Milan Mandaric hailed for saving Sheffield Wednesday

Sheffield Wednesday chairman Howard Wilkinson has hailed Milan Mandaric's takeover as "one of the most important days in the recent history of our great club" after the Owls confirmed the £8million sale to the Stock Exchange.

Leicester chairman Mandaric, 72, will say goodbye to Foxes fans at the Walkers Stadium tonight when he quits his post ahead of the televised npower Championship clash with Nottingham Forest.

The Serbian-born businessman has struck deals with all Wednesday's creditors, including the Co-operative Bank and former Owls chairman Dave Allen, to wipe out the club's £30million debts.

Wilkinson said: "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.

"We do have one final hurdle to cross, and that is for shareholders to approve the sale at the upcoming emergency general meeting."

The deal has yet to be rubber-stamped by shareholders at an EGM on December 14, but the club has confirmed it has already received "irrevocable undertakings from 43.6% of the company's shareholders to vote in favour of the deal".

Wilkinson added: "I will always be grateful to Milan Mandaric for showing the determination to save Sheffield Wednesday.

"We've been able to spend some time in recent days speaking about football and what needs to be done here. I look forward to working with Milan in building a strong club in which we can all be proud.

"I would also like to put on record my thanks and appreciation to the whole staff and supporters of Sheffield Wednesday, who have stuck with us through thick and thin.

"In particular, I would like to thank our chief executive Nick Parker, who has worked night and day to save Sheffield Wednesday from administration."

Mandaric agreed a £7million settlement with the Co-op Bank, who were owed £23million by the club, and five directors last week, but former chairman Allen, owed £2.4million, had refused to accept an initial offer of £250,000.

Three directors and two former directors agreed to accept 50% of the money they were owed, but will be paid in full if Wednesday are promoted to the Barclays Premier League.

Mandaric, buoyed by the support he had received from Owls fans since making his intentions public, instructed his lawyers to make an improved offer of £1.5million to Allen last week and an agreement was reached in the early hours of Saturday morning.

Mandaric said: "Sheffield Wednesday is one of the most famous names in football.

"I've been able to speak to a lot of people in and around the club in recent weeks and their passion for Sheffield Wednesday has helped inspire me to get to this point.

"I give the supporters and everybody who cares for this club an assurance that if shareholders vote in favour of this deal, then I will do everything in my power, working with Howard, Nick and Alan Irvine to again make Sheffield Wednesday a real force in English football."

News
Patrick Stewart in the classiest ice bucket to date
people
News
Australian rapper Iggy Azalea was left red faced but, thankfully, unhurt after taking a few too many steps backwards, sending her tumbling off the stage.
peopleIggy Azalea was left red faced but apparently unhurt after taking a few too many steps backwards
News
newsComedian Lee Hurst started trend with first tweet using the hashtag
News
The current recommendation from Britain's Chief Medical Officer, is that people refrain from drinking on at least two days a week
food + drinkTheory is that hangovers are caused by methanol poisoning
PROMOTED VIDEO
Have you tried new the Independent Digital Edition apps?
Life and Style
A nearly completed RoboThespian robot inside the Engineered Arts workshop is tested in Penryn, England. The Cornish company, operating from an industrial unit near Falmouth, is the world's only maker of commercially available life sized humanoid robots
techSuper-intelligent robots could decide destroying the human race is the kindest thing to do
News
scienceExcitement from alien hunters at 'evidence' of extraterrestrial life
News
newsRyan Crighton goes in search of the capo dei capi
Life and Style
techConcept would see planes coated in layer of micro-sensors and able to sense wear and tear
Life and Style
Customers can get their caffeine fix on the move
food + drink
Extras
indybest

Arts and Entertainment
Actors front row from left, Jared Leto, Jennifer Lawrence, Meryl Streep, Ellen DeGeneres, Bradley Cooper, Peter Nyongío Jr., and, second row, from left, Channing Tatum, Julia Roberts, Kevin Spacey, Brad Pitt, Lupita Nyongío and Angelina Jolie as they pose for a
film
Sport
sport
Life and Style
techCould new invention save millions in healthcare bills?
Sport
David Moyes gets soaked
sport Moyes becomes latest manager to take part in the ALS challenge
Voices
A meteor streaks across the sky during the Perseid Meteor Shower at a wind farm near Bogdanci, south of Skopje, Macedonia, in the early hours of 13 August
voicesHagel and Dempsey were pure Hollywood. They only needed Tom Cruise, says Robert Fisk
Caption competition
Caption competition
Latest stories from i100
Have you tried new the Independent Digital Edition apps?

Bleacher Report

Daily Quiz
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

Career Services

Day In a Page

All this talk of an ‘apocalyptic’ threat is simply childish

Robert Fisk: All this talk of an ‘apocalyptic’ threat is simply childish

Chuck Hagel and Martin Dempsey were pure Hollywood. They only needed Tom Cruise
Mafia Dons: is the Camorra in control of the Granite City?

Mafia Dons: is the Camorra in control of the Granite City?

So claims an EU report which points to the Italian Mob’s alleged grip on everything from public works to property
Emmys look set to overhaul the Oscars as Hollywood’s prize draw

Emmys look set to overhaul the Oscars as Hollywood’s prize draw

Once the poor relation, the awards show now has the top stars and boasts the best drama
What happens to African migrants once they land in Italy during the summer?

What happens to migrants once they land in Italy?

Memphis Barker follows their trail through southern Europe
French connection: After 1,300 years, there’s a bridge to Mont Saint-Michel

French connection: After 1,300 years, there’s a bridge to Mont Saint-Michel

The ugly causeway is being dismantled, an elegant connection erected in its place. So everyone’s happy, right?
Frank Mugisha: Uganda's most outspoken gay rights activist on changing people's attitudes, coming out, and the threat of being attacked

Frank Mugisha: 'Coming out was a gradual process '

Uganda's most outspoken gay rights activist on changing people's attitudes, coming out, and the threat of being attacked
Radio 1 to hire 'YouTube-famous' vloggers to broadcast online

Radio 1’s new top ten

The ‘vloggers’ signed up to find twentysomething audience
David Abraham: Big ideas for the small screen

David Abraham: Big ideas for the small screen

A blistering attack on US influence on British television has lifted the savvy head of Channel 4 out of the shadows
Florence Knight's perfect picnic: Make the most of summer's last Bank Holiday weekend

Florence Knight's perfect picnic

Polpetto's head chef shares her favourite recipes from Iced Earl Grey tea to baked peaches, mascarpone & brown sugar meringues...
Horst P Horst: The fashion photography genius who inspired Madonna comes to the V&A

Horst P Horst comes to the V&A

The London's museum has delved into its archives to stage a far-reaching retrospective celebrating the photographer's six decades of creativity
Mark Hix recipes: Try our chef's summery soups for a real seasonal refresher

Mark Hix's summery soups

Soup isn’t just about comforting broths and steaming hot bowls...
Tim Sherwood column: 'It started as a three-horse race but turned into the Grand National'

Tim Sherwood column

I would have taken the Crystal Palace job if I’d been offered it soon after my interview... but the whole process dragged on so I had to pull out
Eden Hazard: Young, gifted... not yet perfect

Eden Hazard: Young, gifted... not yet perfect

Eden Hazard admits he is still below the level of Ronaldo and Messi but, after a breakthrough season, is ready to thrill Chelsea’s fans
Tim Howard: I’m an old dog. I don’t get too excited

Tim Howard: I’m an old dog. I don’t get too excited

The Everton and US goalkeeper was such a star at the World Cup that the President phoned to congratulate him... not that he knows what the fuss is all about
Match of the Day at 50: Show reminds us that even the most revered BBC institution may have a finite lifespan – thanks to the opposition

Tom Peck on Match of the Day at 50

The show reminds us that even the most revered BBC institution may have a finite lifespan – thanks to the opposition