Creditors of Leicester City have accepted the proposals put forward by the Gary Lineker-led consortium to take over the club.

Leicester has been in administration since last October after building up massive debts of around �50m.

The decision means that administrators Deloitte and Touche can now start the business of selling the club and its assets to the consortium.

Administrator Nick Dargan said talks between the creditors and football authorities were successful and now the club's future must be secured.

"It is now up to the consortium to finalise the commercial terms of the deal and secure the cash to purchase the business and assets," he said.

"Failure to agree to these proposals would certainly have led to the liquidation of the club with the loss of all jobs."

Leicester legend Lineker invested a six-figure sum into the consortium's fund.

Another former Leicester striker, Emile Heskey, also made a substantial donation to help the group reach their �5m target.

The First Division club are now aiming to come out of administration by mid-February.