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."

Arts and Entertainment
Lou Reed distorted the truth about his upbringing, and since his death in 2013, biographers and memoirists have added to the myths
musicThe truth about Lou Reed's upbringing beyond the biographers' and memoirists' myths
News
people
News
Ed Miliband received a warm welcome in Chester
election 2015
Life and Style
Apple CEO Tim Cook announces the Apple Watch during an Apple special even
fashionIs the Apple Watch for you? Well, it depends if you want it for the fitness tech, or for the style
Have you tried new the Independent Digital Edition apps?
News
i100
News
Astronauts could be kept asleep for days or even weeks
scienceScientists are looking for a way to keep astronauts in a sleeplike state for days or weeks
Sport
Fabian Delph celebrates his goal
footballChristian Benteke and Fabian Delph turn semi-final after Liverpool goal
Life and Style
Model wears: top £29.50, leggings £25, jacket £29.50, bag £25, all marksandspencer.com
fashion
News
people
Arts and Entertainment
The new-look Top of the Pops could see Fearne Cotton returns as a host alongside Dermot O'Leary
music
Caption competition
Caption competition
  • Get to the point
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

Armenian genocide: To continue to deny the truth of this mass human cruelty is close to a criminal lie

Armenian genocide and the 'good Turks'

To continue to deny the truth of this mass human cruelty is close to a criminal lie
Lou Reed: The truth about the singer's upbringing beyond the biographers' and memoirists' myths

'Lou needed care, but what he got was ECT'

The truth about the singer's upbringing beyond
Migrant boat disaster: This human tragedy has been brewing for four years and EU states can't say they were not warned

This human tragedy has been brewing for years

EU states can't say they were not warned
Women's sportswear: From tackling a marathon to a jog in the park, the right kit can help

Women's sportswear

From tackling a marathon to a jog in the park, the right kit can help
Hillary Clinton's outfits will be as important as her policies in her presidential bid

Clinton's clothes

Like it or not, her outfits will be as important as her policies
NHS struggling to monitor the safety and efficacy of its services outsourced to private providers

Who's monitoring the outsourced NHS services?

A report finds that private firms are not being properly assessed for their quality of care
Zac Goldsmith: 'I'll trigger a by-election over Heathrow'

Zac Goldsmith: 'I'll trigger a by-election over Heathrow'

The Tory MP said he did not want to stand again unless his party's manifesto ruled out a third runway. But he's doing so. Watch this space
How do Greek voters feel about Syriza's backtracking on its anti-austerity pledge?

How do Greeks feel about Syriza?

Five voters from different backgrounds tell us what they expect from Syriza's charismatic leader Alexis Tsipras
From Iraq to Libya and Syria: The wars that come back to haunt us

The wars that come back to haunt us

David Cameron should not escape blame for his role in conflicts that are still raging, argues Patrick Cockburn
Sam Baker and Lauren Laverne: Too busy to surf? Head to The Pool

Too busy to surf? Head to The Pool

A new website is trying to declutter the internet to help busy women. Holly Williams meets the founders
Heston Blumenthal to cook up a spice odyssey for British astronaut manning the International Space Station

UK's Major Tum to blast off on a spice odyssey

Nothing but the best for British astronaut as chef Heston Blumenthal cooks up his rations
John Harrison's 'longitude' clock sets new record - 300 years on

‘Longitude’ clock sets new record - 300 years on

Greenwich horologists celebrate as it keeps to within a second of real time over a 100-day test
Fears in the US of being outgunned in the vital propaganda wars by Russia, China - and even Isis - have prompted a rethink on overseas broadcasters

Let the propaganda wars begin - again

'Accurate, objective, comprehensive': that was Voice of America's creed, but now its masters want it to promote US policy, reports Rupert Cornwell
Why Japan's incredible long-distance runners will never win the London Marathon

Japan's incredible long-distance runners

Every year, Japanese long-distance runners post some of the world's fastest times – yet, come next weekend, not a single elite competitor from the country will be at the London Marathon
Why does Tom Drury remain the greatest writer you've never heard of?

Tom Drury: The quiet American

His debut was considered one of the finest novels of the past 50 years, and he is every bit the equal of his contemporaries, Jonathan Franzen, Dave Eggers and David Foster Wallace