Milan Mandaric, former owner of Portsmouth, has completed the takeover of English second division club Leicester City after three months of talks.

The Serbian made the announcement at a news conference at the club's Walkers Stadium but said he would not be able to become chairman for a further 23 days due to stock market rules.

"It is an honour and a privilege that the shareholders have accepted my offer to take control of Leicester City Football Club," Mandaric said in a statement on the club's website.

"I am under no illusion that this is a massive challenge and my primary aim is to take a club that has immensely underachieved in recent years back to its rightful place in top-flight football."

Leicester are 17th in the 24-team second division following relegation from the Premier League in 2004.

"The hard work begins now though with the immediate short-term priority to preserve our championship (second division) status and once that is achieved, we can build towards future successes," Mandaric said.

"And I can assure you that if I don't take this club up in a three-year period I will view that as a failure and that is a word that nobody associates with me."

Mandaric would not say how much he intended to put into the club but said it would be an expensive process that would take some "serious money."

Mandaric said he had spoken to several potential managers, including Iain Dowie but had decided to stay with current boss  Rob Kelly.

"We have been working on plans for next season and Rob Kelly is in those plans and he has support from me," Mandaric told Sky Sports News.

"We will see how far we can go. The timescale of that is measured by the success of the team. Rob is an intelligent and honest manager who knows what needs to be done."