The Gary Lineker-led consortium has beaten the deadline to raise the money required to take Leicester City out of administration.

As the preferred bidders, the consortium had to show they could come up with just under £4m before they could proceed.

The chairman of New Fox plc, John Holmes, says that everything is now in place for the consortium to take over the club.

"The potential investors had to follow up their pledges with cash and cheques by this afternoon's deadline and that we have accomplished," said Holmes.

"We have exceeded the minimum required, so we are in position to proceed with the purchase."

Holmes added that there one or two minor issues to be cleared up over the takeover but he was confident they would be resolved over the next few days.

Leicester have been in administration since last October after building up massive debts of about £50m.

Lineker has invested a six-figure sum into the consortium's fund.

Another former Leicester striker, Emile Heskey, also made a substantial donation to help the group reach their target.

The First Division club are now aiming to come out of administration by mid-February.

Leicester are second in Division One, two points behind leaders Portsmouth.