Leicester City has today named Vichai Raksriaksorn as the club's new Chairman.
The position, which has been vacant since the departure of previous owner and Chairman, Milan Mandaric in November, will now be held by Raksriaksorn, the father of Aiyawatt, who is now named as the club's Vice-Chairman.
Speaking exclusively to LCFC.COM, Vichai Raksriaksorn said: "I am both delighted and honoured to be named as Chairman of Leicester City Football Club.
"Leicester City is a proud club, with a rich heritage. We now have a clear strategy for the club and the foundations for future success have been set.
Raksriaksorn added: "The primary reason for investing in Leicester City was not only because of my passion for football, but also my strong desire to revive and return the club to the Premier League. Leicester City has a history of playing Premier League football and it is time for a new chapter to be created.
"From the very first moment that I stepped in to the Walkers Stadium last August, there was absolutely no hesitation in my mind, even for a split second, to prevent me from looking forward and investing in this team. I truly believe in the spirit of Leicester City and hold great hope of success for the near future.
"I have made a solid commitment to sacrifice more than half of my time from my main business of duty free, to dedicate time to Leicester City, giving as much support as I can. Financially, we have also invested more than was first anticipated. Ultimately, this will yield substantial improvements in the working structure of the club, both on and off the field, some of which we have already seen as the core competitive aspects of the team have been strengthened in all areas.
"What I am committing myself to might seem impossible to achieve from the perspective of others, but this dream began when we acquired Sven-Goran Eriksson as manager and signed players from the Premier League. I am proud to say that we already have seven international football players with us, which is a fantastic achievement, with more to come I hope.
"To conclude, I look forward to working alongside the staff, players and management, as well as helping to progress the relationship with our fantastic supporters and the surrounding community."
Leicester City Vice-Chairman, Aiyawatt Raksriaksorn, said: "Both my father and I are working very hard to restore Leicester City as a formidable force in English football and return the club to the Premier League.
"I feel certain that the new structure of the club emphasises the strength of Leicester City and will ultimately help to take the club forward."
Leicester City Chief Executive, Lee Hoos, said: "This is another positive step which will further strengthen the club and our commitment to excellence.
"Vichai and Aiyawatt Raksriaksorn have taken a more active and engaged role in Leicester City Football Club and this integrated approach will enhance the continued development of the club off the field, supplementing the recent good form shown by Sven-Goran Eriksson and his team."
Vichai Raksriaksorn joined the club's board on Monday December 6th 2010, at the same time as Miss Supornthip Choungrangsee and Miss Susan Whelan.