significantly less than the £6.6m invested to rescue the Championship club from collapse four years ago. Article continues -------------------------------------------------------------------------------- -------------------------------------------------------------------------------- There is also concern that Mandaric's proposal does not contain guarantees about the long-term future of the club, including the possibility of purchasing the Walkers Stadium - owned by an American loan company and valued at around £15m. Mandaric would not be drawn on his bid's breakdown, referring to the issue as "sensitive" and subject to "confidentiality" agreements. "If they don't [accept it] that's their prerogative," he said. Sources close to the Serbian, however, insist the offer submitted would not leave the shareholders, whose funding enabled the club to stabilise financially after coming out of administration in 2002, shortchanged in any way. It is also claimed that Mandaric would assume responsibility for the loan repayments on the stadium. He could, however, face competition from other parties, with Leicester indicating last night that his offer is "one of a number of options available". It is understood that there is also interest from the United States and a Midlands-based consortium. A club statement assured supporters that a decision will be made as "soon as practically possible," although Mandaric will almost certainly need to return to negotiations if he is to succeed. The 68-year-old's discussions with the board have been far from straightforward and his decision to follow up his bid with a public statement, indicating his desire to "re-awaken Leicester City" and "bring back Premiership football" has upset some shareholders. "Mandaric has not been too clever," said one. "He's got to convince 47 individual shareholders that he's the right man to take over the club. The best way to do that is to make a sensible offer with some assurances about what he wants to do and not go making what looks like direct appeals to the crowd to stir up trouble. None of the shareholders came in to it looking to make money or are looking to make money getting out of it." LINK Link to comment Share on other sites More sharing options...
davieG Posted 9 November 2006 Author Share Posted 9 November 2006 QUOTEI've got no plans to ditch Kelly Milan Mandaric today insisted he has no plans to replace manager Robert Kelly as Leicester City manager if his £25million bid is accepted. Changes are expected when a new owner comes in but Mandaric, who went through seven managers at Portsmouth, accepts City are doing fine under Kelly. "I don't have any other way of doing things than to stick with people who are successful,'' said the Serbian-American business tycoon who tabled his bid on Tuesday night. "I do anything I can to get everything out of them and give them my support and, from what my knowledge is, he (Kelly) is doing a good job. Whatever he has got, he is getting the best out of it and no matter what might happen with me, I respect that and think he deserves the credit for that." The first expectation of a cash injection is money for players and, again, Mandaric has a good track record on that front, although the actual terms of his takeover bid are confidential. He said: "Everyone knows my aim from my statement of what I am trying to do. I have been in many challenging situations, whether it has been with a corporation or with a football club. What it needs is experience, enthusiasm and financial support. "You are forced to look at bringing in new players, like I did at Portsmouth. There is no secret about that. I would not go to Leicester if I could not make a difference." The 68-year-old was linked with several clubs as soon as his intention to leave Fratton Park was confirmed, so why City? The passion of the crowd he had seen over the years held the key as he said: "One of the reasons I stayed at Portsmouth was the rapport with the supporters, and I knew Leicester supporters were very similar, hard-working-class, very passionate people, they love their club, love their football and have a desire to be back where they belong. That was very important to me. "Supporters are the most important segment of a football club. "And firstly, what I would do is get my friend Alan Birchenall to arrange a meeting with as many representatives and supporters as possible. "I will stand in front of them, tell them who I am and why I am there, what I am going to do, and try to establish a healthy and honest straightforward relationship which will take us through, because I am not going to be able to deliver on my own." Source Link to comment Share on other sites More sharing options...
davieG Posted 9 November 2006 Author Share Posted 9 November 2006 Transcript of the RL interview: QUOTEMandaric: I'm quite positive, and I just hope that we can sort it out sooner than later. I'm expecting some response back from people, and I'm quite sure they will promptly do so, but I'm very pleased, from my side, that it's done. I think it's a fair deal, as I said before, but again you know I think that uh it's their turn to say yes or no. Barber: How long do you think before you'll hear back from Leicester City now? Mandaric: Well, I expect to get together with them and hear no later than the first part of next week Barber: And how will this possibly work, if you get a positive response from them? Do you need to sign some kind of confidentiality agreement to allow you to see the books or are we further on than that stage? Mandaric: Uh, well, I think first we need to get an agreement, at least a verbal agreement on the points that I've presented to them and then from there you know we would have to put our respective lawyers and accountants and more important allow me to talk to the organisation to look at what is there and what is not there and I expect that to take place rather soon. Barber: And what is your reaction to the news that Leicester City have other options than yourself Mr Mandaric? Mandaric: Well, if I was on the other side I'd be very happy for the club... that the club has so many options, and rightfully so it's a great club and t just needs some additional support and probably more experience on the football side. But I'm happy for them in one way. In my own selfish way I hope they do the deal with me. You can never say what's going to happen. Barber: And I understand that since your name was mentioned around Leicester City a couple of months ago now that you feel that you've had quite a positive response from the Leicester City supporters? Mandaric: I believe so. I unfortunately didn't have a chance to stand in front of them and face them, which I hope will be the case soon, but getting back a lot of emails and letters and having some friends in the Leicester area it sounds to me that there are some positive things said, and if they do their homework, which I'm quite sure they have friends everywhere, and they'll find out who I am, and in that case I wouldn't have any problem being accepted into the community. Barber: And it's gone well on the results side over the last couple of months hasn't it Mr Mandaric? Since all this talk has been around the football club Leicester have got some very good results. Mandaric: Absolutely true, and that's a very good situation even when I get too far away from the playing side [as well as I could understand it] ... it's a very different and competitive division, so it's not going to be easy but I think they're doing quite a good job in that department. Barber: And just finally, what's your general feeling from the kind of response you've had from Leicester City? Do you think that you'll be hearing some good news from your point of view in the next week or so? Mandaric: Well I'm always optimistic as far as that goes, again I can only say that it is a fair and good deal and if they want to bring somebody who will have a good chance to take the club where the supporters deserve it, I think I have a very good chance in that case. Link to comment Share on other sites More sharing options...
davieG Posted 9 November 2006 Author Share Posted 9 November 2006 http://football.guardian.co.uk/News_Story/0,,1937091,00.html Milan Mandaric's initial takeover offer for Leicester City "does not have a hope in hell" of succeeding, according to an influential shareholder at the club. The former Portsmouth chairman yesterday tabled what he described as a "fair and generous offer" after weeks of speculation linking him with a move for Leicester, but sources close to the deal insist the bid is significantly less than the £6.6m invested to rescue the Championship club from collapse four years ago. Link to comment Share on other sites More sharing options...
davieG Posted 9 November 2006 Author Share Posted 9 November 2006 Nov 3 Official Statement The Board of Directors at Leicester City has for a considerable while been exploring all avenues of generating increased investment into the football club. Earlier this week the Board received a formal offer from Milan Mandaric to purchase the club. The Board welcomes the interest of Mr Mandaric as a potential investor and acknowledges his track record in football over three decades in North America and Europe and, most recently, his successful term as chairman at Portsmouth . The Board, which is elected by 47 shareholders, has and will always continue to act in the best interests of the football club. This is an extremely important time for the football club and any decisions must be taken in a careful and measured manner. The 47 shareholders rescued the club from administration three years ago and remain totally committed to safeguarding and developing the future of the club. Members of the Board will meet with Mr Mandaric and continue to explore the other options open to it. Link to comment Share on other sites More sharing options...
davieG Posted 9 November 2006 Author Share Posted 9 November 2006 Nov 4th http://www.thebluearmy.co.uk/details.asp?b...6269754|p|536|0 Cautious backing for Mandaric's takeover By Ian Griffin Shareholders today said they were likely to back Milan Mandaric's £25million bid to buy Leicester City. Investors said they would be willing to sell their stake to the multi-millionaire businessman if it was for the good of the club. City's board, which met yesterday to discuss Mandaric's offer, are due to meet the Serbian-American to talk over the bid. The 38 shareholders not on the board have not yet been given details of the bid, but are due to be briefed shortly. Peter Hockenhull, of Great Glen, who owns 125,000 shares, said: "I think Mandaric can only be positive for the club. "Whether he's here for five years or 10 years, he will leave it in a much more positive position. He certainly left Portsmouth in a stronger position. "As far as I'm concerned, I will go with whatever's right for the club and the supporters. If that means me relinquishing my shares, I would do that." Trevor Bennett, of Newtown Linford, the club's fourth-biggest shareholder with 350,000 shares, would not be drawn on Mandaric's bid, but said: "It's likely I'd go with the board's recommendation. But I may change my mind if I thought it was not in the interests of the club." Peter Freer, of Rothley, who owns 50,000 shares, said: "You always have to be careful with these sorts of bids. "We don't want someone to be here today and gone tomorrow. But I'm sure that most supporters and shareholders, when they have received the details, will probably say the bid is favourable." Walter McRobie, of Cropston, who also owns 50,000 shares, said: "At this stage, I would be for it. But if there's the likelihood of a better bid with less strings attached than there's likely to be with Mandaric, that too may be worth looking at. "I'd be happy to sell my shares at the figure I paid for them - £50,000." Alison Nettleton, of Oadby, owns 25,000 shares and her father William is a director of the club's joint largest shareholder, Wigston property business Hammond Grange. "I don't know much about him (Mandaric), but I just want what's best for Leicester City," she said. "I want them to do well and get into the Premiership." There are 48 shareholders. The club has previously said there are 47 shareholders, but had not counted the one share owned by New York-based Teachers Insurance and Annuity Association, with whom City have a £15.9m loan for the Walkers Stadium. Teachers own only one share to give them access to information and documents restricted to shareholders. Link to comment Share on other sites More sharing options...
davieG Posted 9 November 2006 Author Share Posted 9 November 2006 Full list of shareholders (Oct '05) copy/pasted from another forum. Hammond Grange Ltd 500,000 Pukka Pies Ltd 500,000 Greg Clarke 413,000 Trevor Bennett 350,000 HW Coates Ltd 300,000 Jim McCahill 250,000 Michael Edwards 250,000 Kirby & West Ltd 250,000 Andrew Taylor 250,000 AM Widdowson & Son Ltd 250,000 Stephen Lee 200,000 James Johnson 175,000 David Ross 165,476 Foxes Trust 151,000 David Wilson 150,000 Peter Hockenhill 125,000 Alan Upton 120,000 Brian Maddison 110,000 Clive Sharp 100,000 Anthony Wheeler 100,000 Dominic SHorthouse 100,000 Donald Kendal 100,000 Gary Lineker 100,000 Jon Holmes 100,000 Nicholas Wilkinson 100,000 Timothy Days 100,000 Robert Craig 100,000 Roger Paltrey 85,000 Celia Mackay 75,000 Richard Mackay 75,000 Martin Pace 60,000 Roger Pace 60,000 Emile Heskey 50,000 Martin George 50,000 Karin Swann 50,000 Peter Swann 50,000 Peter Freer 50,000 Walter McRobie 50,000 Peter Lennon 35,000 Roger Moore 30,000 Anthony Lander 25,000 Alison Nettleton 25,000 Kenneth Bradstock 25,000 Vanda Craig 25,000 Thomas Bloor 25,000 Teacher's Pension Fund 1 Teresa Lander 25,000 Link to comment Share on other sites More sharing options...
davieG Posted 9 November 2006 Author Share Posted 9 November 2006 Mandaric: City is my No.1 choice Milan Manadric has insisted Leicester City are his first choice even though several other clubs have been trying to "poach" him. Many clubs were alerted when he left Portsmouth, but Mandaric says City are the only club he is interested in. Since he tabled his £25million bid last Tuesday, other clubs are reported to have been making it known they would be prepared to fill the breach if negotiations with City fail. Mandaric told me yesterday: "Yes, that is the case, but I have to tell you that all my focus and concentration is on Leicester City, and I hope everything can be worked out. "I am not even thinking about any other club right now. Leicester is the only one I am talking to and my loyalties are with them." City have discussed the bid on the table and now the next step is a meeting with Mandaric this week to negotiate the finer details before recommending, or rejecting, the offer to the shareholders. Mandaric is in positive mood and added: "There is a dialogue and it is all going in the right direction. They have had their discussions about the bid and no doubt their other options, and a meeting will be set up soon. "There was a tentative schedule set up for something like that but the day, time and place of such a meeting has not been finalised and I am waiting to hear." http://www.thebluearmy.co.uk/details.asp?b...6269754|p|536|0 Link to comment Share on other sites More sharing options...
davieG Posted 9 November 2006 Author Share Posted 9 November 2006 QUOTE(Louise @ Nov 6 2006, 06:11 PM) You can hear the RL news bulletin about the secret email here: http://www.bbc.co.uk/leicester (link on the right) Or listen to Barber speculating on the radio now. Don't like this. We're so unprofessional. Link to comment Share on other sites More sharing options...
davieG Posted 9 November 2006 Author Share Posted 9 November 2006 this is Mandaric's background (from Wikipedia) Milan Mandarić (Serbian: Милан Мандарић) is a Serbian-American business tycoon who has owned a string of successful businesses and football (soccer) clubs including Portsmouth F.C.. He was born in Croatia, in 1941 and grew up in the Serbian city of Novi Sad, Vojvodina. He took control of his father's machine shop aged 21, and by age 26 had turned it into the largest business in the country. At the time, Yugoslavia was a communist country, but a relatively free one. Private enterprise was encouraged - up to a point. Mandaric, now mass-producing car spares for the whole country and for overseas, became too successful and in the government's eyes went overnight from 'Hero' to 'Capitalist Traitor'. In 1969, worried by the government's view of his business, he left Serbia and settled in the United States. He had to leave most of his fortune behind, and got a job for an American computer component manufacturer in California. When two of the senior managers left to start their own firm Mandaric was invited to be their third partner. The firm was successful, but disagreements over manufacturing processes led to Mandaric leaving to form his own company, Lika Corporation, in 1971. In 1976, he became a naturalized citizen of the United States. By 1976 Lika Corp. was the largest manufacturer of computer components in the USA, and Mandaric was pioneering the boom that led to the creation of California's Silicon Valley. He sold the company to the Tandy Corporation in 1980 and set up a new company, Sanmina, which developed high-tech telecoms products. In 1989 he acquired a struggling competitor and merged it with Sanmina. He also began branching out into investment companies such as Behrman Capital. Mandaric also became owner of the St. Louis Storm, a Major Soccer League franchise that ceased operations in 1992 when the MSL also folded. Following the collapse of communism in Yugoslavia, and then the break-up of the state, Mandaric has taken advantage of the new states' free markets to set-up and buy businesses in his homeland, such as Razvojna Banka, which was formerly state owned. Around the same time he had begun using his money to invest in football, his passion since childhood (as a young man he had played for Novi Sad). He set up firstly F.C. Lika, then San Jose Earthquakes which played in the USA's first professional league. George Best had played for the latter team, and the two men became friends. Sceptical about the future of the sport in the USA, Mandaric looked to European football, owning first Belgian club Standard Liège, then French team OGC Nice. In 1998 he sold Nice and took over English club Portsmouth F.C., to whom he had been introduced by ex-player Preki. George Best was often seen watching Portsmouth F.C. with Mandaric. Despite Mandaric's patronage the club still survives in its crumbling stadium. Numerous bizarre delays for a planned new stadium, and three successive battles against relegation from the Premiership, have recently seen the fans begin to question the clubs ambition [citation needed]. In January 2006 it was announced that Mandaric has sold a 50% stake in the club to French businessman Alexandre Gaydamak. [1] After the club's unlikely survival Mandarić sold his remaining half of Portsmouth to Gaydamak but remained at the club as a figurehead in his role as non-executive chairman. He resigned as chairman of Portsmouth on 21st September and he took over the Slovenian First Division side NK Koper. On 1 November 2006 he made a bid for East Midlands club Leicester City; believed to be in the region of £25m. He had wanted to remain outside of football for a longer period, however he "had to accelerate takeover plans" because of bids for the club by at least two other parties.[2] Link to comment Share on other sites More sharing options...
davieG Posted 9 November 2006 Author Share Posted 9 November 2006 Nov 7 Meeting is on Leicester City board members will meet Milan Mandaric face to face for the first time today to discuss his bid to take over the club. The deputation will open negotiations with Mandaric and his representatives at a secret location following the tycoon's £25million bid a week ago. Mandaric told me: "I gave them the proposal and they have now come back to me. We will meet and they will tell me what they like about it, what they don't like about it, and we will try to find an agreement. "If we do agree in principle then they will put that to the shareholders and, if there are any issues, hopefully everything will work out okay." The amount of the bid has been questioned in some quarters, but Mandaric confirmed that the total figure of around £25m was "not far away" when all the elements, such as removing the millstone of the near £16m stadium debt and buying the shares, were tallied up. He said: "That was my bid to buy the club and that is what will be under negotiation. There will be discussions back and forward on the details and I am very hopeful agreement can be reached. If not, then the club will go away and consider any other options, but I feel very positive." Mandaric's confirmation that the bid is £25m comes in the wake of a suggestion from the Foxes Trust that the figure is "significantly inaccurate". In an email to its members, which was leaked to the media, the Trust said it hoped the bid would be "considerably improved". And Radio Leicester last night claimed that Mandaric's offer for the shares was £3m, half their worth. The City board's decision on whether to recommend or reject Mandaric's bid is expected by the end of the week, after which the Serbian-American millionaire intends to come to Leicester and further explain his ambitions for the club if all has gone smoothly. He said: "If everything works out all right, I can then go to Leicester and find out more about what will be needed for the manager and for other parts of the club. "It is my intention to give the manager all the support I can, and also to meet the fans and tell them what I hope to do for the club." Before that happens, however, a decision has to be made, and today's opening talks will definitely have an element of horse-trading. In any deal like this, no-one bids the asking price and no-one accepts the first offer. If a middle ground is successfully found, then the formalities are all that remain to be completed and, with the City board pledged to act "in the best interests of the club", the outcome will be eagerly awaited. http://www.thebluearmy.co.uk/details.asp?k...112006376701131 Link to comment Share on other sites More sharing options...
davieG Posted 9 November 2006 Author Share Posted 9 November 2006 City deal may have strings Milan Mandaric could put conditions on his £25million bid for Leicester City which mean he would not pay through the nose for the club's shares. A city finance expert says the Serbian-American business tycoon may tell shareholders that accepting a low price for their shares could be a deal clincher. According to the club's accounts, City's shares, which are owned by 48 individuals and firms, are valued at around £6.3million. If Mandaric paid this he would have £18.7million left to pay off the £15.9million loan on the Walkers Stadium, leaving £2.8 million to invest in the squad. However, he could offer under £6.3million, but agree to pay off the stadium loan to the New York-based Teachers Insurance and Annuity Association. Patric Phelan, a director of the Leicester office of accountants Vantis, which has experience of dealing with football clubs, said: "What the proposal could be is a package to purchase the shares, to pay off the loan on the stadium and buy players. But it could also be conditional. So it could be him saying "I'll pay you X-amount for the shares, and if you sell me them at that amount I'll pay off the loan on the stadium and put X-amount into the playing squad." Phelan was also intrigued by the fact that Teachers have one share, while the minimum owned by the 47 others was 25,000. He speculated the US company could in fact hold a so-called "golden share", meaning a change in ownership could trigger a major revision of the conditions of the stadium loan. "The terms of the loan may require that in the event of a change of ownership it has to be paid off," said Phelan. No-one from Teachers was available for comment. * Leicestershire's second-richest man today gave his backing to Milan Mandaric's £25million bid. Building tycoon David Wilson, who owns 150,000 shares in the club, is worth £520million, according to the Sunday Times. Wilson, chairman of Ibstock construction company Wilson Bowden, said: "Good idea, providing cash is available for the transfer market." http://www.thebluearmy.co.uk/details.asp?k...112006370577131 Link to comment Share on other sites More sharing options...
davieG Posted 9 November 2006 Author Share Posted 9 November 2006 Nov 8th Leicester City can confirm that discussions are ongoing with Mr Milan Mandaric in relation to the offer he has made for the football club. As the board has previously stated, any decision regarding the football club must be reached in a measured and considered manner. Integral to the decision-making process is that the short, medium and long term best interests of the football club are safeguarded at all times. Mr Mandaric's bid is one of a number of options which the club is currently considering. The board appreciates supporters' desire for detailed information but the content of all discussions must remain confidential at this time. http://www.lcfc.premiumtv.co.uk/page/News/...~924850,00.html Link to comment Share on other sites More sharing options...
davieG Posted 9 November 2006 Author Share Posted 9 November 2006 Nov 8th QUOTEMandaric moves closer to a deal Milan Mandaric believes there has been a positive step forward following yesterday's takeover talks with Leicester City. Mandaric and his representatives went face to face with City chairman Andrew Taylor and director Tony Lander to negotiate his £25million bid for the club, which he tabled last week. After the meeting at a central London hotel, the Serbian millionaire felt there was a lot of common ground. He said: "It was very positive, very constructive and there is a lot of positivity on both sides towards getting a deal agreed. "My feeling is that there is a genuine desire from the club to reach agreement." City, though, would only issue a formal statement on the talks, which said: "Leicester City confirm that discussions are on-going with Milan Mandaric in relation to the offer he has made for the football club. "As the board has previously stated, any decision regarding the football club must be reached in a measured and considered manner. "Integral to the decision-making process is that the short, medium and long-term best interests of the football club are safeguarded at all times. "Mr Mandaric's bid is one of a number of options which the club is currently considering. The board appreciates supporters' desire for detailed information but the contents of all discussions must remain confidential at this time." However, Mandaric feels the talks went very well and sees no reason to change his optimistic view that the right deal for both parties can be struck. He added: "I can say they are very positive, I have been impressed with them and I think it is a positive step forward in the right direction." City now have to discuss the offer further before putting their recommendation before the rest of the shareholders. Mandaric expects to hear more "in a couple of days" and, until then, the ball is in the club's court. From the views he expressed yesterday, it appears progress has been made and Mandaric's own positive demeanour suggests a deal can be done. http://www.thebluearmy.co.uk/details.asp?b...6269754|p|536|0 Link to comment Share on other sites More sharing options...
davieG Posted 9 November 2006 Author Share Posted 9 November 2006 Nov 8th Mandaric increases Foxes bid The Serbian businessman Milan Mandaric has told BBC Radio Leicester that he expects to be the new owner of Leicester City by the New Year. Listen to our reports and interviews here... Leicester City and Milan Mandaric met yesterday to begin discussions in relation to the former Portsmouth Chairman's bid for the club. Mandaric has revealed to BBC Radio Leicester that following yesterday's negotiations, he has now increased his offer to the shareholders to cover their original investment , which is in the region of six million pounds. "Mr Mandaric's bid is one of a number of options which the club is currently considering." Leicester City FC The club released a statement earlier to say that discussions are ongoing, but Mandaric says that his proposals will be put before an emergency board meeting a week on Saturday. The shareholders would then have two weeks to vote on whether to accept the bid. Leicester City say that Mandaric's bid is one of a number of options which they are currently considering. BBC Leicester's Sport Reporter Jon Barber believes that there are a couple of interest parties in America, and one from the Midlands. He spoke to Mandaric before negotiations began: As mentioned its on radio Leics... http://www.bbc.co.uk/leicester/content/art...r_feature.shtml Link to comment Share on other sites More sharing options...
davieG Posted 9 November 2006 Author Share Posted 9 November 2006 Nov 8th Everyone listen to the MM interview then? If not, listen and love: http://www.bbc.co.uk/leicester/content/art...r_feature.shtml QUOTEBarber: What happened in your discussions with Leicester City yesterday? Mandaric: In my view it was a very positive, constructive discussion, with a positive attitude by both parties. Of course you know my feelings and my attitude and desire, I found out it's similar with the other people so I'm very encouraged, I'm positively thinking right now and I think in just a matter of time we'll be able to put this together. Barber: So you feel that things have certainly moved forward now that you've had that first face-to-face meeting? Mandaric: Definitely. They've moved forward. And again as I said, positively thinking, with desire for me to join the club. And I think in the next several days we should be able to come to a further conclusion. Barber: So how are things left at the minute then? Mandaric: We need a couple of days to go back and consider some options, some details that we discussed, and come back to each other and so sometime in the next 48 hours we'll have another dialogue. Barber: And then the timeframe from thereon in...obviously they'll have to call an EGM and put it to their shareholders and things. When do you think things will really start to move? When the handover could actually happen..? Mandaric: Well I think the schedule that we put between us would be that not later than on the 15th we sign the agreement between us in principal and then after that immediately we start to do due diligence. I would personally like to go to Leicester and spend some time meeting the people and the organisation to see what we have, what we don't have, and not to waste time with that. I expect that the financial people will finish that within three to four weeks so on the 15th of December everything should be done the starting point would be that time. Barber: 'Coz that crucially is before the January transfer window opens. Is that an important key marker for you? Mandaric: Of course it is, without having a lot of knowledge of the football side and players... I'm absolutely sure some support is going to be needed there. So January is a very crucial month as we know so that's why we're aiming for that time. Barber: Just if you can Milan, and I appreciate that you might not be able to give as many details as you'd like because you're in negotiations but there has been a lot of talk about how much it is, now I know you're not going to be able to disclose exact sums but we've heard anything from an initial bid of £3m to the shareholders right up to £25m. Can you give the fans a guide as to how the proposal has worked? Mandaric: Well first of all I'd like to establish something, I don't like to talk about numbers, about amounts. I can only tell you whatever is needed, whatever I've committed to I'm behind that and I always deliver and that's going to be no different if I do come to Leicester City Football Club. As far as amounts go, I've just got to tell you one thing, shareholders will get 100% of their investment back. That's all I can tell you. Barber: Ok, appreciate that. Then what about the deal with the ground because the fans will be aware that at the moment that is controlled affectively by an American finance group called Teachers. Would you intend to return the ownership of the Walkers Stadium back to the football club? Mandaric: Well, my understanding is that that stadium belongs to the football club, but the football club has an obligation to pay the mortgage which is around £16-17m, leftover to pay from the time. I didn't look at the contract, I didn't look at any relationship but I would not be interested in anything else but that stadium to belong to football club. Barber: So you would want to get that paid off as soon as is realistic? Mandaric: It'll pay off, or guarantee payments, or take it over. There is no [can't make it out] that stadium belongs to the football club. Link to comment Share on other sites More sharing options...
davieG Posted 9 November 2006 Author Share Posted 9 November 2006 Nov 8th BBC Sports QUOTE Mandaric 'near' to Leicester deal Milan Mandaric Ex-Portsmouth chairman Mandaric has lofty aspirations for Leicester Milan Mandaric expects to become the new owner of Leicester City before the end of the year. Mandaric says he has increased his offer for Leicester - believed now to be around £6m, which is more than twice his original bid for the club. Mandaric told BBC Radio Leicester: "On 15 December, everything should be done. "Whatever is needed, whatever I commit to, I'm behind it and I always deliver it. That will no different if I do come to Leicester City." The former Portsmouth owner's proposals will be put before an emergency board meeting a week on Saturday, with shareholders then having two weeks to vote on whether to accept the bid. Mandaric says he new offer willl cover the investment made by shareholders when Leicester came out of administration over three and a half years ago. Leicester have said Mandaric's bid is one of a number of options which they are currently considering. Link to comment Share on other sites More sharing options...
davieG Posted 9 November 2006 Author Share Posted 9 November 2006 Nov 8th The interview is up on EMT now: http://www.bbc.co.uk/eastmidlandstoday/latest_stories/ Quote from the TV interview: "...keep in mind it is a very simple deal, shareholders get their money back, stadium belongs to the football club and there is a big investment to be done in the team. So all those things have to be covered. And I'm not going to talk about numbers and details but those are my commitments. And I think it's a very fair deal. And I'm going to put my life over there, I'm going to put my experience, my desire, I'm going to be one of the supporters with the same desire there. And be responcible for the success of the club. So if you want to summerise, if the shareholders get their money back, if the club is in good hands, if the club makes good progress, I can't see how that's not a good deal." Link to comment Share on other sites More sharing options...
davieG Posted 9 November 2006 Author Share Posted 9 November 2006 Nov 9th From the Guardian Mandaric closer to Foxes deal Milan Mandaric, the former Portsmouth chairman, appears to be moving closer to gaining control at Leicester City after an influential shareholder indicated takeover talks are heading "towards a conclusion". The Serbian-American met the Leicester chairman, Andrew Taylor, and club director Tony Lander in London on Tuesday to discuss the offer he tabled last week and, although it is understood that his initial bid was deemed unsatisfactory by several shareholders, there has been progress with negotiations since. Mandaric described the talks as "very positive" and "a step in the right direction", indicating he hopes to hear from the club within the next couple of days. "My feeling is that there is a genuine desire from the club to reach agreement," he said. Leicester have played down the idea that a decision is imminent, indicating that it is vital "the short, medium and long-term best interests of the football club are safeguarded at all times". "There's not really an impasse," said one shareholder close to the deal. "I think what the club wanted to hear from Milan is that his intentions vis-a-vis the club are entirely honourable. I think most people are convinced; they just need him to spell it out a bit more." Link to comment Share on other sites More sharing options...
davieG Posted 9 November 2006 Author Share Posted 9 November 2006 Nov 9th Leicester City will put Milan Mandaric's takeover bid to their shareholders next week - but they are continuing to explore "alternatives." City chairman Andrew Taylor, while confirming that Mandaric's offer is the only one on the table for consideration, says other as yet unconfirmed options may have to be looked at. Taylor said: "The perception that this is the only option open to us is thoroughly misleading and extremely unhelpful. "His (Mandaric's) is the only bid on the table, but you have to remember that we were out there talking to credible third parties about an investment in the football club, including existing investors. "A week is a long time in football and I am pretty convinced that, in the next week or so, we will have alternatives. "It should be said we have enjoyed very good discussions with Mr Mandaric, he is straightforward, very easy to deal with and has a very good track record as an owner of football clubs over the past 30 years. "But we have to do the right thing for Leicester City's stakeholders, by that I mean supporters and investors, short and medium term. "Hopefully, we will have more information in the next week or so and the shareholders will be polled on this (Mandaric's bid) in the next 10 days or so." Mandaric's assertion yesterday that the shareholders will get all their investment back under his deal appeared to remove yet another obstacle to his £25million bid finding favour. However, I understand it is the scheduling of the re-imbursement, either up front or in stages, which is one of the areas under discussion. Whether any of those options mentioned by Taylor actually come to anything is impossible to verify, so shareholders will find themselves with a 'bird in the hand' scenario. The only "alternative" City could offer the shareholders would be another concrete bid, and that is unlikely. Taylor said: "My expectation is that, at some stage over the next week or so, we will meet with Mr Mandaric again. "He has made his bid, we have talked to him about the details of the bid, he is reflecting on what we said. I am sure he will call me soon. "We are negotiating a potential deal and it is running in parallel with us scoping other options. We are at a delicate stage at the moment." From the top man at LCFC source Link to comment Share on other sites More sharing options...
Fleckney Fox Posted 9 November 2006 Share Posted 9 November 2006 If this has already been posted then sorry but i thought you would be intrested in THIS Left (3rd link down) Link to comment Share on other sites More sharing options...
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