Following recent confirmation from the Foxes Trust Board that they had received the relevant paperwork from Leicester City FC regarding the Milan Mandaric takeover bid, the Trust Board has today released the following statement.
The Foxes Trust Board has today signed and submitted to the Leicester City FC Board the irrevocable undertaking documentation to sell its shares to UK Football Investments, LLC (the organisation created by Milan Mandaric to own LCFC).
Trust Board Member Matt Davis commented "Until now the Trust has always stated we were neither for nor against the takeover by Milan Mandaric & wanted to view the final bid detail before making any commitment. At the same time we also wanted to make sure all other options had been fully considered, just as we did when there were rival consortiums seeking to take the club out of administration a few years ago”
"The loss of parachute payments & falling attendances will, inevitably, mean the club urgently needs additional investment to be competitive in the Championship or risk losing our proud record of never being below 2nd tier football."
Chairman Ian Bason stated “We have now concluded the Milan Mandaric bid offers the best short & medium term option for Leicester City Football Club to play competitive football at the highest possible level, in particular his years of experience of running a number of clubs is not matched by the board which has ran the club in recent years”
“In our view the deal proposed by Mandaric is currently the only viable option for taking Leicester City Club forward. Ideally we would have liked to have had assurances on the issues we raised directly with Mandaric's representatives prior to the EGM in November before giving our support. However securing the deal is now of the utmost priority & urge all connected with the club and Mandaric’s representatives (even if the required % of shareholders support is not achieved initially) to ensure this prevails. Following the conclusion of the takeover we will then will be seeking to work closely with Mandaric to resolve the longer term issues we have raised.”