Milan Mandaric has confirmed he will be stepping down as Leicester chairman as he prepares to seal his proposed takeover of Sheffield Wednesday.

The former Foxes owner has been at the helm of the Walkers Stadium since February 2007 but recently sold the club to Asia Football Investments. His last game as chairman will be Monday's npower Championship home encounter against Nottingham Forest.

Mandaric, who has agreed an £8million deal to buy the Owls, told Leicester's official website: "Leicester City will always be in my heart. This club is Premier League in everything but name."

He added: "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."

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