Thailand-based entrepreneur Aiyawatt Raksriaksorn has acquired English Championship team Leicester City Football Club (LCFC) for an undisclosed sum.

Raksriaksorn's family owns the King Power Group, an airport duty free retailer with 76 shops, mainly in Thailand.

Last week the company agreed a three-year shirt sponsorship deal with LCFC.

Raksriaksorn acquired the club from previous owner, businessman Milan Mandaric, who will stay on as the club's chair for the foreseeable future.

"We are delighted that Asia Football Investments has secured this exciting deal, Raksriaksorn said.

"I am passionate about football and I see in Leicester City 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."