Mandaric´s Wednesday move official

Leicester City chairman Milan Mandaric has rescued financially stricken League One club Sheffield Wednesday from administration.

Mandaric has purchased Wednesday for eight million pounds, and reached agreements to wipe out the Yorkshire club’s 30-million-pound debts with all major creditors.

The 72-year-old resigned from Leicester before their Championship clash with Nottingham Forest on Monday, and take over as chairman of Wednesday on a three-man board with outgoing chairman Howard Wilkinson and chief executive Nick Parker.

“I believe this to be one of the most important days in the recent history of our great club,” Wilkinson said.

“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.”

“I will always be grateful to Milan Mandaric for showing the determination to save Sheffield Wednesday.”

Mandaric’s company, UK Football Investments, has struck a deal to pay one pound for complete ownership of the club, subject to the expected approval of shareholders at an extraordinary general meeting on December 14.

The former Portsmouth owner says he is committed to returning the once-proud club to the English Premier League.

“Sheffield Wednesday is one of the most famous names in football,” Mandaric said.

“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 (manager) Alan Irvine to again make Sheffield Wednesday a real force in English football.”

Irvine, who has managed the club since January, says he is relieved Wednesday’s future is now assured.

“As a manager, you know that if the club does go into administration not only do you lose ten points that you’ve had to work very hard to get, but you also find that control is completely taken out of your hands and that is something that makes life very difficult for any manager,” he told the club’s official website.

“I am looking forward to sitting down with Mr Mandaric to find out what his plans are.”