Leicester City chairman Aiyawatt Raksriaksorn believes changing the club's ownership, so it will be directly controlled by King Power International, will prepare the club for life in the Premier League.
City have been transferred from under the ownership of Asia Football Investments, which is run by the Raksriaksorn family, to becoming a key part of King Power International Company Limited, which is run by City chairman Vichai Raksriaksorn.
King Power International is the parent and holding company of the King Power Group of companies, ranked among the top-10 duty free operators worldwide, and has received numerous global industry awards for its operations.
The group's core businesses in Thailand include airport and airline retail shops, hotel, theatre, downtown duty free malls in Bangkok and Pattaya, and sports.
Prior to this announcement, Leicester City had been wholly owned by the Raksriaksorn Family through Asia Football Investments, a Singapore-based company.
"Bringing Leicester City under the direct ownership of King Power International, the Raksriaksorn family have underlined their long-term commitment to Leicester City, its fans and its business partners to achieving lasting, sustainable success for Leicester City," a club spokesman said.
There is no change in the board or management of the club, and the takeover has been fully approved by the Football League.
"This is all part of our plan to fund and deliver a programme of long-term, sustainable success for the football club," said Aiyawatt Raksriaksorn.
"We are delighted to bring Leicester City directly under the ownership of King Power International, where it will be established as a core part of the group's overall interests.
"The last two years have been an incredible experience and we firmly believe we have the key elements in place, both on and off the pitch, to take Leicester City back to the Premier League.
"I would like to personally thank the Leicester City fans, and the people of Leicestershire, for the amazing support they have already shown us in the early stages of our long-term vision for the club, and look forward to success."
