leicester city The chairman paid off the Premier League club’s outstanding debt to its parent company King Power International (KPI) by converting more than £194 million ($239.03 million) in loans into equity, the club said on Wednesday.
The club’s president, Aiyawatt Srivaddhanaprabha, is also the chairman of KPI, a Bangkok-based travel retail group, which is wholly owned by his family.
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The loans have been made over the past four years to finance the construction of the club’s new training ground at Seagrave, Leicester said.
The money was also used to fund club transfers as well as women’s football during the COVID-19 pandemic.
“Maintaining long-term stability is vital for sustainable growth and a fundamental principle that has always guided our investments in the club’s future,” said Srivaddhanaprabha.
It is the second time such a process has been carried out since the family took ownership of Leicester City in 2010, having completed a £103m debt-to-equity transfer in 2013.
In both cases, it has ensured that all existing shareholder investment in the club is not transferred as debt, the club said.
Leicester sit 14th in the Premier League standings with 18 points from 20 games.
