Leicester have been bought by a consortium led by Thai businessman Aiyawatt Raksriaksorn.
Financial details of the deal have not been disclosed but current chairman Milan Mandaric will retain his position at the npower Championship club and is a stakeholder in the Asia Football Investments consortium.
Raksriaksorn owns Thailand-based duty-free shopping business King Power Group, which last week secured a three-year shirt sponsorship deal with Leicester.
The last Thai venture into English football ended in acrimony when former Prime Minister Thaksin Shinawatra, ousted in a 2006 coup and still living in exile, bought Manchester City and sold the club a year later.
Mandaric believes the deal will empower Leicester and help the club achieve their ambition of returning to the Barclays Premier League.
"The deal brings new strength and energy to Leicester and offers a tremendous opportunity for supporters and the club," Mandaric said via a statement on the club's official website, lcfc.co.uk.
"We are celebrating as the deal represents three things.
"First, ambition. This will help us push forward to compete harder for a place at the top table of English football.
"Second, strength. It will strengthen the squad and youth academy by bringing additional financial support and introducing a new global network of contacts and access to player talent.
"It also represents a third key factor - partnership. I am delighted to remain as chairman and a stakeholder in the new consortia. I am pleased Lee Hoos, the chief executive, and his winning team remain focused and in place to keep our plans and ethos alive."