Aiyawatt Raksriaksorn, from Thailand, is the frontman of the Asia Football Investments Consortium. Milan Mandaric will remain as chairman of the club.
"The deal brings new strength and energy to Leicester and offers a tremendous opportunity for supporters and the club," Mandaric said.
"This will help us push forward to compete harder for a place at the top table of English football. It will strengthen the squad and youth academy by bringing additional financial support and introducing a new global network of contacts and access to player talent.
"It also represents a third key factor - partnership. I am delighted to remain as chairman and a stakeholder in the new consortia. I am pleased Lee Hoos, the chief executive, and his winning team remain focused and in place to keep our plans and ethos alive."
Three Championship clubs are chasing the Wigan Athletic forward Jason Scotland.
Ipswich Town have had a bid accepted for the player, but Latics manager Roberto Martinez said on Thursday that two other sides had expressed an interest.