Asia Football Investments agreed to take over at the Walkers Stadium in August

Leicester City's takeover by Thai-based consortium Asia Football Investments has been officially ratified by the Football League.

The Foxes are the first team to go through the new process, which endorses potential owners of football clubs.

Previous owner Milan Mandaric, who will stay on as chairman, told the club website: "Today is a great day for Leicester City.

"Our owners are fantastic people with incredible ambition for the future."

He added: "They have great character and integrity and they will strive for success for Leicester City."

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The takeover was first revealed by BBC Radio Leicester in August.

And Executive director Aiyawatt Raksriaksorn told the club website he is delighted that everything has been approved: "This is a very proud day for my family and me.

"There was never any doubt in our minds that we would officially become the club's owners but we would like to take this opportunity to thank the Football League for their co-operation.

"It is up to us now to continue what Milan has started and to take this great club forward."

Foxes chairman Milan Mandaric told BBC Radio Leicester: "It's great news for all of us connected with the football club.

"I'm happy that it puts the club in a good long-term financial position."

However, when pressed on the identity of the new investors, Mandaric remained tight-lipped. "The supporters will be the first to know who is on the board," he told BBC Radio Leicester.

"At the moment I don't want to say."

The new owners have already appointed former England boss Sven-Goran Eriksson as the club's new manager following the sacking of Paulo Sousa and promised to invest in new players.

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