Chairman Milan Mandaric believes the takeover led by Thai businessman Aiyawatt Raksriaksorn will help Leicester achieve their dream of a return to the Barclays Premier League.
The deal for the Foxes was completed today but the financial details have not been disclosed.
But Mandaric will retain his position at the npower Championship club, as the Serbian-born American is a stakeholder in the Asia Football Investments consortium.
Raksriaksorn owns Thailand-based duty-free shopping business King Power Group, which last week secured a three-year shirt sponsorship deal with Leicester.
Mandaric believes the takeover will empower the Foxes, who have not played top-flight football since their relegation from the Premier League in 2004.
``The deal brings new strength and energy to Leicester and offers a tremendous opportunity for supporters and the club," Mandaric said via a statement on the club's official website, lcfc.co.uk.
"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 table of English football.
"Second, strength. It will strengthen the squad and youth academy by bringing additional 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. I am pleased Lee Hoos, the chief executive, and his winning team remain focused and in place to keep our plans and ethos alive.``
Aiyawatt, whose King Power Group owns 76 outlets at domestic terminals and has a duty-free monopoly at Bangkok's Suvarnabhumi international airport, one of Asia's largest, added: "We are delighted that Asia Football Investments has secured this exciting deal.
"I am passionate about football and I see Leicester City as a club with tremendous passion and potential.
"It has excellent management on and off the pitch and I am convinced that it has the right mix of ambition and realism to drive the team, and club, forward.
"I do look forward to getting behind the new manager and his team and to enjoying real progress, which I know the fans crave and deserve."
The last Thai venture into English football ended in acrimony when former Prime Minister Thaksin Shinawatra, ousted in a 2006 coup and still living in exile, bought Manchester City and sold the club a year later.
ends
But Mandaric will retain his position at the npower Championship club, as the Serbian-born American is a stakeholder in the Asia Football Investments consortium.
Raksriaksorn owns Thailand-based duty-free shopping business King Power Group, which last week secured a three-year shirt sponsorship deal with Leicester.
Mandaric believes the takeover will empower the Foxes, who have not played top-flight football since their relegation from the Premier League in 2004.
``The deal brings new strength and energy to Leicester and offers a tremendous opportunity for supporters and the club," Mandaric said via a statement on the club's official website, lcfc.co.uk.
"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 table of English football.
"Second, strength. It will strengthen the squad and youth academy by bringing additional 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. I am pleased Lee Hoos, the chief executive, and his winning team remain focused and in place to keep our plans and ethos alive.``
Aiyawatt, whose King Power Group owns 76 outlets at domestic terminals and has a duty-free monopoly at Bangkok's Suvarnabhumi international airport, one of Asia's largest, added: "We are delighted that Asia Football Investments has secured this exciting deal.
"I am passionate about football and I see Leicester City as a club with tremendous passion and potential.
"It has excellent management on and off the pitch and I am convinced that it has the right mix of ambition and realism to drive the team, and club, forward.
"I do look forward to getting behind the new manager and his team and to enjoying real progress, which I know the fans crave and deserve."
The last Thai venture into English football ended in acrimony when former Prime Minister Thaksin Shinawatra, ousted in a 2006 coup and still living in exile, bought Manchester City and sold the club a year later.
ends
Copyright (c) Press Association
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