Mandaric left Portsmouth in September last year

The club's shareholders have to vote on Mandaric's offer, revised after due diligence procedure unearthed debts at the Walkers Stadium.

Former Portsmouth owner Mandaric said: "It's becoming ridiculous now, I've lost three targets I had an eye on.

"Time's running out, I'm worried there won't be enough left to do what we want," he told the Leicester Mercury.

The Serbian-born American remains hopeful the final wrinkles can be ironed out in time to help manager Rob Kelly make some new signings in the window.

He said: "It's taken four months already and I could have bought London Bridge in that time.

"But let's be patient. It's still in the hands of the lawyers and I don't want to point the finger at anyone.

"There are still a few things to be done over the next couple of days and I am optimistic it will finally be over."

At this time I'm not looking for a manager or anything else Milan Mandaric

Mandaric made his first official bid for Leicester in November, and admitted: "If I looked at this as a business we would probably walk away but I'm keen to get back in football.

"Sometimes you have to close your eyes on some of the things because football doesn't always bring the clean-cut situation in a business sense.

"I'd like to get it done one way or the other as this is not what I anticipated.

"It's not at my end. It is something I need to overcome and I wasn't quite aware of. I'm not accusing or pointing the finger at anyone it was just something that was found during investigation.

"The price is not the problem whatsoever. It has been agreed."

Mandaric denied weekend reports he will appoint former Crystal Palace and Charlton manager Iain Dowie when he takes over - saying he has been impressed with current boss Rob Kelly.

He added: "At this time I'm not looking for a manager or anything else. I just want to resolve the ownership of the club and then look at existing structure.

"I'm not committed to Iain Dowie or anyone else at this point.

"Unfortunately I have not been allowed many dealings with the manager but I did have the opportunity to meet with him two or three times.

"He is a good solid young man who is a great coach and apparently gets on well with players and probably gets the best out of them.

"I don't know much about him or his capabilities but so far I'm impressed with him."