Milan Mandaric has formally stood down as chairman of Leicester City ahead of his buy-out of Sheff Wed.
Serb set for Sheffield Wednesday role
Milan Mandaric has formally stood down as chairman of Leicester City ahead of his buy-out of Sheffield Wednesday.
The former Portsmouth owner, who sold his controlling stake in Leicester earlier this year, was still chairman of the Foxes.
But he has now sealed a deal to take over Sheffield Wednesday and, as such, he has relinquished his role with Leicester.
"Leicester City will always be in my heart. This club is Premier League in everything but name," Mandaric told the club's
official website.
"The stadium and the supporters are both first-class, and this decision has been extremely difficult for me to make. It is the end of an era for me and because of that I am very emotional.
"However, it is now time for me to step aside. The new owners are fantastic people, with a great passion and enthusiasm to achieve success for Leicester City.
"I have always maintained that I would only leave the club once we were in a much better position than when I joined. I can now say, with complete confidence, that we have reached that position.
"The club was in a very poor financial position when I first arrived, with even their existence in jeopardy.
"During my time at the club, along with all of the dedicated staff, we have turned the business around and I pass on a strong, vibrant club, ready to embark on the next chapter in an illustrious history. I am very proud of what we have all achieved.
"In addition to the new owners, the club now has a world-class manager in Sven-Goran Eriksson and talented staff on and off the field. Let there be no doubt that there will be many bright days ahead for Leicester City Football Club."
