The Leicester City owner Vichai Srivaddhanaprabha has bought the Belgian second-flight club Oud-Heverlee Leuven, just east of Brussels.

The purchase of OH Leuven by Vichai, who bought Leicester in 2010, is through his company King Power and understood to be separate from his ownership of the English club who gave the Srivaddhanaprabha family a global profile last year with their extraordinary Premier League title success.

In a statement on Tuesday night, OH Leuven said that King Power had been the only interested party who made “a clear, written and coherent proposal within the time limit imposed by the board of directors”. The club said that King Power had promised “sufficient financial resources” for the club’s push for top-flight football in Belgium.

OH Leuven said: “The takeover will be formally completed after the usual period of due diligence. The King Power group will keep community work a priority, as well as co-operating with the various supporters’ groups and will further develop the youth programme, all in line with its major sporting ambition for the first team.”

This season, OH Leuven have avoided relegation to the third tier, the Belgian first amateur division and are already planning for the 2017-18 season. The club, which plays in Den Dreef stadium, capacity 10,000, was owned by a variety of individuals in the local Leuven business community who helped the club gain promotion to the Belgian top-flight most recently in 2015.