Aiyawatt Srivaddhanaprabha, the chairman of Leicester City, has relieved the team of over £200 million in unpaid debts.
The Premier League team, which is owned by King Power International, owed Srivaddhanaprabha’s business about £194 million in debts and interest.
The Thai businessman, who is also the son of deceased King Power Stadium helicopter accident victim and previous owner of Leicester Vichai Srivaddhanaprabha, has chosen to cancel these obligations.
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.