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Milan Mandaric has made a revised bid to take over Leicester City, but it is substantially lower than the offer made by the former Portsmouth owner earlier in December. Mandaric's proposed £25m buyout was on the brink of collapsing when the businessman became unhappy after seeing the results of his accountants' examination of the club's finances. Financial and legal issues were raised during due diligence and, shortly before Christmas, Mandaric worked out of a meeting with Leicester officials. However, he has now returned with a reduced officer, which the Leicester board is considering. Mandaric has received the backing of two former Leicester players, television pundit Gary Lineker who owns 100,000 shares and Emile Heskey, who has 50,000. Hammond Grange, a property management company, and Pukka Pies are the largest shareholders.
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