davieG Posted 30 April 2010 Posted 30 April 2010 Milan Mandaric has pledged to honour his promise to repay Leicester City's former shareholders if the club win the Championship play-offs. City chairman Mandaric paid 10p a share when he took over the club in 2007, but promised to pay a further 40p a share if they got into the Premier League within three years. That would increase to a full £1 a share if City remained in the top flight after the first season back in the Premier League. City booked their place in the play-offs last week with victory at Preston North End and Mandaric said he would be happy to write the cheques to the club's shareholders, who include former chairman Andrew Taylor, ex-director Greg Clarke, and former players Gary Lineker and Emile Heskey, if they won promotion. Almost 6.4 million shares were issued at £1 each between the time the club came out of administration in 2003 and Mandaric's takeover, and it cost him more than £600,000 initially to buy the shares he needed in 2007. Promotion could see him paying out an additional £2.56 million, and another £3.2 million if City stay up, but he said he would be delighted to do it. "I think the club has a tremendous opportunity and it is not a case of if, but when, we go to the Premier League," said Mandaric. "I would like to do it this season because, with all honesty, I do have a commitment to the previous shareholders. If I take the club to the Premier League within three years then I will pay back their original investments. "That would be the easiest and fastest cheque I ever signed in my life, to give money back to the investors. I would gladly sign those cheques. That is what we are aiming to do." Promotion would boost City's profile and make the club more attractive to possible investors. Mandaric has said he would like to identify some form of investment to ease the personal burden on himself, which is currently between £5-6 million a year, but said that wasn't an important issue to him at present. "I am not really concerned about investment because right now I am supporting the club financially," he said. I am happy to do this because I can see the results. I am not worried about that now. "We are in a great position and it has not happened by accident, but it is not a time to celebrate and relax now because we have to work hard to make sure we get there. We are not there yet."
Guest ttfn Posted 30 April 2010 Posted 30 April 2010 wish i still had my shares Why? So you could have got 10% of your money back?!
Tony Pine Posted 30 April 2010 Posted 30 April 2010 no, i just wish i still had shares invested in the club
Foxes_Trust Posted 30 April 2010 Posted 30 April 2010 Milan Mandaric has pledged to honour his promise to repay Leicester City's former shareholders if the club win the Championship play-offs......... Not sure why MM has raised the topic at this point, however it was a legally binding document, so honouring a promise doesn't really come into it
Collymore Posted 1 May 2010 Posted 1 May 2010 Actually, I wish I had shares. I too wish I had shares, even making a loss.
surrifox Posted 1 May 2010 Posted 1 May 2010 I had some shares in the old plc- best investment I ever made!
Orkneyfox Posted 1 May 2010 Posted 1 May 2010 I think I've got 200 of these somewhere - rich at last!
Trav Le Bleu Posted 1 May 2010 Posted 1 May 2010 When I first saw the headline in the Mockery I thought it meant MM was gonna give £6.4 mill for the transfer kitty if we went up and I was ready to go ballistic!
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