Milan Mandaric set to sell significant stake in Leicester City

Milan Mandaric is in talks with a consortium that is expected to lead to him selling a significant part of his stake in Leicester City by the middle of next week. The former Portsmouth owner, who has been eager to attract fresh investment to the Championship club, is close to agreeing a deal with a group of businessmen that would see him work in partnership with them initially before ultimately relinquishing control and standing down from his position as chairman. How quick that process might happen is unclear at the moment but Mandaric, who is 71, is known to be keen to reduce his commitment to the club to free up more time. The Serbian-American, who took control at Leicester three years ago, is expected to retain a 51% stake in the short term that would allow him to continue as chairman ahead of the new season. Leicester are set to make an announcement over the next couple of days to clarify Mandaric's position.