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The report stated that the new owner of Portsmouth, Alexander Gaydamak had failed to complete the transaction and this meant that Mandaric still owned 50% of the club.
Commenting on the rumours, Mandaric told the Leicester Mercury: "The man I made the deal with (Gaydamak) has lived up to all his commitments and there is no problem at all. We have bigger fish to fry now and I am hoping the deal with Leicester will be completely finalised as soon as possible."
The Serbian business man made his first appearance at the Walkers Stadium on Saturday when he was in attendance to witness the 4-1 defeat at the hands of Sheffield Wednesday. And, despite such a disasterous result, Mandaric was quick to heap praise onto Rob Kelly: "He (Kelly) is obviously doing his best under the circumstances... I think the manager needs help to bring in new players... It was good to see that, clearly the players were all playing for their manager."
Mandarics visit to the Walkers Stadium is a clear indication that progress is being made in terms of a deal being completed in the near future.