Wragges nets lead role on Leicester City takeover
Wragge & Co has advised longstanding client Leicester City FC on the sale of a majority stake in the football club to former Portsmouth FC chairman Milan Mandaric for around £9m. A Wragges team led by corporate partner Andrew Smith advised the Championship club on the sale, which saw Mandaric's US-based company UK Football Investments acquire around 75% of the Midlands outfit.
February 14, 2007 at 10:15 AM
2 minute read
Wragge & Co has advised longstanding client Leicester City FC on the sale of a majority stake in the football club to former Portsmouth FC chairman Milan Mandaric for around £9m.
A Wragges team led by corporate partner Andrew Smith advised the Championship club on the sale, which saw Mandaric's US-based company UK Football Investments acquire around 75% of the Midlands outfit.
Smith was assisted on the deal by corporate associates Natalie Mudd, Andrew Glaze, real estate partner Phil Clissitt and senior employment solicitor Kelly Chapman. Southeast firm Thomas Eggar is advising Mandaric and UK Football Investments.
The deal is to be completed in two tranches, with Mandaric agreeing to purchase new shares worth £4.5m now and another £4.5m by May 2008.
UK Football Investments will also take on the club's existing debt, including over £15m owed to a US loan company for the Walkers Stadium.
The final amount paid to shareholders of the club – who include Clifford Chance finance partner James Johnson – will vary according to whether Leicester City returns to the Premiership by 2010.
Johnson became a board director in 2003 after a 40-strong consortium, led by former England and Leicester City footballer Gary Lineker, raised around £4m to acquire the club after it entered administration.
However, he resigned from the board in January, along with club chairman Andrew Taylor and fellow director Greg Clarke, because he could not recommend the latest deal to shareholders.
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