Chairman Milan Mandaric believes the takeover led by Thai businessman Aiyawatt Raksriaksorn will help Leicester achieve their dream of a return to the Premier League.
The deal for the Foxes was completed on Thursday but the financial details have not been disclosed. However, Mandaric will retain his position at the Championship club as the Serbian-born American 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.
Mandaric believes the takeover will empower the Foxes, who have not played top-flight football since their relegation from the Premier League in 2004.
"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. "This will help us push forward to compete harder for a place at the top table of English football.
"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."