brookfox Posted 13 February 2007 Share Posted 13 February 2007 Apologies if this belongs in one of the many MM threads. The silence begins to break... http://www.timesonline.co.uk/tol/sport/foo...icle1381500.ece As Leicester City welcomed Milan Mandaric as their new white knight, a former director claimed that it was a black day for the club and that the numbers did not add up. James Johnson, a City lawyer who resigned from the board in December, said the so-called £25million deal was actually worth only an initial £4.5 million and accused the former Portsmouth owner of gaining power by surfing “a wave of propagandaâ€Â. Mandaric was presented at a press conference at The Walkers Stadium yesterday, but amid relief that a deal had been completed some three months after the original bid was tabled, Johnson sounded a sceptical note. “I just hope that my worst nightmares don’t come true,†he said. Last month Andrew Taylor, the chairman, and Greg Clarke, the third largest shareholder, joined Johnson in quitting the board. Johnson said that Mandaric had pledged £4.5 million up front with another £4.5 million due by the end of 2008. “The £25million figure was a pure figment of imagination,†he said. The Mandaric camp, whose takeover comes four years to the day since a consortium led by Gary Lineker, the former England and Leicester player, brought the club out of administration, said it has also guaranteed almost £17 million of debt remaining on the stadium. “I want to be in the Premiership in three years and, if that is not the case, I will have failed and would have to review my position,†Mandaric said on a day that ended his five-month sabbatical from football. “I know that is a strong statement, but you have to have plans. Failure is not a word associated with my personality. I want to say one day that I have done it again with Leicester. It is a huge, huge, huge challenge, but I am not a loser.†Mandaric revealed that he had spoken to Iain Dowie, the former Charlton Athletic manager, but assured Rob Kelly that his job was safe until the end of the season. It is believed that that commitment has prompted Dowie to seek a return to management with ailing Coventry City, although a downturn in fortunes could result in a change at Leicester in the summer. “Many people have asked why go back?†Mandaric said. “My daughters don’t understand why I don’t lie in the sun, but what would I do after seven days? I did not expect to return so soon, but maybe I will take things easy when I am 98. I am my own boss and I want to put myself in the firing line.†Mandaric promised a significantly bigger “payroll†next season and he has warned the players that they are on trial for the remainder of the season. “The club is like a bank account  people can’t just take out, they have to put in,†he said. “It is a two-way street.†Fans greeted the news with optimism and Tim Davies, the chief executive, spoke of “the dawn of a new eraâ€Â, but Johnson, a lifelong Leicester fan, remains to be convinced. “People were saying the club was going to go bust but it was never that bad,†he said. “I think he has got this through on a wave of propaganda.†The Foxes Trust had also expressed reservations about the Mandaric deal, but they welcomed the completion of the takeover last night. Ian Bason, the Trust chairman, said: “We waited until we had the final proposals before we said whether we backed it or not. Now we back it and see it as the best way forward for the club.†The completion was delayed when Mandaric’s accountants uncovered greater debt than expected and then when his mother fell ill back in Serbia, sparking fresh rumours that the deal was in danger of collapse. Today, though, the tycoon is firmly installed in the East Midlands and ready to put his money where his mouth is. Link to comment Share on other sites More sharing options...
Simi Posted 13 February 2007 Share Posted 13 February 2007 Apologies if this belongs in one of the many MM threads. The silence begins to break... http://www.timesonline.co.uk/tol/sport/foo...icle1381500.ece As Leicester City welcomed Milan Mandaric as their new white knight, a former director claimed that it was a black day for the club and that the numbers did not add up. James Johnson, a City lawyer who resigned from the board in December, said the so-called £25million deal was actually worth only an initial £4.5 million and accused the former Portsmouth owner of gaining power by surfing “a wave of propagandaâ€Â. Didn't everybody already know that . Link to comment Share on other sites More sharing options...
Milky Posted 13 February 2007 Share Posted 13 February 2007 Didn't everybody already know that . yeh, he hasn't exactly come out with any great revelations or inside stories has he. Link to comment Share on other sites More sharing options...
THEBIGJOHNSTEADER; Posted 13 February 2007 Share Posted 13 February 2007 Apologies if this belongs in one of the many MM threads. The silence begins to break... http://www.timesonline.co.uk/tol/sport/foo...icle1381500.ece As Leicester City welcomed Milan Mandaric as their new white knight, a former director claimed that it was a black day for the club and that the numbers did not add up. James Johnson, a City lawyer who resigned from the board in December, said the so-called £25million deal was actually worth only an initial £4.5 million and accused the former Portsmouth owner of gaining power by surfing “a wave of propagandaâ€Â. Mandaric was presented at a press conference at The Walkers Stadium yesterday, but amid relief that a deal had been completed some three months after the original bid was tabled, Johnson sounded a sceptical note. “I just hope that my worst nightmares don’t come true,†he said. Last month Andrew Taylor, the chairman, and Greg Clarke, the third largest shareholder, joined Johnson in quitting the board. Johnson said that Mandaric had pledged £4.5 million up front with another £4.5 million due by the end of 2008. “The £25million figure was a pure figment of imagination,†he said. The Mandaric camp, whose takeover comes four years to the day since a consortium led by Gary Lineker, the former England and Leicester player, brought the club out of administration, said it has also guaranteed almost £17 million of debt remaining on the stadium. “I want to be in the Premiership in three years and, if that is not the case, I will have failed and would have to review my position,†Mandaric said on a day that ended his five-month sabbatical from football. “I know that is a strong statement, but you have to have plans. Failure is not a word associated with my personality. I want to say one day that I have done it again with Leicester. It is a huge, huge, huge challenge, but I am not a loser.†Mandaric revealed that he had spoken to Iain Dowie, the former Charlton Athletic manager, but assured Rob Kelly that his job was safe until the end of the season. It is believed that that commitment has prompted Dowie to seek a return to management with ailing Coventry City, although a downturn in fortunes could result in a change at Leicester in the summer. “Many people have asked why go back?†Mandaric said. “My daughters don’t understand why I don’t lie in the sun, but what would I do after seven days? I did not expect to return so soon, but maybe I will take things easy when I am 98. I am my own boss and I want to put myself in the firing line.†Mandaric promised a significantly bigger “payroll†next season and he has warned the players that they are on trial for the remainder of the season. “The club is like a bank account  people can’t just take out, they have to put in,†he said. “It is a two-way street.†Fans greeted the news with optimism and Tim Davies, the chief executive, spoke of “the dawn of a new eraâ€Â, but Johnson, a lifelong Leicester fan, remains to be convinced. “People were saying the club was going to go bust but it was never that bad,†he said. “I think he has got this through on a wave of propaganda.†The Foxes Trust had also expressed reservations about the Mandaric deal, but they welcomed the completion of the takeover last night. Ian Bason, the Trust chairman, said: “We waited until we had the final proposals before we said whether we backed it or not. Now we back it and see it as the best way forward for the club.†The completion was delayed when Mandaric’s accountants uncovered greater debt than expected and then when his mother fell ill back in Serbia, sparking fresh rumours that the deal was in danger of collapse. Today, though, the tycoon is firmly installed in the East Midlands and ready to put his money where his mouth is. Hopefully a large pineapple up the arse of each player for the remainder of the season, Andy Johnson better stay crap though!!! Link to comment Share on other sites More sharing options...
potter3 Posted 13 February 2007 Share Posted 13 February 2007 Didn't everybody already know that . I actually thought it was £6mil up front, but definatley not £25million. Link to comment Share on other sites More sharing options...
brookfox Posted 13 February 2007 Author Share Posted 13 February 2007 Didn't everybody already know that . Well I bet Bill Anderson will choke on his cornflakes when he reads his Times (probably hiding a copy of the Sport in the middle) in the morning. Link to comment Share on other sites More sharing options...
Floating Fox Posted 13 February 2007 Share Posted 13 February 2007 Didn't everybody already know that . I didnt... Link to comment Share on other sites More sharing options...
Thracian Posted 13 February 2007 Share Posted 13 February 2007 I wondered why he didn't score!. Interesting that some people renowed for favouring experience are now clamouring for DC to get a first team place but I don't recall the same calls for Dodds to be promoted when he scored a hat-trick recently. Funny world. I also wonder why DC got the striker spot and Dodds apparently got shunted off into midfield? Why not half-each then switch, for instance? There may have been perfectly good reasons, I can even think of a few, but I'd sure love to know what the thinking was. If he said that, Johnson's post-deal comment doesn't impress me one bit. Every realistic person knew the £25m widely quoted was ridiculously misleading and that the real money from his pocket was going to be peanuts by comparison But Johnson had a simple choice as a city director. Like so many others he could have forestalled MM or anyone else by getting in with a bid of his own, or jointly with friends, months ago. Just over £4m?. Probably small change to a lawyer. Who dares wins, pal. There's no point moaning now. Or anyone else for that matter, including the fans. Though why the Johnson figure was never mentioned by our beloved local press is another matter altogether. If MM didn't mention his initial input, why not ask? I said all along not enough questions were asked or answered. Cos if they were asked and MM said "no comment" you can print that and let people draw their own conclusions. As MM himself said. If he's got away with a cheap deal he's right to congratulate himself and has only done what lots of other dealers in all sorts of things have done every day of their lives, picked up a bargain from people who, for whatever reasons, decided not to hold out for a better deal. How good those reasons were we'll perhaps never know. Link to comment Share on other sites More sharing options...
davieG Posted 13 February 2007 Share Posted 13 February 2007 Blanderson's still insisting on the £25 mill; in fact in tonight's Mercury he actually states that in reality it's over £25mill. Link to comment Share on other sites More sharing options...
Simi Posted 13 February 2007 Share Posted 13 February 2007 Blanderson's still insisting on the £25 mill; in fact in tonight's Mercury he actually states that in reality it's over £25mill. On SSN it says that it's 25m because of the stadium etc. I know nothing about this just what I've heard. Link to comment Share on other sites More sharing options...
Jonbluefox9 Posted 13 February 2007 Share Posted 13 February 2007 For me, the initial amount isn't that important, it's the amount he puts in during his time at the club that will count for something. Maybe I would view things differently if I was getting less money back than I'd put in to save the club during its hour of need but if these people have the best interests of the club at heart then they should realise that investment is needed to move us forward. If they weren't willing to dig deeper then they had to let someone do it for them. Link to comment Share on other sites More sharing options...
Geo V Posted 13 February 2007 Share Posted 13 February 2007 MM did tap himself on the back jokingly during the press conference when asked if he got the club on the cheap and maybe there is an element of truth that he did his best to get the best deal. My question is, who cares??!! I certainly dont. I dont care if he bought them for £1 as long as he ploughs money into the club. Less money spent on the club means more money for wages and transfers in my eyes. The club was in trouble without a takeover and I would hve settled for anyone at one stage but MM is proven in this country and made some good money at pompey. I hope he is in a position in 5 years to punt us on to someone else for a huge profit. Link to comment Share on other sites More sharing options...
Frenzied Posted 14 February 2007 Share Posted 14 February 2007 yeh, he hasn't exactly come out with any great revelations or inside stories has he. I agree, absolutely nothing illuminating about Johnson's reasons for quitting and being against the bid. Link to comment Share on other sites More sharing options...
Ultra Posted 14 February 2007 Share Posted 14 February 2007 James is right. There have been a lot of untruths spouted about this bid. The myth of the "£25m offer", which the local tabloid continues to circulate, is still widely believed and was a major factor in ensuring the fans' support for the deal. Other lies being spread were that we faced immediate administration if the deal fell through (as James points out, that was NEVER the case) and that we were "the fifth most expensive club in England to run" (Really? I'd be amazed if ANY Premiership club, or teams in our league still in receipt of parachute payments, have a smaller wage bill than us). But the fact is that, whether willingly or under duress, the overwhelming majority of shareholders HAVE sold out to Mandy and we will all have to live with the consequences. Link to comment Share on other sites More sharing options...
The People's Hero Posted 14 February 2007 Share Posted 14 February 2007 It's not our concern what he bought it for. In many ways, it could be argued that the less he paid for the club outright, the more he has remaining to service/relieve our debt and improve the playing squad. Link to comment Share on other sites More sharing options...
Geo V Posted 14 February 2007 Share Posted 14 February 2007 James is right. There have been a lot of untruths spouted about this bid. The myth of the "£25m offer", which the local tabloid continues to circulate, is still widely believed and was a major factor in ensuring the fans' support for the deal. Other lies being spread were that we faced immediate administration if the deal fell through (as James points out, that was NEVER the case) and that we were "the fifth most expensive club in England to run" (Really? I'd be amazed if ANY Premiership club, or teams in our league still in receipt of parachute payments, have a smaller wage bill than us). But the fact is that, whether willingly or under duress, the overwhelming majority of shareholders HAVE sold out to Mandy and we will all have to live with the consequences. Thats it fella, you back the current board! I think that we over-complicate things at times. The previous regime havent taken the club forward over the last few seasons with some disasterous selections for our managers. I wont bore us all in getting negative on such a day but I dont want to know the nitty gritty of the deal or the under-handed way in which he got us on the cheap, I just want to trust the bloke at the helm to take us forward. if money isnt made available and he doesnt take us forward, he`ll get it from us too. Link to comment Share on other sites More sharing options...
Wasyls Pec Deck Posted 14 February 2007 Share Posted 14 February 2007 Absolutely agree with almost everyone... whats the point in looking back when we most probably will have a better future under Milan... When he took Pompey over they didnt have the great stadium we have, they where in a worse position financially and in league terms... so it beggers belief that people question this takeover! At the end of the day the average fan doesnt care if Milan got it on the cheap as this article asserts, if he did good on him! Link to comment Share on other sites More sharing options...
Chrysalis Posted 14 February 2007 Share Posted 14 February 2007 so johnsons tears were because the shareholders were getting 4.5mill instead of 25mill, oh I do feel so sorry for him. not.. Link to comment Share on other sites More sharing options...
Daggers Posted 14 February 2007 Share Posted 14 February 2007 Mandaric was presented at a press conference at The Walkers Stadium yesterday, but amid relief that a deal had been completed some three months after the original bid was tabled, Johnson sounded a sceptical note. “I just hope that my worst nightmares don’t come true,†he said. Last month Andrew Taylor, the chairman, and Greg Clarke, the third largest shareholder, joined Johnson in quitting the board. Which means... "I am pissed off that I am not being offered anywhere near what I paid for my shares as a result of running the club into the ground, robbing it of ambition and presiding over a period where City served up a fayre of miserable football almost every match." Johnson - you are a twat. If, for one second, you had put forward reasonable plans to move the club forward then maybe...just maybe...you would have been listened to. You didn't. For you this is all about money, nothing more nor less, and that sickens me. What also makes my blood boil is that he seems to think that he is the only person clever enough to have seen through MM's PR machine. Guess what you tosser ~ we all did. What MM offers the club that Johnson never could is hope and ambition. Ultra - give us some facts or shut up. Give us the current financial position of the club to which you alone seem to have been granted access...and as for some shareholders selling their shares "under duress" - that really is as laughable as your SGE to Villa rumour. You decry others sensationalising events but never have any qualm in doing it yourself. Link to comment Share on other sites More sharing options...
Strokes Posted 14 February 2007 Share Posted 14 February 2007 For me, the initial amount isn't that important, it's the amount he puts in during his time at the club that will count for something. Maybe I would view things differently if I was getting less money back than I'd put in to save the club during its hour of need but if these people have the best interests of the club at heart then they should realise that investment is needed to move us forward. If they weren't willing to dig deeper then they had to let someone do it for them. Spot on. I think its time to move on from this long drawn out debacle. We should be looking forwards, essentially the less Milan has paid for the club, the more he has to put in (i'm aware that it doesn't nessacerly mean that). A new era has dawned at our club, lets not spoil it with negativity, we may once again have a club to be proud of. Link to comment Share on other sites More sharing options...
Ric Flair Posted 14 February 2007 Share Posted 14 February 2007 Obviously the 10p per share was a load of bollocks then? Or Johnson is talking shite himself. £4.5 million does not work out at 10p per share, it works out at about 70p per share upfront with more to be paid depending on success. Not a bad return for shareholders of a business that's failed miserbaly each year they've been shareholders in it. 10p per share = £640,000 Link to comment Share on other sites More sharing options...
City Fan Posted 14 February 2007 Share Posted 14 February 2007 Ken Bates bought Chelsea for a quid if I remember rightly, look what has happened to them. Link to comment Share on other sites More sharing options...
davieG Posted 14 February 2007 Share Posted 14 February 2007 and that we were "the fifth most expensive club in England to run" (Really? I'd be amazed if ANY Premiership club, or teams in our league still in receipt of parachute payments, have a smaller wage bill than us). That statement refers to the administration/none football/corporate side of the business and relates to the corresponding turnover/profits generated by them not the costs of running the football team - and that I can believe Link to comment Share on other sites More sharing options...
BMR Posted 14 February 2007 Share Posted 14 February 2007 Obviously the 10p per share was a load of bollocks then? Or Johnson is talking shite himself. £4.5 million does not work out at 10p per share, it works out at about 70p per share upfront with more to be paid depending on success. Not a bad return for shareholders of a business that's failed miserbaly each year they've been shareholders in it. 10p per share = £640,000 The link Louise posted tells you exactly how much everyone will get and is also linked to promotion etc, also a gaurantee of a 9.5m investment from Milan over the next 15 months... its a long read but everything you need to know is in it! (edit : its now a sticky ) Link to comment Share on other sites More sharing options...
Ric Flair Posted 14 February 2007 Share Posted 14 February 2007 The link Louise posted tells you exactly how much everyone will get and is also linked to promotion etc, also a gaurantee of a 9.5m investment from Milan over the next 15 months... its a long read but everything you need to know is in it! (edit : its now a sticky ) Yeah just read it. Very interesting. Link to comment Share on other sites More sharing options...
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