Leicester owner clears £194 million debt


Leicester chairman Aiyawatt Srivaddhanaprabha has relieved the club of an outstanding £194 million ($239 million) debt which had been owed to parent company King Power International (KPI).

The Premier League club said the loans had been issued by KPI over the past four years to help build a new training ground and support investment in the squad through the coronavirus pandemic.

The loans and related interest have been converted into equity held by KPI in the club.

Leicester were acquired by the Thai Srivaddhanaprabha family in 2010.

During the past 13 years, the Foxes have enjoyed unprecedented success on the pitch - including winning the Premier League in 2016 and the FA Cup and Community Shield in 2021.

Aiyawatt Srivaddhanaprabha has taken over as chairman since the death of his father Vichai in a helicopter accident outside the club's stadium in 2018.

"We want to make sure we continue on that path from the strongest, most secure financial footing," Srivaddhanaprabha said in a club statement.

"I believe with all my heart in Leicester City and what the club can achieve for our fans, our people and our communities - in Leicester, Thailand and around the world.

"The faith they continue to place in us to run their club responsibly with ambition and integrity guides our decision making and remains vital to us building on one of the most successful eras in the club's history."

However, Leicester face a battle to survive in the Premier League this season.

Brendan Rodgers' men sit 14th in the table, just one point above the relegation zone.



More Related News

Harry Kane
Harry Kane's record-breaking England career in four stages

Harry Kane is now England's record goalscorer, with his goal against Italy taking him beyond Wayne Rooney's tally of 53 set just seven years ago.

Top assists of the Premier League season so far
Top assists of the Premier League season so far

Look back on some of the best defense-splitting assists from the 2022-23 Premier League campaign to date.

Geoff Shreeves
Geoff Shreeves' role under threat as Sky Sports target 'content creators' in shake-up

Geoff Shreeves is among 13 football reporters at Sky Sports whose roles are in doubt following the launch of a consultation that could see dramatic changes to next season's coverage.

Man Utd owners await revised offers for Premier League giants
Man Utd owners await revised offers for Premier League giants

Manchester United's owners were Thursday awaiting fresh bids from a Qatari banker and British billionaire Jim Ratcliffe after the deadline passed for revised offers to buy the Premier League giants.United's owners announced in November they were conducting a strategic review, with the sale of the club one option being considered.

Projected USMNT lineup for Nations League games in March
Projected USMNT lineup for Nations League games in March

The USMNT have two intriguing CONCACAF Nations League games coming up at Grenada and at home against El Salvador over the next week and interim head coach Anthony Hudson has some big decisions to make.

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply


Top News: Soccer