Leicester bought by Asian consortium
"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.