unreachable Posted 25 August 2010 Posted 25 August 2010 http://www.guardian.co.uk/football/2010/aug/25/leicester-city-takeover-milan-mandaric The sale of Leicester City announced a fortnight ago by the chairman Milan Mandaric has not yet been approved by the Football League. In an apparent breach of new league rules introduced earlier this month, no prior notification was given by Leicester as to who the new owners and directors were, so that they could be cleared as "fit and proper" people. The new "owners and directors" test was adopted by the league on 4 August when its clubs voted to accept the increased £66.24m in "solidarity" payments from the Premier League in each of the next three seasons. The rule states that clubs must give "pre-notification" to the league of incoming owners and directors, who must certify that they do not have current convictions for fraud-related offences. Mandaric announced on 12 August, eight days later, that the consortium, led by the 25-year-old Aiyawatt Raksriaksorn, "has acquired" Leicester City. However, at that point no details at all are understood to have been sent to the league. Information has now been presented on the prospective new owners and the financial backing they have, but the league is understood still to require further detail and so has not approved the takeover. "We cannot ratify the takeover until all necessary information has been received and proves satisfactory," a spokesman said. Mandaric said Leicester City "both supports and welcomes the new rules" and suggested that the failure to provide information to the league in advance was because new rules require a "bedding-in period".
unreachable Posted 25 August 2010 Author Posted 25 August 2010 http://www.lcfc.com/page/LatestNews/0,,10274~2121018,00.html Dated 16th August 2010 "Fit and Proper" person test was addressed in this item rather ambiguously using present and future tenses. Old news story really in that Football League still had to approve the deal.
MPH Posted 25 August 2010 Posted 25 August 2010 This is obviously what stringer was talking about when he mentioned about look out for the gardian...
Fox You Forest Posted 25 August 2010 Posted 25 August 2010 First club under the new rules, they need to be seen to be doing something, aka muscle flexing.
wurmer Posted 25 August 2010 Posted 25 August 2010 No money for us until it does though - Could explain the lack of 'big' fee-signings. Will it be done in time for end of August to allow us to sign some players?
ibbosuk Posted 25 August 2010 Posted 25 August 2010 Radio Leicester sport have also just stated that the takeover of Leicester City "has yet to be completed".
Superpants82 Posted 25 August 2010 Posted 25 August 2010 Really hope and pray the league don't drag there feet preventing us from signing anyone, that would be just our luck
philce Posted 25 August 2010 Posted 25 August 2010 Really hope and pray the league don't drag there feet preventing us from signing anyone, that would be just our luck Why does this always seem to happen to us? I thought all this was too good to be true! I just hope I'm wrong!!!
FrankieADZ Posted 25 August 2010 Posted 25 August 2010 well this is a kick the balls <_< Just hope Mr.Sousa is able to bring in a couple of signing before the end of the window. but in a way .....I'm not surprised, where Leicester, We never do things the easy way
body102 Posted 25 August 2010 Posted 25 August 2010 What bugs me is Cardiff can go months and months not paying the tax man , keep gettin taken to court until they pay it . And then sign a player on loan who is surely costing them a fortune . Surely the league should be looking at them .
stix Posted 25 August 2010 Posted 25 August 2010 What bugs me is Cardiff can go months and months not paying the tax man , keep gettin taken to court until they pay it . And then sign a player on loan who is surely costing them a fortune . Surely the league should be looking at them . Exactly.
James. Posted 25 August 2010 Posted 25 August 2010 Hardly fills me with confidence in the management of the club if a simple but critical rule is not adhered to.
cambridgefox Posted 25 August 2010 Posted 25 August 2010 Gutted. Did they indicate a time scale,if it goes past the window and all is fine,that would be unjust.i woke up this morning happy re leeds result ,expecting good news.bah humbug.
leftsideoverhere Posted 25 August 2010 Posted 25 August 2010 The 'news' story is effectively an advert for the 'feature' article here: http://www.guardian.co.uk/sport/david-conn-inside-sport-blog/2010/aug/25/leicester-takeover-football-league-transparency It's certainly muddy water, but I think most of that is the journalist's fault. They're new rules. I expect, like most financial regulations, they're rather complex. Neither Mandaric nor the new owners will want to make public too much information, they'll reluctantly release just enough to satisfy the authorities. In the circumstances, I'm not surprised that they've given some information but the league feel they need to supply more. There'll be some dancing around but I don't see anything in this article other than a journalist putting a few things together (the allegations about MM's time at Pompey, the fact the football league chairman used to be a director at LCFC, the fact we were in administration once (which still winds up some people in football, part of the reason there's an anti-Leicester flavour to some football media) and trying to imply some dodgy dealings. David Conn's lead-in to the article asserts that "Milan Mandaric has still not confirmed the basic details of Leicester's sale" and then quotes a League official in the article saying that "some good,helpful information has been provided" but that more was expected. None of the quotes from the League or anywhere else suggest that the deal won't be approved, it just hasn't been yet. The thrust of the journalist's article seems to be directed more at the league (along the lines of they're not enforcing their new rules properly) rather than directly at our club. I'm not worried by this. It is a little ironic that in his programme notes for last night's match, Ken Bates lauded MM for the way the Leicester take-over had been handled - because it was business-like and behind the scenes, not out in the glare of the media like the goings-on with the Glazers and the ongoing Liverpool saga. Maybe he spoke too soon. But then Ken Bates speaking too soon is hardly news, either.
leftsideoverhere Posted 25 August 2010 Posted 25 August 2010 Oh, and as for the transfer window, I expect that the powers-that-be behind the club could create a temporary financial injection if necessary, before transforming it into permanent ownership once they've got the green light, if needs be.
Lillehamring Posted 25 August 2010 Posted 25 August 2010 what a non story. i'm sure this is just a formality.
stix Posted 25 August 2010 Posted 25 August 2010 Surely if everything was above board and it just a matter of getting everything signed up then milan would be quite happy to front cash for players on the understanding that he would be repaid when everything was official? If he loves the club like he says he does anyway?
davieG Posted 25 August 2010 Posted 25 August 2010 Hardly fills me with confidence in the management of the club if a simple but critical rule is not adhered to. It really makes you wonder how Mandaric has been so successful with his non-football business and as for Hoos A Total cock up which seems to be having a big impact on the ability of Sousa to improve the squad.
leftsideoverhere Posted 25 August 2010 Posted 25 August 2010 It really makes you wonder how Mandaric has been so successful with his non-football business and as for Hoos A Total cock up which seems to be having a big impact on the ability of Sousa to improve the squad. You're joking, right? Sometimes it's hard to tell. This kind of dancing with the authorities goes on all the time in big business - it's par for the course. Just an over-excited journalist. And I don't see any sign that it's delaying Sousa's transfer dealings. Kennedy, Vitor, Moreno, Crncic, Moussa... It might be getting in the way of us splashing a big wedge on a past-it so-called "marquee signing" like Edgar Davids, but if so, thank fook for that. Hopefully those players will all have found somewhere to stack up their retirement fund, err, I mean, play out their last days in the game for the sheer joy of competitive football, and we'll have to make do with youngsters who actually want to prove themselves.
Jon the Hat Posted 25 August 2010 Posted 25 August 2010 Complete non story. Leftsideoverhere has hit the nail on the head. Add to this the fact that all Football authorities seem to be barely able to find their arse with both hands, and you have a recipe for weeks of faffing.
davieG Posted 25 August 2010 Posted 25 August 2010 You're joking, right? Sometimes it's hard to tell. This kind of dancing with the authorities goes on all the time in big business - it's par for the course. Just an over-excited journalist. And I don't see any sign that it's delaying Sousa's transfer dealings. Kennedy, Vitor, Moreno, Crncic, Moussa... It might be getting in the way of us splashing a big wedge on a past-it so-called "marquee signing" like Edgar Davids, but if so, thank fook for that. Hopefully those players will all have found somewhere to stack up their retirement fund, err, I mean, play out their last days in the game for the sheer joy of competitive football, and we'll have to make do with youngsters who actually want to prove themselves. No because despite all the dancing they should be experienced and astute enough to pre-empt it so therefore it does make me wonder. Have we signed anyone for cash since the take over and who said anything about marquee signing Sousa has stated quite clearly that he's looking to strengthen the squad it's yet to happen, so maybe this is the reason, hence my saying 'seems' to have had an impact.
leftsideoverhere Posted 25 August 2010 Posted 25 August 2010 No because despite all the dancing they should be experienced and astute enough to pre-empt it so therefore it does make me wonder. Have we signed anyone for cash since the take over and who said anything about marquee signing Sousa has stated quite clearly that he's looking to strengthen the squad it's yet to happen, so maybe this is the reason, hence my saying 'seems' to have had an impact. I doubt very much if MM will be doing this in future. Not that I wish to imply he's done it before. Err, umm... Think for a minute about the corporate take-overs that happen in other fields of business, regulators (in this case the Football League) often spend a very long time review the arrangements to decide whether they are breaching rules such as those relating to monopolies, pension funds, tax and so on, with much to-ing and fro-ing of information. In the past football clubs didn't have much to do in terms of convincing their regulator, so we've all got used to buy-outs effectively going through on the nod. Not any more. We're the first under the new rules, which makes it even more likely that it would take a few goes to get the information the league wants, without giving anything away which would benefit competitors, either in football, or in MM's or the consortium's primary business areas. As for transfers, I'm sure the new owners could 'loan' the club the money and then transfer it into an acquisition payment, if Sousa felt that there was someone specific he wanted who might get away. That's not the impression I get from his interviews, it seems more like he's just being fussy, trying to get the right people in, who are not always available on terms the club are happy with, regardless of whether there's a stash of twenties under Sousa's desk.
sdb Posted 25 August 2010 Posted 25 August 2010 Cheers Ian Stringer, exactly what I got up early for... Breaking news banner at the top of Guardian Football page has the Abe to Leicester story so that looks like going ahead
davieG Posted 25 August 2010 Posted 25 August 2010 I doubt very much if MM will be doing this in future. Not that I wish to imply he's done it before. Err, umm... Think for a minute about the corporate take-overs that happen in other fields of business, regulators (in this case the Football League) often spend a very long time review the arrangements to decide whether they are breaching rules such as those relating to monopolies, pension funds, tax and so on, with much to-ing and fro-ing of information. In the past football clubs didn't have much to do in terms of convincing their regulator, so we've all got used to buy-outs effectively going through on the nod. Not any more. We're the first under the new rules, which makes it even more likely that it would take a few goes to get the information the league wants, without giving anything away which would benefit competitors, either in football, or in MM's or the consortium's primary business areas. As for transfers, I'm sure the new owners could 'loan' the club the money and then transfer it into an acquisition payment, if Sousa felt that there was someone specific he wanted who might get away. That's not the impression I get from his interviews, it seems more like he's just being fussy, trying to get the right people in, who are not always available on terms the club are happy with, regardless of whether there's a stash of twenties under Sousa's desk. We'll have to stay with our own views then because despite you 'excuses' for them I'm not convinced.
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