Wragge & Co LLP Corporate Group has advised Leicester City Football Club Plc on the proposed sale of a majority stake in the club to former Portsmouth Football Club chairman Milan Mandaric for £9 million.

UK Football Investments LLC, a US company controlled by Mandaric, will acquire 19,138,432 shares at £0.47, giving it 75 per cent of the club. The deal is subject to shareholder approval at an EGM on 9 March 2007. Ninety-four per cent of the shareholders have undertaken to vote in favour of the deal. Proceeds from the deal will be used to improve the playing squad and meet the club's working capital requirements.

Corporate partner Andrew B Smith led the Wragge & Co team, which comprised corporate associates Natalie Mudd, Andrew Glaze, real estate partner Phil Clissitt and employment expert Kelly Chapman. Thomas Eggar is advising Mandaric and UK Football Investments.

Andrew B Smith said: "Leicester City has a great history and with this investment and the drive of new owners, it looks set for more success. Milan Mandaric has an excellent track record at Portsmouth and is committed to restoring Leicester to the top flight of English football. The team worked hard to bring this complex transaction to fruition."

Wragge & Co has an ongoing relationship with Leicester City. In 2003, it advised the Gary Lineker Consortium on buying the club from administrators Deloitte & Touche.

Wragge & Co's 17-partner national Corporate Group includes more than 60 lawyers advising on a full range of corporate finance matters. M&A, disposal and equity markets work for quoted clients in the past 12 months has included the £52 million sale of Floors-2-Go plc Interserve plc's £116 million takeover of MacLellan Group Plc, two deals for Hyder Consulting plc and Hasgrove plc's £22 million listing on AIM.

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This press release may contain information of general interest about current legal issues, but does not give legal advice.