Date: 16th November 2010 at 10:38am
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Milan Mandaric is expected to make a fresh bid to buy Wednesday after seeing an initial offer rejected, according to media reports today.

The Leicester City chairman had what former Owls chairman Dave Allen called a ‘derisory’ bid for his shares and loan notes rejected last week.

But the Serbian-American businessmen is expected to return with another offer for the club, according to reports in today’s Leicester Mercury.

Mandaric would have to resign from his post as Foxes chairman if he was to become new owner of the Owls.

Wednesday are looking to secure a takeover today before facing potential administration ahead of a High Court date over an unpaid tax bill tomorrow.

Mandaric sold the Walkers Stadium club to a Thai consortium earlier this season and, although still at the club as chairman, is expected to leave the club to take up a new challenge in English football.

That challenge could be with Wednesday, and more news on the developments involving the former Portsmouth chairman will be posted throughout the day.