The Football League has today approved a change of ownership at Leicester City Football Club in accordance with new regulations approved by member clubs in August 2010.

A League spokesperson said: "We warmly welcome the new owners of Leicester City to The Football League. We also thank the new owners and club officials for their full cooperation during the review process that has now been completed."

Football League clubs voted in August 2010 to enhance the Owner's and Director's Tests for all clubs. Separately, financial reporting requirements for Championship clubs were also strengthened. As a result, all Championship clubs are subject to the following regulations:

• From April 2011, clubs must provide 'future financial information' relating to the subsequent season

• Clubs must demonstrate they have no overdue transfer fees, compensation fees, key employee wages or PAYE/NIC

• Clubs in default or clubs with business plans that cast doubt on their ability to fulfil fixtures or pay football creditors will be required to submit to budget constraints including possibility of transfer embargo

• A change of ownership of more than 30% of club will trigger fresh reporting requirements

• The publication of the identity of any individuals owning 10% or more of their club

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