The Serb tycoon, whose £25million takeover of the Foxes is due to be completed over the next few days, must have been impressed by 22-year-old Yeates who scored with his very first touch of the ball after arriving on loan from Spurs until the end of the season.
Andy Johnson's astute throughball was seized upon by Iain Hume and, when his shot was beaten away by Marlon Beresford, Yeates was on hand to calmly sidefoot the loose ball into an unguarded net from 18 yards.
Moments earlier Bjorn Runstrom had almost given Luton the lead when he was a whisker away from Matthew Spring's near post cross.
Hume and Alan Maybury both fired just over from distance before Hatters debutant Runstrom - on loan from Fulham until the end of the season - twice went close, first driving over from 18 yards and then just failing to hit the target from a half-cleared David Bell free-kick.
But Luton did level on 33 minutes when dead-ball specialist Bell flighted a free-kick to the far post where shoddy marking allowed Dean Morgan - an eighth minute substitute for the injured Lewis Emanuel - to glance home a simple header.
Shortly after the restart Geoff Horsfield, desperate to impress in his first game after joining City on loan from Sheffield United, was denied a penalty when tackled from behind by Russell Perrett.
Horsfield then chested down for Hume whose 15-yard shot was blocked by Beresford.
Luton continued to make chances themselves, the best of them when Perrett headed a Bell free-kick to the far post narrowly wide and then Kevin Foley was desperately close with another header.
At the death Luton survived a scare when Levi Porter's free-kick into the box created a mad scramble which ended with Beresford bravely diving onto the ball.