Milan Mandaric has sold Championship club Sheffield Wednesday to a Thai consortium, it was announced on Thursday.
A Thai consortium, headed by businessman Dejphon Chansiri, has completed their takeover of Championship club Sheffield Wednesday.
Chansiri, whose family own the Thai Union Frozen Group, have agreed a deal to purchase 100 per cent of Wednesday's shareholding from current owner Milan Mandaric.
Mandaric saved the Yorkshire club from the threat of administration when he acquired the club in November 2010 and under his ownership the team were promoted back to the second tier in the 2011-12 season.
However, the 76-year-old has always maintained he would relinquish control if the right proposition was put forward and he confirmed talks with Chansiri's group earlier this month.
"I am very excited at the prospect of taking over control from Milan," Chansiri told Wednesday's official website.
"I believe this club has huge potential and I can assure all our supporters that I will be working extremely hard to bring the success that I already sense from my short time in your city our supporters so desperately crave."
The news is a welcome relief to supporters of Wednesday, who were the subject of a collapsed takeover from Hafiz Mammadov last year after the Azerbaijani businessman failed to "meet obligations" agreed between the two parties.
The deal remains subject to Football League ratification and once the formalities have been completed Mandaric - who has previously owned Portsmouth and Leicester City - will step aside as chairman and a director, but will remain at Hillsborough in an advisory role.
"From the first time I met Dejphon I felt he was the right person for this fantastic club, his business expertise and passion made him stand out from the other interested parties that I have spoken to since I announced that Mr Mammadov could no longer fulfil his obligation to purchase the club," Mandaric said.
Wednesday sit ninth in the Championship having taken 38 points from 27 matches.comments