Leicester have been bought by a consortium led by Thai businessman Aiyawatt Raksriaksorn. Current chairman Milan Mandaric will retain his position at the npower Championship club and is a stakeholder in the Asia Football Investments consortium.
Raksriaksorn owns Thailand-based duty-free shopping business King Power Group, which last week secured a three-year shirt sponsorship deal with Leicester.
Mandaric believes the takeover will help Leicester achieve their dream of a return to the Barclays Premier League.
"The deal brings new strength and energy to Leicester and offers a tremendous opportunity for supporters and the club," Mandaric said via a statement on the club's official website.
"We are celebrating as the deal represents three things.
"First, ambition. This will help us push forward to compete harder for a place at the top table of English football.
"Second, strength. It will strengthen the squad and youth academy by bringing additional financial support and introducing a new global network of contacts and access to player talent.
"It also represents a third key factor - partnership. I am delighted to remain as chairman and a stakeholder in the new consortia. I am pleased Lee Hoos, the chief executive, and his winning team remain focused and in place to keep our plans and ethos alive."
Aiyawatt, whose King Power Group owns 76 outlets at domestic terminals and has a duty-free monopoly at Bangkok's Suvarnabhumi international airport, one of Asia's largest, added: "We are delighted that Asia Football Investments has secured this exciting deal.
"I am passionate about football and I see Leicester City as 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."