Mandaric takeover moves step closer
Milan Mandaric's £25million takeover of Leicester moved one step closer after shareholders welcomed his approach at an extraordinary general meeting.
Mandaric's bid, which was approved at a special board meeting on Friday night, was also given the green light by the club's 48 shareholders at the Walkers Stadium on Saturday morning, prior to the club's home match against Preston.
A statement on Leicester's official website said: "Shareholders debated a number of issues in relation to generating increased investment into the football club and have therefore welcomed Mr Mandaric's approach. Milan Mandaric's approach has been given the green light and he will be granted access to the clubs books for the period requested by him."
Legal technicalities mean that Saturday's EGM cannot make the final decision on Mandaric's offer, but the news of the approval from shareholders comes as a massive boost to his hopes of returning to football.
The former Portsmouth chairman Mandaric, 68, stepped down at Fratton Park after selling to Alexandre Gaydamak, although he continued as non-executive chairman before severing his links at the end of September.
