Date: 14th July 2010 at 1:11am
Written by:

Leicester City chairman Milan Mandaric is in talks with a consortium ready to purchase the club.

A group of Thai investors have been in communication with Mandaric over a proposed buyout of the club, which would see the Foxes supremo eventually relinquish full control.

Initially Mandaric will retain 51% of the club and continue his role as chairman, before eventually selling the remainder to the new owners.

It is widely understood that they played a significant role in new manager Paulo Sousa’s arrival at the club, and have reportedly promised funds in the transfer market to help the new man in his quest to take the Foxes to the Premier League.

Mandaric bought Leicester three years ago, but has endured an eventful period at the Walkers helm.

Relegation to League One set the club back significantly, but a return to the Championship at the first attempt cushioned the blow.

Mandaric has always been open with his handling of the club, insisting that significant money of his own has been lost in the process.

The 71-year-old has made no secret of his desire to attract new investment to the club, but has always stated he was never actively looking to sell up completely.

But snowballing reports over the last three weeks have suggested that this will eventually be the case.

The former Portsmouth owner has been locked in talks with a mystery Thai consortium for three weeks, with the help of notorious football agent Pini Zahavi to assist negotiations.

The club are expected to make a full statement regarding Mandaric’s position over the next few days, with a formal announcement on the situation expected soon.