Foxes 'welcome' Mandaric approach

Ex-Portsmouth chairman Mandaric has lofty aspirations for Leicester

Milan Mandaric appears to have taken a step closer to becoming the new owner of Leicester City after shareholders officially welcomed his approach.

The former Portsmouth chairman met with officials last week, when he is thought to have offered £6m to buy the club.

And a Foxes statement read: "Following an extraordinary meeting, shareholders debated a number of issues in relation to generating increased investment.

"We have welcomed Mandaric's approach and given him the green light."

Interview: Businessman Milan Mandaric

It added: "He'll be allowed access to the club's books for a period requested by him.

"The shareholders wish to make it clear that they have, are and will continue to act in the best interests of the football club at all times."

I'm very encouraged and I'm thinking positive - that in a matter of time we will be able to put this together Milan Mandaric

Serbian businessman Mandaric has already claimed that he is confident of completing the deal by early December.

The 68-year-old told BBC Radio Leicester: "On 15 December, everything should be done.

"Whatever is needed, whatever I commit to, I'm behind it and I always deliver it. That will no different if I do come to Leicester City."

"I'm very encouraged and I'm thinking positive - that in a matter of time we will be able to put this together.

"In the next few days we will be able to come to a conclusion.

606 DEBATE: Would you like to see Mandaric become owner?

"I would personally like to go to Leicester and spend some time there, meet the organisation, see what we have and don't have.

"I expect the financial people should finish the due diligence in three to four weeks."

And Mandaric has pledged money to spend in the January transfer window.

"January is a crucial month," said the Serbian businessman. "I'm sure some spending will be needed."

Mandaric has also said his new offer will cover the investment made by shareholders when Leicester came out of administration more than three years ago.