Former Portsmouth and Leicester City owner Milan Mandaric has re-emerged as the favourite to take over Sheffield Wednesday. An initial offer by Mandaric was rejected by the board after opposition over the terms from loan note holders such as former chairmen Dave Allen, now at Chesterfield. However, this news was not welcome at the Co-op Bank who had checked out Mandaric’s funding and were prepared to accept his offer to the bank of £8m, even though they are owed £23m.
Former Portsmouth and Leicester City owner Milan Mandaric has re-emerged as the favourite to take over Sheffield Wednesday. An initial offer by Mandaric was rejected by the board after opposition over the terms from loan note holders such as former chairmen Dave Allen, now at Chesterfield. However, this news was not welcome at the Co-op Bank who had checked out Mandaric’s funding and were prepared to accept his offer to the bank of £8m, even though they are owed £23m.
This means that it looks as if an offer by former Peterborough backer Colin Hill, and fronted by local businessman Spencer Fearn, will be out of the running. Swiss-based property developer Hill emerged as the backer for Rotherham businessman Fearn. Part of his plam involved giving ‘Big Ron’ Atkinson a role at Hillsborough. However, apart from the desirability of everyone having to suffer ‘Ronglish’, doubts were raised about Hill’s suitability. This is not to say that everyone is happy about Mandaric.
Long-suffering Owls fans have understandably had more than enough of this saga and three fans group, said to represent a 24 per cent shareholding, have called on the board to resign immediately over their handling of the club’s affairs.