Gary Lineker reacts to Leicester City chairman Aiyawatt Srivaddhanaprabha’s decision to relieve the club of the outstanding £194 million debt owed to parent company King Power International.
Gary Lineker has praised Leicester City chairman Aiyawatt “Top” Srivaddhanaprabha for wiping out the club’s £194 million debt to parent company King Power International.
The Foxes stated that over £194 million in loans and related interest had been capitalized into equity issued to KPI, which is owned entirely by the Srivaddhanaprabha family. “These loans have been provided by KPI to the club over the last four years to fund the construction of the club’s world-class new training ground at Seagrave and to continue to support the club’s investments in its squad and women’s football during the Covid-19 pandemic,” Leicester said in a statement.
“Their conversion into equity strengthens the club’s balance sheet, lowers interest costs, and demonstrates KPI’s commitment to the club’s long-term sustainability.”
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The Foxes have completed a debt-to-equity transfer for the second time under the Srivaddhanaprabha family’s ownership, with £103 million in debt relieved in 2013. Leicester stated that the conversion into equity ensured that all existing shareholder investment in the club would not be carried forward as debt.
“Maintaining long-term stability is critical for sustainable growth and a fundamental principle that has always guided our investments in the club’s future,” Srivaddhanaprabha said. We want to ensure that we continue on that path from the strongest, most secure financial footing possible.
“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 trust they continue to place in us to run their club responsibly, with ambition and integrity, guides our decision-making and is critical to us building on one of the club’s most successful eras.”
Lineker, a former Foxes player, responded on Twitter. He wrote: “Wonderful gesture. Top, you did an excellent job.”
The Srivaddhanaprabha family took over Leicester from previous owner Milan Mandaric in 2010, and they have since won the Premier League title in 2016 and the FA Cup in 2021.
