Leicester City could come out of administration within six weeks after accepting a takeover bid from the consortium headed by Gary Lineker.

A statement from the administrators of the club stated that "the major creditor and effective owner of the stadium has accepted their recommendation to back the Lineker consortium in their bid to purchase the club."

"It's a great day. I'm thrilled to be in a position where I might be able to help the club," said Lineker.

"I'm delighted we've managed to resolve it, but it's been tough raising the money. These are difficult times for people to be committing their cash at the moment.

"There is still a lot of work to do over the next few years to restore stability, but we are determined to do that.

"We're not doing this as part of a power struggle or an ego trip - we just want Leicester's existence to be safeguarded."

Jon Holmes, Lineker's representative, told BBC Radio Leicester that the group had received a phone call from the administrators on Saturday morning.

"The administrators and the major creditors have told us they are prepared to work with us to secure the future of the club," said Holmes.

Reassurance

"But there is still a long way to go - over the next month or so we have to convert the promises and pledges of funds we have into reality.

"Within six weeks we would hope to be out of administration."

However, Holmes added that the consortium was still seeking further investment and would be meeting fan group the Foxes Trust on Saturday.

Holmes also reassured Leicester fans that manager Mickey Adams would not be forced to sell players when the transfer window opens in January.

On Friday, the Lineker consortium was boosted by news that a rival bid to take over the club had been withdrawn.