The US-registered company that Milan Mandaric yesterday used to purchase Sheffield Wednesday has never formally listed its shareholders. There was a hint at multiple owners when the takeover announcement stated that UK Football Investments LLC, the club's new parent, "is owned by the trustees of the Milan Mandaric 2008 Revocable Trust". But as a limited liability corporation in the US state of Delaware, UK Football Investments has no statutory requirement to provide an annual report. Neither was it required to identify its shareholders in its incorporation documents. Thus in its eight years of trading, the owners have never been disclosed.
Mandaric told Digger yesterday that the trust is "100% owned by me and my family". He said that some of the trustees are not investors, since it is a legal requirement for any trust to have independent trustees. Mandaric added that the trustees referred to in the announcement are him and two US citizens who simply enjoy coming to games of football. He said the trust is not an offshore entity and is also based in Delaware. However the lack of immediate clarity about the structure is another blow for the Football League's transparency drive led by the chairman, Greg Clarke, who said in May: "When you see countries and companies who are not transparent, terrible things happen."
