Wed 01 February 2023 | 13:12

Leicester chairman relieves £194m of club debts owed to parent company

Leicester City chairman Aiyawatt Srivaddhanaprabha has cleared the club's outstanding debt to parent company King Power International.

Leicester City

is owned by King Power International and had over £194m in loans and interest that they were due to pay back to this company. King Power International is owned by Aiyawatt Srivaddhanaprabha.

Aiyawatt Srivaddhanaprabha who is the son of the former Leicester owner announced on Wednesday that he has chosen to relieve these debts. The former Leicester owner Vichai Srivaddhanaprabha, who died in a helicopter crash outside the King Power Stadium in 2018, brought the English club in 2010. Leicester City went on to win the

Premier League

 title in 2016 under his ownership.

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.”

Leicester is in 14th place in the Premier League this season. They brought Victor Kristiansen, Tete, and Harry Souttar during the January transfer window.

source: SportMob

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