Leicester bought by Asian consortium

LONDON - Leicester City chairman Milan Mandaric promised an exciting future after the Championship club was bought by a consortium led by a Thai businessman on Thursday.

"This deal brings new strength and energy to Leicester and offers a tremendous opportunity for supporters and the club," Mandaric said in a statement confirming the takeover by Asia Football Investments.

"This will help us push forward to compete harder for a place at the top table of English football."

The consortium is headed by Aiyawatt Raksriaksorn of the King Power Group, a duty-free empire based in Thailand.

"We are delighted Asia Football Investments has secured this exciting deal," Aiyawatt said. "I am passionate about football and I see in Leicester City a club with tremendous passion and potential."

Leicester went into administration in 2002 before being rescued by a consortium led by former England striker Gary Lineker.

The club have not been in the Premier League since 2004.

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