Latest news with #MilanMandaric
BBC News
05-07-2025
- Business
- BBC News
Owls remove 'stumbling block' to raise sale hopes
BBC Radio Sheffield is reporting that Sheffield Wednesday are directing parties interested in buying the club to a professional team with a proven track record of selling football clubs, with the aim of completing a marks a change to the club's previous position, with what business insiders consider to be 'proper process' for the sale of a club now taking to sources, NDA's (non-disclosure agreements) are being signed with interested parties, proof of funds requested and a data room (a virtual secure space to share sensitive documents) has been set up. Financial and management information is being made is an apparent shift in position by owner Dejphon Chansiri who, in a statement to supporters on 12 April, said: "The word means more to me than the paper – there is no reason for an NDA or similar when that trust could easily be broken. "I can say there was no NDA in place when I bought our club from Milan (Mandaric). The deal was done on trust from start to finish and behind the scenes, which is the correct and professional thing to do."What's going on at Sheffield Wednesday?Sheff Wed players not being paid 'shocking' - PFAIt is believed the lack of proper process in the past has been a stumbling block when interested parties have approached the club. One member of a consortium interested in buying Wednesday described negotiations with the Thai owner as "the most unique" he'd experienced in his business understand there is more than one interested party and sources believe a sale can be completed without the need for administration. The aim is to do so in weeks rather than months due to the cashflow issues at staff are still waiting for their wages to be paid in full for June, after experiencing the same issue in May. Communication was made to staff on Friday with the club saying they are trying to resolve the some Owls players have handed their notice in after delayed payment of wages for two consecutive club is currently under three separate English Football League embargoes - one for breaking regulations on unpaid players, one relating to HM Revenue & Customs reporting and the other for non-payment of transfer fees. The Owls have also been issued a three-transfer window restriction on paying revealed in a statement recently he had rejected an offer of £40m plus "limited future Premier League promotion payments" from a news that 'proper process' is now taking place could increase the chances of a sale.
New York Times
25-06-2025
- Business
- New York Times
Milan Mandaric rules out Sheffield Wednesday takeover bid, cites ‘several other interested parties'
Former owner Milan Mandaric will not try to lead a rescue bid for crisis-stricken Championship side Sheffield Wednesday following talks with his family and UK-based advisors, the 86-year-old Serbian-American businessman has confirmed. Last week, in an interview with BBC Radio Sheffield, Mandaric suggested that he was ready to explore the 'possibility' of a takeover, as the South Yorkshire side need a 'big rescue'. Advertisement But having flown to London from his California base on Monday, the serial club-owner has issued a statement to say he is not in a position to buy the club. Mandaric sold Wednesday to Dejphon Chansiri in 2015 and had hoped to meet the Thai businessman to discuss a way out of the club's grave financial problems this week, but Chansiri declined the invitation. In truth, Mandaric was never in a position to buy the club back from Chansiri and what he was really proposing was a temporary takeover, with the Thai's consent, to stabilise the four-time English champions so they would be more attractive to new investors. But, with Chansiri refusing to engage with the idea, it was a non-starter. 'I am of course very concerned about the current situation the club finds itself in,' said Mandaric in a written statement. 'However, on reflection I feel it would not be in the best interest of finding the long-term solution we all want for me to explore further my heartfelt desire to assist at this crucial time for the club. 'I have several projects I am currently working on outside the UK and I do not believe I could devote the time it would take to return the club to the healthy condition I left it in a decade ago when Mr. Chansiri took over ownership from me.' Mandaric, who has owned or co-owned at least 10 different clubs in six different countries during a remarkable career in football, is currently involved in a hotel project in Slovenia, where he has also been looking for a new club to invest in after recent spells in charge at Olimpija Ljubljana and Vojvodina. His statement continued by saying he was aware that there are 'several interested parties' who are trying to buy Wednesday and he did not want his involvement 'to either slow down or hinder these discussions'. As previously reported by The Athletic, there are two U.S.-based groups currently in talks with Chansiri's representatives. Of those two only the one led by Sheffield-born businessman Adam Shaw and American real estate investor John Flanagan has chosen to go public. Contrary to recent reports, Lyon majority shareholder John Textor has not entered the race and is unlikely to do so while the French club try to overturn their relegation to Ligue 2 for financial issues. In the meantime, Sheffield Wednesday have recently been given a three-window transfer embargo for breaking English Football League rules on late payment of wages. And with this month's payday looming, fears are mounting that Chansiri will fail to pay players and staff on time for a third time in four months. There is also the next tax bill to settle, a new training-ground pitch to lay, stadium repairs to complete and pre-season fixtures to organise — Wednesday's problems are piling up. Advertisement If there is any good news, it appears that Chansiri's family, which owns the world's largest tuna manufacturer Thai Union Group, has taken control of the Sheffield Wednesday sale process by appointing a highly-respected London-based lawyer to engage with bidders. Mandaric, who has also owned Portsmouth and Leicester City in the past, concluded his statement by saying he would continue to follow Sheffield Wednesday's fortunes and would be happy to help Chansiri in any way he could. He also thanked the Wednesday fans who had contacted him but said he would not be making any further public comments. There is one concrete way that the former owner could help his old club and it was alluded to in his BBC radio interview. When Mandaric sold the team to Chansiri he negotiated a bonus payment of £8million if Wednesday are promoted to the Premier League and a further £2m if they can then stay up for more than one season. Unlike most such deals, this one is open-ended and would be passed on to any new owner. This is the £10m that Mandaric told the BBC he was still owed. Chansiri has previously asked him to drop this claim on the club and Mandaric has told him he would be willing to discuss it, but Chansiri has not taken him up on that offer. Sheffield Wednesday, one of England's oldest and best-supported clubs, were founder members of the Premier League but were relegated in 2000 and have spent the last 25 years yo-yoing between the second and third tiers. (NurPhoto/NurPhoto via Getty Images)
BBC News
25-06-2025
- Business
- BBC News
Mandaric no longer pursuing Sheff Wed return
Former Sheffield Wednesday owner Milan Mandaric is no longer pursuing a return to a statement to BBC Radio Sheffield, Mandaric said that after considering putting together a 'rescue package', he had decided it would not be in the club's best interest if he was to try to assist at this Mandaric understands that there are several parties interested, external in a takeover of the Owls. The 86-year-old Serbian-American businessman owned Wednesday between 2010 and 2015 before selling to current proprietor Dejphon Chansiri, the Owls have been given spending restrictions over the next three transfer windows by the English Football League following failures to pay wages on time. Mandaric had hoped to meet Chansiri during a brief visit to the UK this week, but the current Wednesday owner is not in the on reflection, Mandaric, who also owned Portsmouth and Leicester City before Wednesday, does not believe that he could devote sufficient time to "return the club to the healthy condition I left it in".He also believes that with other parties involved, his potential interest would not be constructive. "At such an important time, I would not want my involvement to either slow down or hinder these discussions," he stated, however, that he would be happy to offer help to Chansiri or any new owner if added: "Nothing would give me greater pleasure than seeing our team competing again for promotion in the coming seasons."Wednesday finished 12th in the Championship last season, 10 points outside the play-off places - they have not played in the top flight since 2003.
BBC News
18-06-2025
- Business
- BBC News
Former owner Mandaric planning Owls 'rescue' bid
Former owner Milan Mandaric says he will attempt to buy back troubled Sheffield Wednesday in order to save the club from being "destroyed" under current chairman Dejphon 86-year-old Serbian-American, who owned the Owls between November 2010 and January 2015 before selling the club to Chansiri, told a BBC Radio Sheffield Football Heaven Special he intends to put together a "rescue" will fly into the UK next week, hoping for talks with Chansiri as he seeks to launch a viable takeover bid for the financially-stricken Championship Wednesday, the EFL informed the club it would face spending restrictions over the next three transfer windows due to failures to pay wages on time."It needs a big rescue now - all of us who love football and love Sheffield [Wednesday] have no doubt about that," Mandaric ex-Owls owner said he would be consulting former Wednesday chief executive Paul Aldridge and ex-finance director John Redgate - who both worked at the club under Mandaric - about the "possibility" of a takeover."I am going to definitely try and see him [Chansiri] with my people and be very straight in telling him that he is going to destroy the club unless he lets new people like me get involved," Mandaric has had three previous spells as an owner in England, at Portsmouth for seven years from May 1999 and Leicester City between February 2007 and the summer of 2010 before taking over at Hillsborough. He did not clarify whether he wanted full control of the club again or if he intends to head up a wider ownership group but Mandaric was clear that Chansiri's high valuation of the cash-strapped club remains a likely obstacle to a deal."I would have to get involved myself and I have no problem with that but, two things: you have to find the right person but also you have to have Mr Chansiri agree on that," Mandaric added."That is a difficult part. He doesn't want to sell it because he is asking for a crazy price."Mandaric admitted to feeling some responsibility for Wednesday's current plight, 24 hours before the club were hit with EFL sanctions for unpaid debts and he insisted he believed selling to Chansiri a decade ago would have a similar outcome to when he sold the Foxes to Vichai Srivaddhanaprabha in 2010."He [Chansiri] gave all the commitment in the world that he has got money, that he has got desire and he had a family there who all talked the same way," said Mandaric."I was relaxed and believed that he would continue to do a good job. I did the same thing with Leicester City and Vichai. He took the club to as high a level as he could and I had a similar feeling from Mr Chansiri when I sold him the club."But we all know what happened after that. Things didn't work quite well. Loyal supporters are suffering the most."
BBC News
18-06-2025
- Business
- BBC News
Is Chansiri's asking price too high?
"The silence is killing everybody. Nobody knows what's happening; the managerial position, the wages position with the players, he's managed to pay some of the staff if not all of them," Ian Bennett of the Sheffield Wednesday Supporters Trust tells BBC Radio Sheffield."It's basically a disgrace. It should never have got to this situation."BBC Radio Sheffield's Football Heaven hosts special guests including Bennett, Clive Betts MP, former owner Milan Mandaric and Daily Telegraph journalist Mike McGrath to talk about the financial turmoil surrounding Sheffield Wednesday under current owner Dejphon episode was recorded before the club was handed restrictions over spending in the next three transfer windows after failing to pay staff wages on Chansiri seemingly unwilling to sell the club for less than £100m, many Owls fans are beginning to worry that the Thai businessman has unrealistic while some see Chansiri's valuation as an inflated price, according to football finance expert Professor Dan Plumley the devout fan base and potential of Premier League football does make the purchase price "tricky"."What we often miss in club takeovers is the sell of the upside," Plumley said."That's where you can start to stretch those valuations and we can have an argument about whether they are realistic or unrealistic in the context of the finances - but with a football club, you are buying into that other side of things as well."Watch the full radio special on BBC iPlayer.
