The club made a petition for administration last October due to pressure from major creditors and the need to complete its restructuring programme.
Nick Dargan, the administrator appointed to Leicester City, has been in the throes of choosing a buyer and negotiating with potential investors since October. A consortium led by former player Gary Lineker has been the favourite, tipped to buy the club since the celebrity announced his intention to try saving the club he once played for.
This morning, Dargan confirmed the sale of the business to the Lineker Consortium had been completed ensuring the survival of the club.
He said: ‘Both myself and my team are delighted that a successful outcome has been achieved. The financial affairs were highly complex and a significant number of parties have worked tirelessly to ensure the Football Club was saved.
‘I wish the Club, Micky Adams and all the staff, playing and non playing, every success in the future.’
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