Mack Posted 12 August 2010 Posted 12 August 2010 Now if my memory serves me right he bought the club for around £25 million 4 years ago. By his own admission it was costing him around £5 million a year to keep the club going. So that's a total investment for Milan of around £45 million quid. So all up Milan has not made a bean from his time as Leicester City FC owner. In fact he has probably ended up in the red. I know he has had his critics but all in all I respect what Mandaric has done for the club, it is in a much better state now then when he took over. Lets hope the new owners have the club's best interests at heart.
Webbo Posted 12 August 2010 Posted 12 August 2010 For a start it wasn't £25million. The alleged £5million a year could have been in loans that the consortium has now taken on. In short we don't know the details and we're never likely to so it's pointless speculating.
Mack Posted 12 August 2010 Author Posted 12 August 2010 Either way Mandaric has not made bundle on this deal. If he does pull back completely from his association with the club I for one will be disappointed. He knows English football and I dont trust Lee Hoos to guide our new owners in the right direction.
Webbo Posted 12 August 2010 Posted 12 August 2010 Either way Mandaric has not made bundle on this deal. No way of knowing either way.
davieG Posted 12 August 2010 Posted 12 August 2010 Now if my memory serves me right he bought the club for around £25 million 4 years ago. By his own admission it was costing him around £5 million a year to keep the club going. So that's a total investment for Milan of around £45 million quid. So all up Milan has not made a bean from his time as Leicester City FC owner. In fact he has probably ended up in the red. I know he has had his critics but all in all I respect what Mandaric has done for the club, it is in a much better state now then when he took over. Lets hope the new owners have the club's best interests at heart. Would be useful debate if there were at least one reliable fact in that lot. £25mill my arse! If he has spent any money most of it was wasted by his poor decision making.
Mack Posted 12 August 2010 Author Posted 12 August 2010 Poor decision making that saw us close to a play off final last season? I agree he made one huge mistake, Martin Allen. But even the biggest white elephant to come from that now seems to be showing some signs that he may just repay the club on the pitch this season. There seems to be an acute distrust around Mandaric and his tenure as owner of the club which I dont really grasp. His time at the helm was a positive thing for LCFC, a club he took on when it desperately needed someone to stick their neck out.
Callabinho Posted 12 August 2010 Posted 12 August 2010 Milan has saved our club from heading into a black hole! now we have a reward for the hard work, sweat, blood, and tears over the past few seasons! Respect it, utilize it, but Don't waste it......
davieG Posted 12 August 2010 Posted 12 August 2010 Poor decision making that saw us close to a play off final last season? I agree he made one huge mistake, Martin Allen. But even the biggest white elephant to come from that now seems to be showing some signs that he may just repay the club on the pitch this season. There seems to be an acute distrust around Mandaric and his tenure as owner of the club which I dont really grasp. His time at the helm was a positive thing for LCFC, a club he took on when it desperately needed someone to stick their neck out. Bad decision making that got us relegated to L1 for the first time in our history. As for Mandaric himself he's been full of double talk since he first arrived on the scene. The fact that you still believe he bought the club for £25 mill should tell you something, if he was the honest upstanding, let the fans know all the facts kind of guy you believe him to be he would have announced the truth and not let people go on believing it.
hackneyfox Posted 12 August 2010 Posted 12 August 2010 Milan bought the club for £25,000,000 FACT Not what I've been told and this is from someone involved with the club before Milan took over. About 700k by the time he'd scared everyone witless with his talk of administration, which wasn't going to happen. And then another 1.5m had we gone up last season. He has covered about 25m of losses over the last 3 seasons.
Cheese Me Posted 12 August 2010 Posted 12 August 2010 Now if my memory serves me right he bought the club for around £25 million 4 years ago. By his own admission it was costing him around £5 million a year to keep the club going. So that's a total investment for Milan of around £45 million quid. So all up Milan has not made a bean from his time as Leicester City FC owner. In fact he has probably ended up in the red. I know he has had his critics but all in all I respect what Mandaric has done for the club, it is in a much better state now then when he took over. Lets hope the new owners have the club's best interests at heart. That bit at least is very true. I hope he sticks around for a while and I hope he hasn't lost money on us. It's been a bumpy road but we were on a steep downhill slope and now we're heading very much in the right direction. Thank you Milan for that at least.
darko2k7 Posted 12 August 2010 Posted 12 August 2010 Bad decision making that got us relegated to L1 for the first time in our history. As for Mandaric himself he's been full of double talk since he first arrived on the scene. The fact that you still believe he bought the club for £25 mill should tell you something, if he was the honest upstanding, let the fans know all the facts kind of guy you believe him to be he would have announced the truth and not let people go on believing it. If he had not taken us on in the first place when he did we would have gone into administration which comes with a point deduction which would have sent us down anyway . At the end of the day no matter wot you think of him or wot he as done and said he as spent alot of money on the club so he will always get the tumbs up from me
hackneyfox Posted 12 August 2010 Posted 12 August 2010 We would NOT have gone into administration we would just have continued with very little to spend. I think the MOF has probably been good for the club overall but don't believe everything you read in The Mercury or written by his other tame journalists.
Heart-Shaped Fox Posted 12 August 2010 Posted 12 August 2010 I actually like Mandaric, and we would be worse off if he wasnt here.
Phube Posted 12 August 2010 Posted 12 August 2010 Poor decision making that saw us close to a play off final last season? I agree he made one huge mistake, Martin Allen. But even the biggest white elephant to come from that now seems to be showing some signs that he may just repay the club on the pitch this season. There seems to be an acute distrust around Mandaric and his tenure as owner of the club which I dont really grasp. His time at the helm was a positive thing for LCFC, a club he took on when it desperately needed someone to stick their neck out. Watford... 4-1... Hellloooo!
hackneyfox Posted 12 August 2010 Posted 12 August 2010 I think he's been good for us but don't fall for the 25m guff, miles out.
hackneyfox Posted 12 August 2010 Posted 12 August 2010 Watford... 4-1... Hellloooo! And which Premier League club is he in charge of now? Hellooo! How many clubs has he managed since he left us? Hellooo!
Chairman of the Bored Posted 12 August 2010 Posted 12 August 2010 It's about time the Martin Allen debate was reopened
scottlcfc Posted 12 August 2010 Posted 12 August 2010 new owners new players we want waghorn back at the walkers stadium
FrankieADZ Posted 12 August 2010 Posted 12 August 2010 So if he did sell it for £40 mil....im sure he wouldnt mind lending me some wonga
Jay Posted 12 August 2010 Posted 12 August 2010 If I remember it correctly it valued the club at £40million and as Milan is part of the consortium the % of investments are still in question. if he still retains 51% of the club the actual total investment would be less than £20million, if a big wedge of that is taking over the loans and debts of the club, they may not have paid anything for it so to say. If they have taken over the stadium debt etc which is part of the value then the actually money that has swapped hands could be very minimal infact they could have even just put their names down against all the loans and debts and paid peanuts. either way I doubt they have actually put a massive wedge of cash down
Flynny Posted 12 August 2010 Posted 12 August 2010 Mandaric paid hardly anything for the club, but was contractually obliged to inject something in the region of £6million as terms of the takeover. He also took on the stadium debt, which makes up the bulk of the £25 million figure as far as I'm aware. For it to be a £40 million takeover now then he has to have been financing us with loans and got his money back.
hackneyfox Posted 12 August 2010 Posted 12 August 2010 Mandaric paid hardly anything for the club, but was contractually obliged to inject something in the region of £6million as terms of the takeover. He also took on the stadium debt, which makes up the bulk of the £25 million figure as far as I'm aware. For it to be a £40 million takeover now then he has to have been financing us with loans and got his money back. 1 million (rounded up) for takeover 16 million on the ground 24 million in losses (which the 6m he was obliged to put up will be part of). That's about 40 million Having said that, he didn't take over the debt on the ground, he just said he'd cover it, the ground is till owned by Teachers as far as I know, if it wasn't Milan would have told us you can be sure of that.
Recommended Posts
Archived
This topic is now archived and is closed to further replies.