Mandaric Steps-Down as Chairman, Moves-On to Hillsborough

Leicester City chairman Milan Mandaric has agreed an £8 million deal to take over struggling League One side Sheffield Wednesday, according to BBC Sheffield.

Mandaric was linked with the Owls last week and his interest was confirmed by the Serbo-American tycoon on Tuesday. The move will end Mandaric's spell in charge at the Walkers Stadium, following a reign that has seen fifteen different managers in charge at the club since he took over as chairman after a £25 million buyout in February 2007.

Leicester City's owners paid tribute to the work done by Mandaric in nearly four years at the helm, Aiyawatt Raksriaksorn thanking him for the efforts and money he put in to the club.

"Milan Mandaric has done a great deal for the club, but now it is time for us to help progress Leicester City, to achieve our goals," said Aiyawatt's father Vichai, "The supporters deserve success and with the appointment of our world-class manager, Sven-Goran Eriksson, we will continue to strive to gain promotion to the Premier League."

"The club is now in a stronger position to progress," added Aiyawatt, "And the staff and the players will be doing all they can to bring future success to the club."

Mandaric gave an official statement on LCFC.com:

"Leicester City will always be in my heart. This club is Premier League in everything but name. 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."

"I want to thank the Leicestershire community for their support during my time at the club. From the first day, I felt the warmth of the supporters and will never forget everything that we have been through together.

"Leicester is a sporting city and football means so much to the people of Leicestershire. I am sure that in the coming seasons, the owners will deliver Premier League football to the Walkers Stadium, which is nothing more than the people of Leicester deserve."