The Guardian is this morning reporting that Milan Mandaric's initial bid to take over at Leicester City will end in failure.

The newspaper is quoting an un-named Leicester shareholder as saying the bid "does not have a hope in hell" of succeeding. It's thought Mandaric's offer will leave shareholders with less than they invested in the club, and there are also concerns regarding guarantees about the club's long term future.

Whether the story is true or not remains to be seen - but with others also interested in taking over or investing in the club it seems the current shareholders are in a strong position, and don't need to accept the first bid if it's not right for themselves and the club.

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