By AFP 01 February 2023 | 3:31 pm Leicester chairman Aiyawatt Srivaddhanaprabha has relieved the club of an outstanding £194 million ($239 million) debt which had been owed to parent company King Power International (KPI). Aiyawatt Srivaddhanaprabha has been chairman at Leicester since 2018. Sebastian Frej/MB Media/Getty Images Leicester chairman Aiyawatt Srivaddhanaprabha has relieved the club of an outstanding £194 million ($239 million) debt which had been owed to parent company King Power International (KPI). The Premier League club said the loans had been issued by KPI over the past four years to help build a new training ground and support investment in the squad through the coronavirus pandemic. The loans and related interest have been converted into equity held by KPI in the club. Leicester were acquired by the Thai Srivaddhanaprabha family in 2010. During the past 13 years, the Foxes have enjoyed unprecedented success on the pitch – including winning the Premier League in 2016 and the FA Cup and Community Shield in 2021. Aiyawatt Srivaddhanaprabha has taken over as chairman since the death of his father Vichai in a helicopter accident outside the club’s stadium in 2018. “We want to make sure we continue on that path from the strongest, most secure financial footing,” Srivaddhanaprabha said in a club statement. “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.” However, Leicester face a battle to survive in the Premier League this season. Brendan Rodgers’ men sit 14th in the table, just one point above the relegation zone. Latest 43 mins ago The presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, has berated the presidential candidate of the All Progressives Congress (APC), Bola Tinubu, for his hypocritical attempts to extricate himself from the many failures of the ruling party. Atiku’s Special Assistant on Public Communication, Phrank Shaibu, said this in a statement, in Abuja, on… 3 hours ago Gunmen on Tuesday set ablaze the Independent National Electoral Commission (INEC) office in Ogidi, Idemili South Local Government Area, Anambra State, destroying non-sensitive materials for 2023 general elections. The Commission disclosed this in a statement by its Commissioner and Chairman, Information and Voter Education Committee, Festus Okoye, in Abuja on Wednesday. Okoye said that the… 3 hours ago The Federal High Court in Abuja has granted the detained leader of the Indigenous People of Biafra (IPOB), Nnamdi Kanu, permission to apply for an order of mandamus to compel the Department of State Service (DSS) to allow him unfettered access to medical care. In the suit marked FHC/ABJ/CS/2341/2022, Nnamdi Kanu, through his legal team… 4 hours ago The U.S Ambassador to Nigeria, Mary Leonard, on Wednesday reiterated her country’s decision to deny or cancel visas for any Nigerian, who try to undermine the 2023 general elections. Leonard made the assertions in Abuja at the Multi-Stakeholders Dialogue with the theme: “Nigeria’s 2023 Elections: Fostering Youth Action for Peace and Stability’’. The dialogue was… 5 hours ago Chelsea were the biggest spenders of a record-breaking January transfer window for Premier League clubs while relegation-threatened teams also splashed the cash on a frenetic final day.
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