Following a number of media stories over the last week concerning either a full takeover of our club, or a significant new investment from a Far East consortium, the Foxes Trust wrote to LCFC Chief Executive, Lee Hoos, asking for fans to be kept informed and requesting a meeting.
The Trust is saddened that even an acknowledgement of the request was not received, but noted within hours of the request being received by the club, a statement was published on its website indicating “no agreement with any parties had been reached and promising that if any concrete agreement was reached that fans would be the first to know.”
The Trust then released some of the contents of the request to Lee Hoos, in the form of a statement to the Leicester Mercury, which was featured in today’s edition as follows:
The Foxes Trust has written to Leicester City chief executive Lee Hoos calling for complete transparency over the current negotiations with potential Far Eastern investors.
The Trust has appealed for Hoos and owner Milan Mandaric to keep supporters fully informed on the talks with the investment group, after speculation that a deal was close to being agreed.
City issued a statement yesterday denying reports that a deal had been done with a Thai consortium and that Mandaric was set to sell 49 per cent of his shares for £26 million and hand over full control next year.
However, the Trust called on Mandaric to honour his promise to let the supporters know of any developments.
"We don't want a Munto Finance and Notts County situation, where it was shrouded in mystery as to who actually owned the club," said the Trust in a statement…..
"We would want to know who were the actual main owners of the club and would like to meet the investors as early as possible so we could listen to their plans.
"Most importantly, all we are asking for is the same courtesy that was afforded to the Cardiff City Trust when they were introduced to the new Malaysian investors."
More details of the content of the meeting the Cardiff City Trust held can be read here http://www.supporters-direct.org/news/item.asp?n=9140&cat=sd_eng_news
Prior to Milan Mandaric issuing his formal bid document to takeover Leicester City, The Foxes Trust also had an opportunity to listen to his plans, where shareholders learnt the potential structure of an initial investment and a phased schedule of further funding, which by and large was subsequently followed, with additional loans made to the club over and above the original promised investment.
This kind of detail is crucial, as even previously virtually debt free clubs at the top of the Premiership are now loaded with debt, due to the manner of funding undertaken by owners.
The Foxes Trust Board re-iterates its desire to meet with any potential investors in Leicester City and gain an understanding of the format of any investment and be provided with full details of those parties involved.