Date: 15th November 2010 at 9:49am
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Leicester City chairman Milan Mandaric has had an offer to buy out former Owls chairman Dave Allen’s remaining interest in the club rejected, according to media reports.

The Yorkshire Post is today reporting that Allen, now chairman at npower League Two side Chesterfield, had a meeting with an associate of Mandaric late last week and rejected an offer said to be around £250,000.

The Yorkshire Post reports that Mandaric made offers to the bank and other loan-note holders, but Allen, who is owed £2.4m from Wednesday, rejected the deal, along with at least one other party.

It’s also reported that the bank had agreed a deal with the former Pompey chairman.

Wednesday face a crucial week off the pitch, with a High Court date on Wednesday after being served with a winding up order due to an unpaid tax bill.

The club is desperate to secure a takover to see off the threat of administration this week.

Mandaric issued a statement in response to claims that was looking to invest in Wednesday last week, saying he was ‘not currently in discussions regarding the purchase of Sheffield Wednesday.’

He could now up his offer in a bid to takeover the club, or drop his interest completely.

Keep checking Vital Wednesday for all the latest off-the-field news.