Leicester City have today confirmed that an Asian consortium has taken over at the Walkers Stadium. The group, headed by Thai business tycoon Aiyawatt Raksriaksorn - owner of the King Power Group - have bought Leicester City Football Club. Former owner Milan Mandaric will remain at the club as Chairman. Multi-millionaire Raksriaksorn is one of the wealthiest men in Thailand and the takeover of the club is likely to have Foxes fans excited by the proposition of significant financial support. The new owner said of the deal: 'I am passionate about football and I see in Leicester City a club with tremendous passion and potential; it has excellent management on and off the pitch and I am convinced that it has the right mix of ambition and realism to drive the team, and club, forward. 'I do look forward to getting behind the new manager and his team and to enjoying real progress, which I know the fans crave and deserve.' He added. However, Lee Hoos CEO has warned the fans that the club will continue to move forward in the right way. Hoos was eager to declare that the club will continue to be realistic in their aims: 'We are realistic and we wish to assure supporters that this deal will not pile the pressure on the football manager and create unrealistic expectations.' He said. Manager Paolo Sousa added: 'Things do move quickly at Leicester City. I was promised support and change when I joined and the Chairman is living up to that promise. I am delighted to welcome the new investors to the club and I'm pleased that Mr Mandaric and I will continue our partnership.' Exciting times await the Foxes faithful and, with the summer transfer window soon coming to a close they will be hoping that the new investors take immediate action with regards to strengthening the squad.