Former Sheffield Wednesday owner Milan Mandaric has presided over three English clubs 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 Chansiri. Mandaric, an 86-year-old Serbian-American, owned the Owls between November 2010 and January 2015 before selling the club to Chansiri. He told aBBC Radio Sheffield Football Heaven Specialhe intends to put together a "rescue" package. Mandaric 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 outfit. On Wednesday, the EFL informed the club it would facespending restrictionsover the next three transfer windows because of 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 said. The 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 to 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 added. Mandaric has had three 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. This video can not be played Football Heaven - What is the future of Sheffield Wednesday? 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 wages. But he said 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."
Former owner Mandaric plans Sheff Wed 'rescue' bid
TruthLens AI Suggested Headline:
"Milan Mandaric Seeks to Reacquire Sheffield Wednesday Amid Financial Turmoil"
Bbc News
7.7
TruthLens AI Summary
Milan Mandaric, the former owner of Sheffield Wednesday, has announced his intention to attempt a buy-back of the club, which he claims is on the brink of destruction under current chairman Dejphon Chansiri. At 86 years old, Mandaric, who previously led the club from 2010 to 2015, expressed his concerns during an interview with BBC Radio Sheffield, emphasizing the urgent need for a 'rescue' package. He is scheduled to return to the UK next week to engage in discussions with Chansiri in hopes of launching a takeover bid for the financially troubled Championship team. Recently, the English Football League (EFL) notified Sheffield Wednesday of impending spending restrictions due to delayed wage payments, adding to the urgency of Mandaric's endeavor. He noted that the club requires immediate intervention from individuals who are passionate about its future, stating, "It needs a big rescue now - all of us who love football and love Sheffield have no doubt about that." Mandaric plans to consult with former club executives to explore the feasibility of a takeover, indicating a serious commitment to reviving the club's fortunes.
Mandaric's past experience in English football includes ownership stints at Portsmouth and Leicester City, which have shaped his perspective on the current situation at Sheffield Wednesday. He has acknowledged a sense of responsibility for the club's current challenges, especially after witnessing the sanctions imposed by the EFL for unpaid debts. Reflecting on his decision to sell the club to Chansiri, he expressed regret, drawing parallels to his previous sale of Leicester City and the subsequent outcomes. Mandaric believes that Chansiri's high valuation of Sheffield Wednesday poses a significant obstacle to any potential deal, stating, "He doesn't want to sell it because he is asking for a crazy price." Despite these challenges, he remains determined to engage with the current owner and explore options for new leadership that would prioritize the club's well-being and restore its standing in the football community. Loyal supporters, he noted, are the ones suffering most from the current management's decisions.
TruthLens AI Analysis
You need to be a member to generate the AI analysis for this article.
Log In to Generate AnalysisNot a member yet? Register for free.