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Reported on Fox Fanzine website
Club administrator Nick Dargan has issued the following statement.
'After some considerable efforts by all parties over the holiday break, I am pleased to confirm that an in principle deal has been reached between the Lineker Consortium and the major creditor and effective owner of the Walkers Stadium as to the terms upon which the Stadium can be used in the future. This will take the form of a commercial lease of the Stadium by the Consortium.
It is our intention to effect a sale of the business of Leicester City Football Club to the Consortium on agreed terms. To be able to complete the transaction, we require the agreement of the Club's creditors to a compromise of the Club's debts - legally known as a Company Voluntary Arrangement or a 'CVA'. We have convened a meeting of the creditors at the Stadium on 15 January 2003 and have canvassed the views of the major creditors, most of whom are supportive of the proposals.
Assuming that the proposals are accepted at the meeting on 15 January 2003 the Court in which the administration orders were granted require a further 28 days before the sale of the business to the Consortium is finally concluded.
Hopefully the Club's future will be clear therefore by mid February. Again, there remains some hard work to do before we secure, hopefully, a successful conclusion to the administration.
In the meantime, I would like to thank once again the manager, the players and the staff at the Club for their continued co-operation and to you the fans for your continued support.
Nick Dargan
Deloitte & Touche
Joint Administrator
================= Previously =================
Leicester City could come out of administration within six weeks after accepting a takeover bid from the consortium headed by Gary Lineker. Report the BBC
A statement from the administrators of the club stated that 'the major creditor and effective owner of the stadium has accepted their recommendation to back the Lineker consortium in their bid to purchase the club.'
'It's a great day. I'm thrilled to be in a position where I might be able to help the club,' said Lineker. I'm delighted we've managed to resolve it, but it's been tough raising the money. These are difficult times for people to be committing their cash at the moment. 'There is still a lot of work to do over the next few years to restore stability, but we are determined to do that. 'We're not doing this as part of a power struggle or an ego trip - we just want Leicester's existence to be safeguarded.'
Jon Holmes has been named as the new Chairman.
================== Previously ==================
Reported on for fox sake site
As part of the Foxes Trust official launch weekend, Leicester City manager Micky Adams, and former player Alan Birchenall, have both agreed to publicly sign up to the newly formed Foxes Trust.
30,000 Foxes Trust membership forms will be handed out at the Rotherham game on Saturday 23rd November. City supporters will be invited back to the Walkers Stadium on Sunday 24th November to bring their completed membership forms and see Micky and Birch sign up to the Trust.
The club have agreed to open up the Fosse Stand to supporters and the Foxes Trust will be officially launched by Micky Adams and Alan Birchenall from the pitch at 2pm.
Gary Beckwith, one of the organisers of the launch said,
'We're delighted both Micky and Birch are willing to give up their Sunday afternoon to encourage fans to join the Foxes Trust.
'We all want as many people as possible to join the Trust. The more members the Trust has, the bigger voice it will have.'
Supporters are encouraged to complete their membership forms before they arrive and get there from 1.30pm onwards. Steve Smith, another of the Trust representatives who has help organise the launch weekend added,'
Despite needing to help raise money for the club at the moment, the Foxes Trust is not just about fundraising. It's about making sure the fans' views are listened to by whoever buys the club.
'The best way we can do that is by having lots of members. It would be great to see a lot of City fans come together on the Sunday afternoon to show that the supporters will play a big role in the future of this club'.
=================== Previously ===================
By Gary Silke
Date: 1/11/2002
The Gary Lineker-led consortium have now raised £3M, mostly from local businessmen, in just two weeks and seem to be leading the field of those who have expressed an interest in buying Leicester City.
Little is publicly known of the identity of the three other bidders. According to the Guardian they line up as: Two unidentified Indian brothers; Roy Parker and David Wilson.
There is, however, the possibility that Lineker's group could merge with David Wilson. The former City striker commented: 'We're prepared to talk to them. We've raised £3m and it's looking good. But if anyone bigger and better than us can give Leicester a brighter future we'll stand aside. This is not an ego trip for us; we've got the best interests of the club at heart.'
=================== Previously ===================
Leicester City have today applied to the High Court to enter into administration after failing to reach agreement with creditors allowing time to re-structure their finances
The club is thought to have debts of around £30m
The chairman of Leicester PLC, Greg Clarke said: 'While this is a severe setback for the club it does not mean the end of Leicester.'
The players have already agreed to defer some payments owing to them and take wage cuts but this has not been enough to save the club from administration.
It has also emerged today that Gary Lineker is leading a consortium bidding to take control of the club the consortium includes Carphone Warehouse chief operating officer David Ross and club chairman Martin George.
