'I feel I have made a fair and generous offer to acquire Leicester City Football Club from the present shareholders.' former Portsmouth chairman, Mandaric explained to the Leicester Mercury.
Mandaric continued to express his ambitions: 'My aim is to reawaken Leicester City and aspire to the dreams of their passionate supporters and bring Premiership football back to the club at the earliest opportunity.'
The Foxes board will now take around two weeks to consider the offer and decide what action to take.
If Mandarics bid is successful, it is expected that a percentage of the £25 million will be immediately invested into transfer funds in the January transfer window.