A consortium headed by Thai businessman Aiyawatt Raksriaksorn has completed a takeover of Leicester City.
It has acquired the club from Milan Mandaric, who purchased the Foxes back in 2007.
He will stay on as chairman at the Walkers Stadium, as he is a stakeholder in the Asia Football Investments consortium.
A deal had been on the cards for Leicester,with Raksriaksorn's duty-free shopping business King Power Group securing a three-year sponsorship deal with the club last week.
Financial details of the takeover have not been revealed, but Mandaric has promised 'exciting' times ahead for the Championship outfit.
He told the club's official website: "We are celebrating today as the deal represents three things.
"First, ambition: this will help us push forward to compete harder for a place at the top of the table of English football.
Talent
"Second, strength: it will strengthen the squad and youth academy by bringing financial support and introducing a new global network of contacts and access to player talent.
"It also represents a third key factor, partnership: I am delighted to remain as chairman and a stakeholder in the new consortia and I am pleased Lee Hoos, the chief executive, and his winning team remain focused and in place to keep our plans and ethos alive."
Mandaric added: "In celebrating the deal I would also like to thank everyone who has believed and continues to believe in my work here which started in 2007.
"LCFC has demonstrated an incredible fighting spirit to reach this point where global investors sense the opportunity and feel able to back our plans.
"The road to recovery on and off the pitch has not been easy but the supporters, executives and the entire squad have shown real commitment and I know that it will now continue as the new 2010/11 season gets under way and we plan for further exciting developments in the near future."
Leicester boss Paulo Sousa has also welcomed the news, saying: "Things do move quickly at Leicester City. I was promised support and change when I joined and the chairman is living up to that promise.
"I am delighted to welcome the new investors to the club and pleased that Mr Mandaric and I will continue our partnership."
Source - Sky Sports News
