Leicester City have been bought out by a Thai-based consortium but Milan Mandaric will stay on as chairman of the Championship club.

Aiyawatt Raksriaksorn, who owns the club's new shirt sponsors King Power Group, will front the Asia Football Investments consortium.

Mandaric said the deal would enable the club to "secure ambitious and exciting plans" and is a "great opportunity".

"Having won at Fratton Park on Tuesday night in the Carling Cup, Leicester's players stayed on the south coast rather than make unnecessary journeys.
But from the outset a repeat of that win looked unlikely, and with just 10 minutes gone Portsmouth were in front."

Richard Bevan, chief executive of the League Managers Association, said: "How can a chairman expect to deliver success at a football club when a talented manager is recruited and dismissed within two months?

"Knee-jerk dismissals, and the chopping and changing of managers will not deliver success on the field and is incredibly destabilizing to the entire club.

"Paulo's sacking is even more disappointing in light of the chairman's comments on Paulo's appointment in the summer, when he stated he was 'delighted to acquire a manager of such great calibre'.

"Leicester City Football Club has had 14 managers since 2004 and six whilst the current chairman has been at the club.

"Clearly the club has to examine its manager recruitment strategy as their current approach does not work.

"It is damaging to the club and its fans and is an inappropriate way to treat talented managers and their careers."