Sheffield Wednesday's prospective new owner Milan Mandaric is stressing he is no miracle worker. The 72 year old 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 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, added, "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.

"But having said that, 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."

A club source told Press Association Sport: "It will all have to be voted on by shareholders, but the reality is that all the senior people that need to sign up to the deal have signed - the bank and all the loan note holders, everybody has agreed.

"Milan has had to put his hand in his pockets. He's had tremendous feedback from Wednesday fans since becoming involved and that made him more determined to do the deal."

Mandaric, who will head a three-man board at Hillsborough alongside acting chairman Howard Wilkinson and chief executive Nick Parker, added: "That's really what made me want to overcome some additional financial commitments here. There had been a very positive response from the supporters."

A rival bid from One Wednesday, the fans' consortium fronted by Garry Scotting, and another led by former Owls vice-chairman Mick Wright and director Ken Cooke were both rejected.