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6 December 2010 | By Gavriel Hollander
19 November 2010
22 June 2009
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13 August 2010
2 September 2008
Hammonds corporate partner David Hull has landed another major football mandate, advising former Portsmouth and Leicester City owner Milan Mandaric on the purchase of Sheffield Wednesday.
The club was bought for a nominal £1, with the buyer also assuming £26m worth of debt, which includes a settlement of around £7m with the Co-operative Bank and five other secured loan note holders.
Hammonds banking partner Samrad Nazer and tax partner Tim Jarvis were also involved on the deal.
DLA Piper acted for the club, with Sheffield corporate partner Jon Kenworthy leading. The Co-op turned to Eversheds, which fielded a team led by international chairman David Gray.
The transaction comes shortly after Hull was mandated by Venky’s London on the Indian company’s takeover of Blackburn Rovers.
This year he has also acted on the sale of Leicester City to the Asia Football Investments consortium and on the £4m investment in West Ham United by John and Daniel Harris.
Last month Sheffield Wednesday survived a High Court winding-up hearing when it was given 28 days to pay an outstanding tax bill in excess of £1m.
Hull said the takeover could be a turning point for the club. “Sheffield Wednesday is a big club with a lot of potential that’s languishing in League One,” he said.
christopher stanley | 6-Dec-2010 9:48 pm
The club has no real alternative. I just hope that the new owner liases with Wilkinson in order to temper his impatience and personality clashes. Because you have money does not make you right all the time. Football is a long term game where there is no guarranttee of success. It takes patience, knowledge and luck
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