£20m: Wednesday chief’s spending by end of season

Investment: Milan Mandaric believes he and his millions have now got the club moving in the right direction
Investment: Milan Mandaric believes he and his millions have now got the club moving in the right direction
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MILAN Mandaric expects to have spent up to £20 million on Sheffield Wednesday by the end of this season.

The Owls chairman estimates that he has already forked out at least £16m through buying and running the club.

He believes that the tally will stand between £16m and £20m by the end of the campaign.

Mandaric at the weekend reached the first anniversary of his takeover deal being approved by club officials.

His financial rescue act was rubber-stamped by shareholders last December.

The Owls chairman and owner paid £7m to the club’s bank - who wrote off the other £16m that they were owed.

He also agreed a deal with Dave Allen over a loan repayment to the former chairman, footed tax bills of around £1.4m, settled other bills and losses, and funded changes in the football managment team and playing squad.

Mandaric sanctioned last week’s emergency loan signings of Miguel Llera, James Tavernier and Sanchez Watt and is pledging further backing for Gary Megson in the January transfer window.

The chairman says that Wednesday are like a ship that was holed but has been repaired and is now heading on the right course.

He says that promotion cannot be guaranteed but everyone is pulling in the right direction in an attempt to complete a huge task by reaching the Championship.

Mandaric, who saved the club from administration, praises Megson for his part in the on-the-pitch revival. When asked if Megson would get support in January, the chairman said: “Of course. We are going to need to look in early December to see where we might need a little extra security, and to correct some things. Like always, Gary will have full support.

“We are keeping our eye on the ball, assessing where we are and what issues we need to address with regard to loan players,”

On his spending so far, the chairman says: “I had to settle a lot of bills; there were also managerial contracts, plus losses during the season that we had to deal with, and there was a couple of million to bring in players.

“I have spent at least £16m already, and by the end of the season I think the total will be between £16m and £20m. I don’t call that investment a loss, because I know it is getting the club going in right direction. We are a club with ambition.”