Sheffield Wednesday Football Club has confirmed Milan Mandaric as the club’s new chairman after shareholders voted in favour of selling the club to UK Football Investments.
UK Football Investment will pay £1 for the club and have reached an agreement with the Co-operative Bank which will remove the club’s debt with their main creditor.
Commenting on the shareholder’s approval, Wednesday chairman Milan Mandaric said: "I am grateful to the shareholders of Sheffield Wednesday for showing their faith in me. Over the past few weeks, I have spoken with a lot of people who hold this great club close to their hearts. I will do everything in my power, working with our excellent management team to restore Sheffield Wednesday to the top table of English football.
"I would like to place on record my thanks to the former board, the loan-note holders and to the Co-op Bank for their help in making this deal possible. This club can now move forward with certainty, and I am looking forward to getting down to business and doing what I can to help Alan Irvine and his team gain promotion back to the Championship."
Former chairman Howard Wilkinson will remain on the board as a director. The Owls, currently in Npower League One, faced being wound up over debts of over £20m before an agreement was reached with Mandaric.