Date: 24th November 2010 at 10:32pm
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Milan Mandaric is set to meet Wednesday officials today to discuss a takeover of the Hillsborough club, according to reports from BBC Radio Sheffield last night.

The Leicester City chairman is one of the front-runners to buy the Owls and help save them from administration before a High Court date next Wednesday.

The Serbian-American businessman declared on Wednesday that he was closing in on a deal to buy the club, after giving his representatives the ‘green light to try and close the deal.’

Mandaric, who would have to leave his position as Foxes chairman before buying Wednesday, has already had an initial offer to buy the Owls rejected by some of the club’s loan owners, including former chairman Dave Allen.

It seemed he’d left his interest on the table while other prospective buyers overtook him in the race to buy the club.

But Mandaric is now the favourite to win the race for the Owls, with fellow bidders ‘One Wednesday’, a fans’ consortium, even revealing they’re just a ‘Plan B’ if Mandaric fails in his attempt.

The club’s creditors, the Co-operative Bank, are understood to have given the Owls until Friday to present them with offers ahead of next Wednesday’s court hearing.

If no offer is deemed acceptable, the Co-op Bank could put the club into administration.

But they’re understood to be favouring Mandaric’s offer, with the former Portsmouth chairman having already shown proof of funds, and a huge desire to takeover the club.