Milan Mandaric Completes Sheffield Wednesday Takeover
November 30, 2010
Sheffield Wednesday has confirmed that Milan Mandaric has completed the takeover of the club with his company UK Football Investments for £1 (US$1.55).
Mandaric has negotiated terms to wipe out the clubs debt which totals at around £30m ($46.59m). Sheffield Wednesday had owed £23m ($35.71m) to the Co-operative Bank of which the new owner has paid £7m ($10.87).
The takeover means that Mandaric, allergist 72, will now leave Leicester City after a 4-year reign as owner of the Midlands club. Sheffield Wednesday chairman, Howard Wilkinson in now keen to put all their financial woes behind them after relegation last year was followed by the club reaching the verge of administration.
Wilkinson spoke of the deal, “I believe this to be one of the most important days in the recent history of our great club,”
“Our trials and tribulations have been well documented, but I can now see a brighter future for Sheffield Wednesday.
“Our club has been on the brink of administration and if this were to happen then so many people around our club would have suffered.”
The takeover has come just in time after a winding-up hearing at the High Court on November 17 ordered payments of £1.4m ($2.17m) to be made within 28 days to avoid administration.