Leicester City chairman Milan Mandaric has revealed he is close to a deal to take control of Sheffield Wednesday Football Club
In a dramatic u-turn Milan Mandaric has told BBC Sport he is "24 hours or less" away from being able to rescue the Owls.
Football Trade Directory reported two weeks ago how the Leicester City Football Club chairman had distanced himself from reports of a takeover bid, saying at the time: "I am not currently in discussions regarding the purchase of Sheffield Wednesday Football Club, or any other club for that matter,"
However at the last minute Mandaric has put himself back in the picture telling BBC Sport "I've made no secret of my desire to help the club - I hope I'm not too far from the line,"
"I have given my representatives the green light to see if they can close the deal.”
The news will prove very welcome to Sheffield Wednesday as they seek to attract new investment to avoid administration. The club was granted a 28-day stay of execution against an HM Revenue and Customs (HMRC) winding-up petition last week but face another challenge in High Court next week.
However Mandaric will face competition from fellow bidders - current director Ken Cooke and former director Mick Wright, as well as supports group ‘One Wednesday’. Football Trade Directory reported how the three supporters’ groups have joined forces with the aim of raising £6m to take control of their club.
Although they have only raised £2million as yet, One Wednesday has secured the backing of former chairman and critic of the current board Lee Strafford. He told BBC Sport: "It's the best short-term answer for the club to move forward,"
"It would cut the ties to the past and put in place funding that could get the club back to the middle of the Championship.”