Goalkeeper Adam Smith, 22, has signed a two-year deal with the Cobblers and becomes the first of the trio of ex-Foxes players to find a new team after he was axed along with James Pearson and Tom Hopper earlier this month.
Leicester terminated the contracts of Pearson, son of Foxes boss Nigel, and the two other players following an internal investigation into a leaked video of an orgy during a 'goodwill tour' of Thailand in which one woman was called a "slit-eye".
Nine days after Smith, Pearson and Hopper were released by the Barclays Premier League side, the former has now joined League Two club Northampton and revealed he is grateful for the opportunity.
Speaking to the local media on Friday morning, he said: "Obviously everyone knows I got myself in a situation that I'm deeply ashamed of and sorry for.
"I'm pleased the manager here has given me a second chance and it's down to me.
"We're all deeply ashamed and sorry - all three of us that took part in it.
"I know the club here do a lot to do with anti-racism and I'm hoping to get involved in stuff like that.
"The way the papers said it...they've come out as if all three of us are racist but it was one comment, that wasn't made by me, I don't want that floating above my head.
"If I've got to do (anti-)racism work to prove that, I'll do that."
Cobblers manager Chris Wilder insisted the club did their due diligence on the incident and were happy to offer Smith a second chance.
Wilder was in charge of Oxford in 2013 when they handed goalkeeper Luke McCormick a route back into the Football League after he had been jailed for causing the death of two children by dangerous driving.
On Smith, Wilder added: "We understand that there will be talk and discussion about what's happened at Leicester and the situation there.
"We all understand that we live in a society that offers people second chances.
"I've met the boy, he's obviously disappointed in what's happened and his actions and he has to move on and get on with his life and his career and we're giving him an opportunity to do that here at this football club
"I think you have to go through all of the details of what's happened and I've been a manager for quite a while now so I've had certain situations in my managerial career that I've had to do with that are not straightforward situations.
"These things happen, you have to make a judgement call. We have done that through the chairman as well, we have talked about it and come to a decision on that.
"It's not been taken lightly, this decision. I spoke to the player as well and we're comfortable now that we can move on.
"The boy needs to get himself going and do his talking on the football pitch."
Source : PA
Source: PA