Milan Mandaric buys Foxes

Updated 14.31 Tue Feb 13 2007

Keywords: Portsmouth, Foxes, Leicester City, Milan Mandaric, Championship

Former Portsmouth chairman Milan Mandaric has completed his takeover of Championship outfit Leicester City.

Mandaric made his official bid for the Foxes more than three months ago, but after lengthy discussions he has finally gained control of the east Midlanders, although London Stock Exhange rules prevent him becoming chairman for another 23 days.

"I am under no illusions that this is a massive challenge and my primary aim is to take a club that has immensely underachieved in recent years back to its rightful place in top-flight football" - Milan Mandaric

The Serbian-born American's takeover has been the subject of a series of delays. Indeed, at the end of last month it was placed on 'temporary hold' after the 68-year-old returned to Belgrade to tend to his seriously-ill mother.

Mandaric, who is under no illusions as to the task facing him at Leicester, told the club's official website: "It is an honour and a privilege that the shareholders have accepted my offer to take control of Leicester City Football Club.

"I am under no illusions that this is a massive challenge and my primary aim is to take a club that has immensely underachieved in recent years back to its rightful place in top-flight football."

Leicester's new owner also revealed that he has had talks with former Charlton manager Iain Dowie but has insisted that he is 100 per cent behind boss Rob Kelly as he bids to keep the club away from the threat of relegation to League One.

Mandaric added: "Our future plans are very straightforward. The first thing is to secure our stability on the field and be sure we are staying in this division.

"We have been working on plans for next season and Rob Kelly is in those plans and he has support from me.

"I have been in dialogue with Iain Dowie and other managers. A lot of managers would like to be at Leicester but we have made a decision to stay with Rob Kelly and we will see how far we can go.

"The timescale of that is measured by the success of the team. Rob is an intelligent and honest manager who knows what needs to be done.

"I have had clear dialogue with him and the team. My meeting with Rob was very productive and positive. I am behind him and he has my full support.

"The only way we are going to make it is if we are all going in the same direction. But we are under no illusion here - it is a hell of a task and challenge."