FA CUP: Sheffield Wednesday 3-2 Northampton: Christmas comes early for Owls as Mandaric seals takeover deal

Christmas has come early for Sheffield Wednesday in the guise of Serbian-American multi-millionaire Milan Mandaric who, in a single stroke, will wipe out debts of nearly 30m, a legacy of the club's big spending days in the top tier under David Pleat and Danny Wilson.

With the Sheffield side facing administration, a 10-point deduction and a possible battle to escape relegation to League Two, the 72-year-old Mandaric is to become the new owner, leaving Wednesday virtually debt free and heralding a new era for the 143-year-old club.

An official announcement is expected to be made to the Stock Exchange today and Mandaric will resign as chairman of Leicester. The deal will be rubber stamped at an extraordinary general meeting of shareholders on Tuesday, December 14.

Mandaric will pay 7m to the club's bank, the Co-op, who will write off the remaining 16m they are owed. He will settle a 300,000 VAT bill that resulted in the club facing another winding up petition on Wednesday and the 600,000 tax bill surrounding the December 15 High Court hearing.

The petitions will be dismissed once HMRC are satisfied and the threat of administration will be lifted.

Mandaric has removed another stumbling block in the shape of former chairman Dave Allen.The millionaire businessman was owed 1.5m plus 900,000 in interest.

Allen was asking for an initial 750,000 payment and a further 750,000 when Wednesday reach the Premier League. The deal has been done and Allen has written off the 900,000 interest, leaving the club virtually debt free.

Allen had turned down an initial offer of 250,000 but Mandaric instructed his lawyers to reopen negotiations and talks which began again last week were concluded late on Friday night.

Agreement has also been reached with the club's other five loan-note holders, former directors Mick Wright, Keith Addy, Geoff Hulley, Ken Cooke and Bob Grierson.

Mandaric has been so impressed with chief executive Nick Parker and chairman Howard Wilkinson during negotiations that he has invited them onto the new board.

Said Allen: "I'm delighted that the deal has been done. Hopefully Sheffield Wednesday can move forward now. I just hope the shareholders see sense and vote in favour."

Mandaric has enjoyed a 12-year love affair with English football.He bought Portmsouth in 1998 before selling the club eight years later, buying a controlling interest in Leicester for around 28m.

He saw them relegated to League One and promoted back to the Championship before selling the club in the summer to a Thai-based consortium for around 40m.

Mandaric said: "We have crossed the line, not completely, because the club is a plc and these things need to be respected. There are certain legalities to be resolved with the shareholders.

"People who know me in the football world are aware I will try and do everything I can to change the direction the football club has been going in.

"But let's not under-estimate the amount of work that needs to be done to do this. Everybody involved with the club needs reuniting, they all need to be pulling in the same direction.

"Having said that, I'm quite sure we can do this. I think I have the experience, the enthusiasm and everything required to get the club going in the right direction.

Owls manager Irvine added: "We've had the threat of administration hanging over us for several months now and that is not a nice situation for a club to be in.

"Obviously it's wonderful news for the club and everyone associated with the club. I'm relieved that administration is not going to kick in.

"That would have been a terrible situation for the club if we had been deducted 10 points and then administrators coming in and telling us which players are going and which players are staying.

"I will try and have a chat with the new owner and find out what we are able to do in January, if anything. That may not be possible. It's been difficult for the fans, it's been difficult for the board and, although you try to put off the field happenings out of your mind, it's been difficult for the players."

Meanwhile, Irvine's resurgent side is brimming with confidence, after plundering 20 goals in six successive victories although they made hard work of sweeping aside their League Two opponents.

Wednesday started brightly, centre-back Mark Beevers breaking the deadlock in the sixth minute as he met Tommy Spurr's corner to steer a header past Chris Dunn, registering his second goal in four days and only the third of his career.

Neil Mellor, Darren Potter and Clinton Morrison all spurned chances before Wednesday eased further ahead in the 37th minute. Mellor chased a loose ball into the area before being tripped by full-back Liam Davis as midfielder Tommy Miller stepped up to cooly dispatch the spot kick, his second of the season.

Northampton matched the Owls after the break. Billy McKay hit back in the 55th minute before Miller slotted his second spot-kick of the game one minute into stoppage time after Mellor had again been upended, this time by Paul Rodgers.

Substitute Kevin Thornton made it 3-2 with a quickly taken free-kick a minute later to set up a tense finale.

Sheffield Wednesday: Weaver; Spurr, Purse, Beevers, Jones; Teale (Coke 70), Potter, Miller, Sedgwick (Johnson 61); Morrison, Mellor. Unused substitutes: Jameson, Hinds, Heffernan, O'Connor and Palmer.

Northampton Town: Dunn; Rodgers, Beckwith,Tozer, Davis; Gilligan (Jacobs 75), Osman, Wedderburn (Thornton 83), Holt; McKay( Jarvis 80 mins), King. Unused substitutes: Walker, Hall,Herbert and Kaziboni.

Referee: D Foster (Newcastle).

MATCH FOCUS

Hero: Milan Mandaric

There could only be one hero in S6 at the weekend after the Serbian-American's takeover of a club that has been too long under the yoke of its heavy debts.

Villain: Paul Rodgers

The former Arsenal trainee upended Neil Mellor to give the Owls a crucial second penalty just a minute before Northampton scored their second.

Key moment

37th minute: Tommy Miller converts his first penalty to settle nerves in the home camp.

Ref Watch

Dave Foster: The Newcastle official booked Owls trio Purse, Coke and Mellor.

Verdict

Sheffield Wednesday fans won't need anything dropping down the chimney this yuletide!

Next game

Carlisle v Sheff Weds, JP Trophy, tomorrow, 7.45pm.

Quote of the day

Hopefully, Sheffield Wednesday can move forward now. I just hope the shareholders see sense and vote in favour.

– Former chairman Dave Allen on the takeover news.

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