Sheffield Wednesday's prospective new owner Milan Mandaric has warned he will not become an overnight success at Hillsborough as he embarks on his latest mission in English football.

Mandaric, 72, looks set to take control of his third football club in England after agreeing an £8million deal to buy the club with Wednesday's main creditors, the Co-operative Bank, and loan note holders late on Friday night.

The Serbian said: "People who know me in the football world are aware I will try and do everything I can to change the direction the football club has been going in. But let's not underestimate the amount of work that needs to be done to do this. Everybody involved with the club needs reuniting, they all need to be pulling in the same direction."

The takeover must now be voted on by the club's shareholders at an extraordinary general meeting next month and Mandaric was keen to stress this represented one last hurdle before he can start making serious plans to take Wednesday back "in the right direction".

Mandaric said: "We've crossed the line, not completely I must add, because the club is a plc and these things need to be respected.

"There are certain legalities to resolve with the shareholders and I think there is a meeting taking place on December 15 or 16.

"It's not completely over, but we're optimistic there will be a positive outcome."

The Serbian-born businessman enjoyed success with Portsmouth after buying the south-coast club in 1998 and after selling them in 2006 he went on to buy a controlling stake in Leicester for around £25million.

Mandaric spent three years at the Walkers Stadium, during which time the Foxes were relegated to npower League One and promoted back again. He sold them in the summer to a Thai-based consortium for a reported £40million.

"I'm quite sure we can do this. I think I have the experience, the enthusiasm and everything required to get the club going in the right direction," Mandaric added.

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