Leicester City chairman wipes out £124m of debt as statement released
Leicester City chairman Aiyawatt ‘Top’ Srivaddhanaprabha and parent company King Power have collectively wiped out £124m of the club's debt.
In issuing two new sets of shares, the City owner and King Power has converted £124m worth of debt to equity. A considerable amount of the club’s spending over the past 15 years has been supported through loans from the Thai duty free company, or directly from the Srivaddhanaprabha family, but much of that debt has now effectively been relieved by this latest announcement.
It’s the second such move from Top in just over two years. On New Year’s Eve 2022, £194m worth of debt was converted to shares.
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In a statement, City said: “Leicester City Football Club today announces two new issues of shares to King Power International and Aiyawatt Srivaddhanaprabha, relieving the club of a combined total of £124m of debt to its parent company and owner. The share allotments, filed with Companies House this week, capitalise previous loans from KPI and Khun Top which have supported the club’s recent development.
“The move strengthens the club’s balance sheet, reduces interest costs and relieves the club of all remaining shareholder loans. This latest debt-to-equity conversion takes the Srivaddhanaprabha family’s overall investment during its ownership of Leicester City to over £420m. The club remains grateful for the family’s unwavering support and for the long-term security they continue to provide.”
Not all of City’s debts are owed to King Power and their chairman and so there will still be payments outstanding. Their most recent set of accounts, those for the 22-23 season and published in April 2024, showed the club had a total debt of £179m.
