Leicester City chairman Aiyawatt Srivaddhanaprabha has relieved the club of nearly £200million of outstanding debts.
The Premier League club, which is owned by King Power International, had over £194m in loans and interest that they were due to pay back to Srivaddhanaprabha’s company.
However, the Thai businessman, the son of former Leicester owner Vichai Srivaddhanaprabha, who died in a helicopter crash outside the King Power Stadium in 2018, has chosen to relieve these debts.
In a statement on Leicester’s official website, the chairman said: “Maintaining long-term stability is vital for sustainable growth and a fundamental principle that has always guided our investments in the club’s future.
“We want to make sure we continue on that path from the strongest, most secure financial footing.
“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.”
Chairman Aiyawatt Srivaddhanaprabha has relieved the Club of its outstanding debts to its parent company, King Power International.
— Leicester City (@LCFC) February 1, 2023
The decision will undoubtedly ease concerns over Leicester’s finances after a lack of spending in the recent transfer windows.
The deadline-day acquisition of Stoke defender Harry Soutar for £15m was only the third cash signing this season after the acquisitions of Victor Kristiansen from FC Copenhagen and Wout Faes from Reims.
Leicester have lost four of their five league games since returning from the World Cup break and sit 14th, just three points above the bottom.