The Board of Directors at Leicester City has for a considerable while been exploring all avenues of generating increased investment into the football club.

Earlier this week the Board received a formal offer from Milan Mandaric to purchase the club.

The Board welcomes the interest of Mr Mandaric as a potential investor and acknowledges his track record in football over three decades in North America and Europe and, most recently, his successful term as chairman at Portsmouth .

The Board, which is elected by 47 shareholders, has and will always continue to act in the best interests of the football club.

This is an extremely important time for the football club and any decisions must be taken in a careful and measured manner.

The 47 shareholders rescued the club from administration three years ago and remain totally committed to safeguarding and developing the future of the club.

Members of the Board will meet with Mr Mandaric and continue to explore the other options open to it.