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Page last updated at 12:50 GMT, Thursday, 12 August 2010 13:50 UK

Thai-based consortium seal Leicester City deal

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Mandaric vows to spend on team

Leicester City have been bought out by a Thai-based consortium but Milan Mandaric will stay on as chairman of the Championship club.

Aiyawatt Raksriaksorn, who owns the club's new shirt sponsors King Power Group, will front the Asia Football Investments consortium.

Mandaric said the deal would enable the club to "secure ambitious and exciting plans" and is a "great opportunity".

"It will bring new strength and energy," Mandaric added.

BBC Radio Leicester last week revealed that duty-free shopping business the King Power Group had agreed a three-year shirt sponsorship deal and were in talks about a possible takeover.

It provides a real opportunity for Leicester to grow and transform its status over the next few months and years

Leicester chief executive Lee Hoos

Aiyawatt added: "We are delighted that Asia Football Investments has secured this exciting deal.

"I am passionate about football and I see Leicester City as 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."

Leicester chief executive Lee Hoos insists the takeover does not increase the pressure on manager Paulo Sousa to bring Premier League football.

Sousa, who was only appointed in the summer, has already vowed to achieve promotion to the top flight in within two years.

But Hoos said the club is looking longer term - even though they are eager to play in the Premier League as soon as possible.

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"It provides a real opportunity for Leicester to grow and transform its status over the next few months and years," Hoos said.

"We are, of course, realistic and we wish to assure supporters that this deal will not pile the pressure on the football manager and create unreal expectations.

"We have a new young and clearly talented football manager in place and our strategy and targets remain the same.

"We want consistency but also sustainability in our current league, and of course future leagues, and that makes this deal unique as we are signed up to these ideas."



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