Leicester City have been bought out by a Thai-based consortium but Milan Mandaric will stay on as chairman of the Championship club.
Aiyawatt Raksriaksorn, who owns the club's new shirt sponsors King Power Group, will front the Asia Football Investments consortium.
Mandaric said the deal would enable the club to "secure ambitious and exciting plans" and is a "great opportunity".
"It will bring new strength and energy," Mandaric added.
BBC Radio Leicester last week revealed that duty-free shopping business the King Power Group had agreed a three-year shirt sponsorship deal and were in talks about a possible takeover.