Club statement on ownership

[Jeff]

King Power International becomes Leicester City’s direct owner.
Leicester City is delighted to announce that King Power International Company Limited (KPI), has taken direct ownership of the Football Club.

KPI is owned by the Raksriaksorn Family and is the parent and holding company of King Power Group of companies, ranked amongst the Top 10 duty free operators worldwide, and has received numerous global industry awards for its operations. The Group’s core businesses in Thailand include Airport and Airline retail shops, hotel, theatre, downtown Duty Free malls in Bangkok and Pattaya and sports.

Prior to this announcement, Leicester City had been wholly owned by the Raksriaksorn Family through Asia Football Investments (AFI), a Singapore-based company. Bringing Leicester City under the direct ownership of King Power International, the Raksriaksorn Family have underlined their long term commitment to Leicester City, its fans and its business partners to achieving lasting, sustainable success for Leicester City. There is no change in the Board or management of the Football Club.

The takeover has been fully approved by the Football League.

Commenting on the change of ownership, Leicester City Vice Chairman Aiyawatt Raksriaksorn said: “This is all part of our plan to fund and deliver a programme of long-term, sustainable success for the Football Club. We are delighted to bring Leicester City directly under the ownership of King Power International, where it will be established as a core part of the group’s overall interests.

“The last two years have been an incredible experience and we firmly believe we have the key elements in place, both on and off the pitch, to take Leicester City back to the Premier League.

“I would like to personally thank the Leicester City fans and the people of Leicestershire for the amazing support they have already shown us in the early stages of our long-term vision for the Club, and look forward, together with the fans, to the season ahead and the long term success of the Club.”

http://www.lcfc.com/news/article/180912-club-statement-on-ownership-373405.aspx

 

[SJN-Fox]

So, let me just get this right, we used to be owned by the Raksriaksorn family and now we have new owners ... the Raksriaksorn family :icon_conf

 

[ch4mbo]

 

[fosseman]

So what does this mean for LCFC's "loan"?

 

[DesertFox]

Have we now officially eaten ourselves?

 

[Graz]

Confusing...

I think it sounds like a good thing though... but I'm not sure. Being a part of the company rather than direct investment/ownership by individuals sounds like it would make us more financially secure... because if we're screwed, the whole company could be too.

I think the part of their statement where it says this shows their commitment to the club is right.


But, I could be wrong.

 

[bocadillo]

I think it sounds like a good thing though... but I'm not sure.

But, I could be wrong.

 

[SwedeFox]

Confusing...

I think it sounds like a good thing though... but I'm not sure. Being a part of the company rather than direct investment/ownership by individuals sounds like it would make us more financially secure... because if we're screwed, the whole company could be too.

I think the part of their statement where it says this shows their commitment to the club is right.


But, I could be wrong.

Thanks for clearing that up.

 

[Graz]

Thanks for clearing that up.

Any time

 

[Feriol]

Trying to think of logical reasons for this is difficult, all i can come up with is that LCFC losses may reduce King Power's taxes?

IIRC Under the financial fair play rules, the owners are allowed to invest £6million this season. Since this is technically new owners could they invest another £6million?

 

[gregs_y2k]

I personally think this might be in order to continue the bankrolling of the club via KPI's credit etc. KPI will be in a better position to provide the necessary funds to keep Leicester City in business, than the previous holding company.

However, it could also be a move to offload company debt onto the club, a bit like the Glazer's did with Man Utd. I'm not sure if this is possible or not.

These are just thoughts, as I don't really know too much on business ownerships etc.

 

[gregs_y2k]

Trying to think of logical reasons for this is difficult, all i can come up with is that LCFC losses may reduce King Power's taxes?

IIRC Under the financial fair play rules, the owners are allowed to invest £6million this season. Since this is technically new owners could they invest another £6million?

Possibly regarding the first. I doubt the league would let them invest a further £6 million though without imposing the new penalties.

 

[Feriol]

Possibly regarding the first. I doubt the league would let them invest a further £6 million though without imposing the new penalties.

It's only a matter of time before loopholes are found.

 

[Redditch Fox]

Confusing...

I think it sounds like a good thing though... but I'm not sure. Being a part of the company rather than direct investment/ownership by individuals sounds like it would make us more financially secure... because if we're screwed, the whole company could be too.

I think the part of their statement where it says this shows their commitment to the club is right.


But, I could be wrong.

I used to be indecisive but now I'm not so sure.

 

[homer]

Spreading those big losses across the whole of KPI

Good move on their part

 

[Mawsley]

Stage 1 of getting shot now they've realised how little they know about running a club.

But, I could be wrong.

 

[Han]

I thought the holding company was only set up because there were "other partners" involved.

Now that those partners have left, there's no need for Asia Football Investments (or whatever they were called).

 

[drummindefender]

we're doomed i tell ya. DOOMED

 

[MerseyFox]

You can write off the losses against tax.

 

[Orifice]

I wish we could write off the losses against Wolves, Blackburn, etc etc...