Foxes owners approved
Leicester City's takeover by a Thai consortium led by Aiyawatt Raksriaksorn has been ratified.
Last Updated: 22/10/10 7:50pm
Leicester City's takeover by a Thai consortium led by businessman Aiyawatt Raksriaksorn has been ratified by the Football League.
The sale by Milan Mandaric was announced in early August and since then Sven Goran Eriksson has been installed as manager amid a splurge of new signings.
New rules were brought in regarding ownership in August this year which meant all sales of clubs needed to be approved by the member clubs.
A League spokesperson said: "We warmly welcome the new owners of Leicester City to the Football League.
"We also thank the new owners and club officials for their full co-operation during the review process that has now been completed."
Football League clubs voted in favour of enhancing the Owner's Test and Director's test and financial reporting for all clubs was also strengthened.
As a result, all Championship clubs are subject to the following regulations:
From April 2011, clubs must provide 'future financial information' relating to the subsequent season and provide information showing they owe no money in overdue transfer fees and employee wages
Clubs in default or clubs with business plans that cast doubt on their ability to fulfil any fixtures or pay football creditors will be required to submit to budget constraints including possibility of transfer embargo
A change of ownership of more than 30% of club will trigger fresh reporting requirements and the publication of any individual owning more than 10% of club