Mandaric provides 'death sentence' reprieve

The Serbian-born businessman's acquisition of the club brings the curtain down on a decade of debt for the Owls, ends any lingering fears of administration and the subsequent 10-point penalty, and presents Wednesday with a clean financial slate on which to operate.

Mandaric already has the backing of 44 per cent of the Owls' shareholders after having his offer to buy the club accepted by Wednesday's four principle shareholders; former chairman Dave Allen, directors Keith Addy and Geoff Hulley, and fans group Wednesdayite.

The former Portsmouth and Leicester City chairman requires a 51 per cent majority for his takeover of the League One promotion-hopefuls to be ratified, meaning today's 10am meeting will be a mere formality.

Up to 1,000 people are expected to attend although the vote will be cast by only 20 per cent of the club's 3,600 shareholders due to many investors being classed as inactive.

"It feels like we were strapped in an electric chair and have been given a reprieve," said Dave Coupe, chairman of the Sheffield Wednesday Shareholders' Association who will see his financial interests in the club liquidised by Mandaric's takeover.

"We've been relieved of a death sentence.

"It's the final time a shareholder will get to vote on a resolution, but it's a significant day for the future of the football club.

"I cannot see why any shareholder would not vote for Mr Mandaric's takeover. It's a no-brainer."

The only outstanding debt for Mandaric to settle is with the PAYE and will be heard at the High Court tomorrow.

That sum is believed to be in the region of 1m following the adjournment of the case on

November 17.

Mandaric came to the Owls' rescue at the end of last month after striking deals with all the club's major creditors and loan note holders. He paid just under 8m, wiping out the club's 30m debts, to ultimately acquire the club for just 1.

After the anticipated ratification of the takeover, Mandaric, along with manager Alan Irvine and Howard Wilkinson – who will remain on the board as a non-executive director – will attend a fans' forum at Hillsborough for an invited panel of supporters.

The Q&A is ticket only, starts at 7pm and is scheduled for 90 minutes.