Milan Mandaric has stepped down as Chairman of Leicester City Football Club ahead of his proposed takeover of Sheffield Wednesday.
The former owner of Leicester City recently sold the club to Asia Football Investments for a reported £40million, but had remained in his role as Chairman at the request of the new owners.
However in an official club statement Mandaric said he had made the “extremely difficult" decision to “step aside”
He added: "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.”
Stepping down as Chairman of Leicester opens up further takeover possibilities for Mandaric. Last week Football Trade Directory reported on his intentions of buying struggling League One side Sheffield Wednesday after he was quoted as saying: "I've made no secret of my desire to help the club - I hope I'm not too far from the line"
Sheffield Wednesday is looking to attract new investment to avoid administration. The club was granted a 28-day stay of execution against an HM Revenue and Customs (HMRC) winding-up petition but now face another challenge in High Court this week.