Date: 12th November 2010 at 11:51am
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Media reports linking Leicester City chairman Milan Mandaric with a takeover of Wednesday have gained momentum today, with BBC Radio Leicester revealing he’s lining up a bid for the Owls.

Vital Wednesday revealed Mandaric’s interest in Wednesday last week, and the former Portsmouth chairman is now believed to be one of three interested parties in taking control of the npower League One club.

Wednesday face a winding-up order at the High Court over an unpaid tax bill next week and could go into administration if an investor doesn’t complete a deal to takeover at Hillsborough.

It means the club’s main creditor, the Co-operative Bank, will be looking to complete a deal as soon as possible.

Mandaric is believed to be one of the front runners, and BBC Radio Leicester’s Ian Stringer has reported via his Twitter feed that the Serbian-American businessman could tender his resignation at the Walkers Stadium to mount a bid for Wednesday.

Mandaric sold the Foxes to a Thai-led consortium in August but he still remains at the Championship club as chairman.

He was linked with a return to former club Portsmouth in September but a move to Fratton Park now seems unlikely.

This is sure to be a developing story, so keep checking Vital Sheffield Wednesday for all the latest news.