Foxes Trust Press Release 13/11/06
Following the news the bid for Leicester City Football Club by Milan Mandaric is to be put before shareholders prior to the match with Preston on Saturday the Foxes Trust are urgently seeking reassurances from Mr Mandaric on a number of key issues. The Foxes Trust welcomes the recent comments by Mr Mandaric that he recognises the important role the clubs' supporters have in the success of the football club.
Foxes Trust Ian Bason commented "When the club came out of administration back in 2003 former Chairman Jon Holmes acknowledged the role played by supporters in saving the club & the importance of supporter representation at the highest level within the club. As a result the Trust holds an Observer role at all club Board meetings."
Bason continued "Should Mr Mandaric's bid be successful the Trust urge him to, at the very least, continue to uphold this important commitment to the supporters of Leicester City. It is vital for the supporters at any club to have confidence in people running their football club. In recent months the Trust has held discussions with club Chairman Andrew Taylor with a view to facilitating a full Director position on the Board of Leicester City Football Club. We sincerely hope that similar discussions can be held with any new owners of the club at the earliest opportunity….
While acknowledging the details of any bid must remain confidential the Trust Board firmly believes the supporters of Leicester City are entitled to broadly know what any bid for their football club contains. Trust Board member Ian Guyler explains "Headline figures of £25m raise expectations among supporters. However it is imperative for supporters to be aware how much of that will, ultimately, have to be repaid in the form of loans etc. In our view it unrealistic to expect businessmen like Mr Mandaric to fund the purchase of the Walkers Stadium & simply hand it over to the club. We ask Mr Mandaric to explain to supporters if he intends to fund the purchase of the Walkers Stadium & how this will be financed."
Trust Board Member Matt Davis confirmed the Trust are seeking a meeting with Mr Mandaric "We would welcome a face to face meeting where we can explore in depth his plans for the club. We believe such a meeting should take place at the earliest opportunity to enable the Trust Board to make an informed decision on his bid for the football club."
Meanwhile Trust Chairman Ian Bason confirmed the Trust was unlikely to hold a ballot of members prior to the shareholder meeting "Ideally the Trust Board would have preferred to have had a full ballot of members before voting on the bid by Mr Mandaric. However bid confidentiality & the timescales involved mean this is impractical. We will however update members further later in the week & ask members to continue to contact us with their views"
Finally the Board of the Foxes Trust wish to make clear to members & fellow supporters no decision has yet been made by the Board in respect of supporting any bid or financing options that may be put to shareholders on Saturday.
End of Press Release