Leicester's new owners have pledged to carry on the work of ex-chairman Milan Mandaric and guide the 19th-placed Championship club to a place in the Premier League. Vichai Raksriaksorn, the head of the King Power group who led the Asia Football Investments consortium that bought City from Mandaric earlier this season, paid tribute to the Serbian-born American businessman Mandaric who has moved to Sheffield Wednesday.

"Milan Mandaric has done a great deal for the club but now it is time for us to help progress Leicester City, to achieve our goals," he told the Leicester Mercury. "The supporters deserve success and, with the appointment of our world-class manager Sven-Goran Eriksson, we will continue to strive to gain promotion to the Premier League.

"Milan is a true football person. He has the experience, knowledge and judgement required to work within the football industry and we will be disappointed to see him leave.

"We wish Milan well in his future work and life and he will always be welcome back to Leicester as a guest, as a supporter, but most importantly, as a lifelong friend of the club."