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Gary Lineker is spearheading a consortium bidding to take control of cash-strapped Leicester.
The Foxes have applied to the High Court to be placed into administration.
Leicester last week agreed a wage deferment package with their players in a bid to ease their financial problems.
The club's Plc chairman Greg Clarke revealed that they had come close to reaching agreement with creditors after meetings over the weekend but late problems left administration as the best option.
He said: "Whilst this is a severe setback for the club it does not mean the end of Leicester City."
Administration will give the club the opportunity to restructure their finances and discuss a possible takeover with Lineker's consortium.
His consortium has the backing of both Clarke and football club chairman Martin George. A press conference regarding the issue will be held on Wednesday.
Clarke added: "The objective of the consortia will be to buy Leicester City as a going concern from the administrator and to back Micky Adams and the team in their quest for promotion.
"Progress on the formation of the consortia and the timelines involved in buying the club out of administration and into private ownership will be reported back as soon as is possible.
"In the meantime I would encourage the people of Leicestershire to get behind both the fund-raising activity and to support the team through this difficult time."
I think this is fantastic news, what do you lot think?
The Foxes have applied to the High Court to be placed into administration.
Leicester last week agreed a wage deferment package with their players in a bid to ease their financial problems.
The club's Plc chairman Greg Clarke revealed that they had come close to reaching agreement with creditors after meetings over the weekend but late problems left administration as the best option.
He said: "Whilst this is a severe setback for the club it does not mean the end of Leicester City."
Administration will give the club the opportunity to restructure their finances and discuss a possible takeover with Lineker's consortium.
His consortium has the backing of both Clarke and football club chairman Martin George. A press conference regarding the issue will be held on Wednesday.
Clarke added: "The objective of the consortia will be to buy Leicester City as a going concern from the administrator and to back Micky Adams and the team in their quest for promotion.
"Progress on the formation of the consortia and the timelines involved in buying the club out of administration and into private ownership will be reported back as soon as is possible.
"In the meantime I would encourage the people of Leicestershire to get behind both the fund-raising activity and to support the team through this difficult time."
I think this is fantastic news, what do you lot think?
Gary Lineker is spearheading a consortium bidding to take control of cash-strapped Leicester.
The Foxes have applied to the High Court to be placed into administration.
Leicester last week agreed a wage deferment package with their players in a bid to ease their financial problems.
The club's Plc chairman Greg Clarke revealed that they had come close to reaching agreement with creditors after meetings over the weekend but late problems left administration as the best option.
He said: "Whilst this is a severe setback for the club it does not mean the end of Leicester City."
Administration will give the club the opportunity to restructure their finances and discuss a possible takeover with Lineker's consortium.
His consortium has the backing of both Clarke and football club chairman Martin George. A press conference regarding the issue will be held on Wednesday.
Clarke added: "The objective of the consortia will be to buy Leicester City as a going concern from the administrator and to back Micky Adams and the team in their quest for promotion.
"Progress on the formation of the consortia and the timelines involved in buying the club out of administration and into private ownership will be reported back as soon as is possible.
"In the meantime I would encourage the people of Leicestershire to get behind both the fund-raising activity and to support the team through this difficult time."
I think this is fantastic news, what do you lot think?
The Foxes have applied to the High Court to be placed into administration.
Leicester last week agreed a wage deferment package with their players in a bid to ease their financial problems.
The club's Plc chairman Greg Clarke revealed that they had come close to reaching agreement with creditors after meetings over the weekend but late problems left administration as the best option.
He said: "Whilst this is a severe setback for the club it does not mean the end of Leicester City."
Administration will give the club the opportunity to restructure their finances and discuss a possible takeover with Lineker's consortium.
His consortium has the backing of both Clarke and football club chairman Martin George. A press conference regarding the issue will be held on Wednesday.
Clarke added: "The objective of the consortia will be to buy Leicester City as a going concern from the administrator and to back Micky Adams and the team in their quest for promotion.
"Progress on the formation of the consortia and the timelines involved in buying the club out of administration and into private ownership will be reported back as soon as is possible.
"In the meantime I would encourage the people of Leicestershire to get behind both the fund-raising activity and to support the team through this difficult time."
I think this is fantastic news, what do you lot think?
I got this information from NTL:HOME.
It is great news. To us City fans that is :-)
That is good news - for you Leicester fans anyway. :)
You may finally have someone in-charge who really cares about the club.
Hopefully though, he won't be a complete idiot like that guy who just brought the team with his Lottery Winnings on Dream Team... :S
You may finally have someone in-charge who really cares about the club.
Hopefully though, he won't be a complete idiot like that guy who just brought the team with his Lottery Winnings on Dream Team... :S
I feel really sorry for Lineker - all these Leicester fans are going to be expected immediate promotion now that Gary's there, but you won't get it. You'll have to wait a couple of years at least before you're ready to take on the Premiership again.
NO!
We're are ready methinks. You havn't seen them play the last couple of games. Yeah we lost to Burnely on Saturday. But we're ready.
We're are ready methinks. You havn't seen them play the last couple of games. Yeah we lost to Burnely on Saturday. But we're ready.
We are ready, like Reddy said You havn't seen them play the last couple of games. They have been on fire, we might have lost to burnley but that was because we had a goal disallowed for no reason, he was no way offside.