Mandaric moves in at the Walkers
Tuesday, 13 Feb 2007 15:07
The £25 million takeover includes plans to buy the Walkers Stadium
Former Portsmouth supremo Milan Mandaric has effectively completed his £25 million takeover of Championship strugglers Leicester City after shareholders' accepted his offer to purchase the club.
Four years ago to the day that the Foxes left administration, Leicester chief executive Tim Davies said that a "new era for the football club" had been heralded.
Mandaric, 68, said it would be an "honour and a privilege" to lead a new bid to restore Premiership football to the Walkers Stadium.
But he said he was "under no illusions" of the "massive challenge" that awaited him, despite pledging to lead Leicester to top-flight football within three years.
"I will apply immense experience, enthusiasm and financial support to ensure we achieve our goals but it's important to point out that success will only be achieved if unity prevails throughout the club," he said.
"And I can assure you that if I don't take this club up in a three-year period I will view that as failure and that is a word that nobody associates with me."
Mandaric also gave his backing to Leicester boss Rob Kelly, although he admitted holding informal talks with former Crystal Palace and Charlton manager Iain Dowie.
Leicester lie in 17th place in the Championship with 37 points from 31 games.