As expected, Milan Mandaric has agreed a deal to take over Sheffield Wednesday, paying off £7m of the £23m Co-operative Bank debt. They probably won’t want to get involved in loans to a football club again in a hurry.
As expected, Milan Mandaric has agreed a deal to take over Sheffield Wednesday, paying off £7m of the £23m Co-operative Bank debt. They probably won’t want to get involved in loans to a football club again in a hurry.
Mandaric will resign as chairman of Leicester City. He was in charge at Portsmouth for eight years until 2006. He was due to appear in court to face charges relating to tax evasion during his time there, but the case has now been adjourned until January.
In the Football League Paper Mandaric is quoted as saying, ‘I’m going to ask the whole Sheffield Wednesday community to come together and roll up our sleeves. If we work hard then we can have some fun. All of my life in the corporate world I have never had a lot of money to buy big companies. I would buy small comanies and make them better. I’m looking forward to the challenge of doing that here.’
Marcus Tudgay is to go on loan to Nottingham Forest with a view to a £500,000 deal in the January transfer window. Bigger offers have been made for him in the past, but it will get his £7,000 a week wages off the books.
It is understood that Mandaric has agreed to provide the £400,000 in VAT arrears required to satisfy the latest demand from the tax authorities.
The Owls have the stadium, the tradition and the support base. With the financial uncertainty removed, they can now concentrate on their campaign to return to the Championship. Given that the financial gap between League 1 and the Championship has widened, promotion would give a big boost to their longer-term stability.