25 Aug 2010Football League 'yet to approve Leicester City deal'

Football Clubs News | Football Finance News

Football League chiefs have not yet given the green light to a Thai consortium's plans to take over Championship football club Leicester City, it has been revealed.

The Guardian has reported that the team's board of directors appears to have contravened new regulations compelling "pre-notification" of the identities of new owners and executives before any takeover bid is completed.

As a result, the Football League has been unable to perform the necessary vetting process so the newcomers could be declared "fit and proper" and ensure they do not have previous involvement in financial wrongdoing.

It had been hoped that the Asia Football Investments group of entrepreneurs - led by Aiyawatt Raksriaksorn - would have retained the services of current chairman Milan Mandaric in his existing role.

"I am passionate about football and I see in Leicester City as a club with tremendous passion and potential," Raksriaksorn said in a statement earlier this month. "I do look forward to getting behind the new manager and his team."

Written by Mark Thompson

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