Mandaric aiming to take Owls high up the charts

Mandaric, whose 9m takeover has saved the League One club from possible administration, also vowed to make money available for new signings.

The former Portsmouth and Leicester City chairman, 73, officially took over yesterday after shareholders approved his rescue deal at an Extraordinary General Meeting.

Today, in the High Court, the Serbian-born businessman will also settle the club's outstanding 1.1m debt to Her Majesty's Revenue and Customs – heralding the dawn of an exciting new era at Hillsborough.

For over 10 years, since suffering relegation from the Premier League, the Owls have been squeezed by mounting debts and have needed support from their major creditors the Co-operative Bank to stay alive.

But when the Co-operative decided, earlier this year, that it was no longer able to extend the club's 23m overdraft, the Owls were plunged into a desperate race against time to find a new backer.

Fortunately for the Owls, Mandaric – one of the wealthiest chairmen in English football and with an excellent track record – needed a new challenge after agreeing to sell his stake in Leicester City for a reported 40m.

Now, with Mandaric's support, the Owls are even stronger contenders to secure automatic promotion back to the Championship.

Speaking at a press conference shortly after the EGM, Mandaric – who has axed 13 managers in the last 12 years – confirmed that Irvine remained the man to take the club forward. Under his guidance, the Owls sit second in the League One table and have won seven out of the last nine games in all competitions.

"Alan Irvine, his staff, and his players have done an unbelievable job for this club in very difficult circumstances," Mandaric told the Yorkshire Post.

"We have met three or four times already and I have been impressed with the way he holds himself as a man and his knowledge of football.

"Above everything else, I am impressed with the football club's position on limited resources and no financial support. You have to give the manager credit for that and, for those reasons, I am behind Alan. He will get proper support from me and there will be money to spend. We need to give him support to get this club out of League One."

Neither Mandaric or Irvine would confirm the exact amount available but there will be at least two additions to the squad when the transfer window re-opens in January. "We have talked tentatively about the positions we need and how many players," said Mandaric. "Some we will try to buy, some on loan."

With the club already possessing one of the biggest wage bills in League One, there is no need for drastic change but Irvine confirmed that he wants to bolster competition both at centre-back and in attack.

Mandaric said: "Whoever we sign, we have to be sure they can help us make a difference in the Championship, too. We don't want to overload ourselves buying players now in this division."

Over 250 shareholders attended the club's EGM yesterday morning and there was yet another bumper turn-out last night as Mandaric, Irvine, chief executive Nick Parker, and interim chairman Howard Wilkinson answered questions at a fans' forum.

Asked to state his target as chairman of the Owls, Mandaric said: "The goal is to put Sheffield Wednesday among the 10 best clubs in the country. That is what everyone at this club deserves. I am coming here to make an impact. That is my mission.

"All I need from the supporters is trust. I will do the rest. Forget the past, what's important is what happens today, tomorrow, and in the future. If I ever leave this club, you have to trust me, I will leave this club in tremendously better shape than it is today.

"I will leave the club in good, solid shape, the supporters and the community will have a club they are proud of. Whether in the Premier League, the Champions League, or competitiive in the Championship, you can count on that."

Mandaric's takeover signals the departure from the board of long-serving club directors and loan note holders Geoff Hulley, Bob Grierson, Keith Addy, Mick Wright and Ken Cooke – although all five have been granted life presidencies. Former chairman Dave Allen, now the major investor at Chesterfield, was owed 2.4m but agreed to waive 900,000 in interest and accept two payments of 750,000, with the latter due on the club's return to the Premier League. The Co-operative agreed to severe their ties with the club in exchange for just 7m.