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Takeover deal complete

Takeover deal complete

Leicester City fans can look forward to a new chapter in the club's history after a consortium led by Thai businessman Aiyawatt Raksriaksorn completed a deal to purchase the club.

Speculation has been rife over the past three months linking the club with new ownership, but a deal has finally been completed for a full-scale takeover of the club.

Chairman Milan Mandaric will remain in his current position as chairman of the club, whilst also holding a stake of his own in the new consoritum.

"We are celebrating today, as the deal represents three things," Mandaric said.

"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 and I am pleased Lee Hoos, the Chief Executive and his winning team remain focussed and in place to keep our plans and ethos alive."

Thai millionnaire Aiyawatt Raksriaksorn, owner of the duty free King Power Group, is heading the group, and has revealed his delight at the deal.

"We are delighted that Asia Football Investments has secured this exciting deal; I am passionate about football and I see in Leicester City 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."

Initial talk linked the group with a partial takeover with a view to a full hold of the group later on, but it appears as though a complete deal has been secured.

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Writer:JBFox
Date:Thursday August 12 2010
Time: 1:27PM

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