Sheffield Wednesday Football Club has confirmed that Milan Mandaric will purchase the Npower League One side for £1.
As a part of the deal UK Football Investments (UKFI) has come to an agreement with main creditors the Co-operative Bank which will remove the club’s debts. A statement on the club’s website also announced the new board which will consist of Milan Mandaric, as chairman with Howard Wilkinson and Nick Parker as directors.
An extraordinary general meeting will take place on the 14th December during which shareholders will be asked to approve the sale, with 43.6% having already backed the sale to the board of the club.
UKFI has also promised to clear a £300,000 debt that is the subject of a winding up order, brought by HMRC and due to be heard in the High Court on 1st December.
Commenting on the agreement, Sheffield Wednesday chairman Howard Wilkinson said, "I believe this to be one of the most important days in the recent history of our great club. Our trials and tribulations have been well documented, but I can now see a brighter future for Sheffield Wednesday.
"Our club has been on the brink of administration, and if this were to happen then so many people around our club would have suffered. We do have one final hurdle to cross, and that is for shareholders to approve the sale at the upcoming EGM.
New owner Milan Mandaric added: "Sheffield Wednesday is one of the most famous names in football. I have been able to speak to a lot of people in and around the club in recent weeks, and their passion for Sheffield Wednesday has helped inspire me to get to this point.
"I give the supporters and everybody who cares for this club, an assurance that if shareholders vote in favour of this deal, then I will do everything in my power, working with Howard, Nick and Alan Irvine to again make Sheffield Wednesday a real force in English football."
The Owls nearly entered administration with main creditor the Co-operative Bank owed £23m. The club were given 28 days to complete a takeover by the High Court on the 17th November.