Mandaric completes Leicester takeover

Milan Mandaric has completed his takeover of Championship club Leicester.

The former Portsmouth owner, who made his official bid for the Foxes on November 1, finally gained control on Tuesday morning after over three months of talks, though stock market rules prevent him becoming chairman for another 23 days.

The club and Mandaric were confident the deal would be finalised this week after the Serbian-born American was officially introduced to the club's supporters at City's last home match against Luton on February 3.

The takeover has been the subject of a series of delays and was placed on "temporary hold" at the end of last month after Mandaric returned to Belgrade to tend to his seriously-ill mother.

Earlier in the year Mandaric had blasted the "ridiculous" delays halting his takeover after revealing they had caused the club to miss out on three transfer targets.

At the end of last year the due diligence procedure unearthed considerable extra debts at the Walkers Stadium, but after returning from Belgrade to reopen talks the 68-year-old has finally assumed control.