The Leicester owner pays off the £194 million debt

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

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

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

Leicester was taken over in 2010 by the Thai family Srivaddhanaprabha.

Over 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 been chairman since the death of his father Vichai in a helicopter crash 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 trust they continue to place in us to responsibly manage their club with ambition and integrity guides our decision-making and remains vital for us to build on one of the most successful eras in the club’s history. ”

However, Leicester are facing a battle for survival in the Premier League this season.

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

AFP

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