Stadium purchased

[bocadillo]

Teachers - no more!

With apologies to Matt:

LCFC Owners Purchase King Power Stadium

Leicester City Football Club is delighted to announce that the Club’s owners, the Srivaddhanaprabha family, have completed the purchase of King Power Stadium.
The purchase of the stadium site by the Club’s owners, through their K Power Holdings Co Ltd, from its previous owners, an American pension fund manager, forms a key part of the family’s plans to safeguard the Club’s long-term future.

Aiyawatt Srivaddhanaprabha, Vice Chairman of Leicester City Football Club, said:“It has always been part of our long-term vision to put the stadium back where it belongs, into the hands of the Football Club. Our plan is to bring long-term sustainable success to Leicester City Football Club. Purchasing the stadium was always a key element in this plan. The previous stadium owners have always been very cooperative. Whilst there are no immediate plans to alter the structure or design of the stadium site, the increased flexibility through direct ownership ensures that the Football Club can freely adjust to the changing needs of its supporter-base for the future.”

In September 2012, the Srivaddhanaprabha family placed Leicester City under the direct ownership of King Power International (KPI) - the parent and holding company of the globally successful and respected King Power Group of companies. The purchase of King Power Stadium further highlights the family’s long-term vision to deliver sustainable success for the Football Club.

This significant investment in the Club’s infrastructure will allow the Club increased flexibility in the future.

“The stadium already bears the proud name of King Power, but this latest development truly makes the home of Leicester City part of the Srivaddhanaprabha family’s central business and sporting interests,” added Susan Whelan, Leicester City’s Chief Executive Officer.

“For firstly the Football Club, and now its magnificent stadium to be aligned so closely with a group of companies of such global success and repute can only be beneficial for the future of Leicester City, while the removal of all significant third party debt ensures a more sound financial position from which the Club can progress.”

 

[Brown Nose]

Re: Teachers - no more!

Good news, I think. I've never liked the fact that we were paying a mortgage on the stadium of circa £1m a year with the debt not reducing. If the owners have the liquidity, it makes business sense for them to take the stadium.

With losses of over £20m from last season expected to be announced and a payment of £17m for the stadium, the debt the club owes the owners must now be close to £100m. As they're also charging us interest on this, and continuing to increase this debt through operating costs, we are completely unsaleable.

I guess this means the owners and the club are dependent on each other. I guess this is a good thing.

 

[Hazzman]

Re: Teachers - no more!

Hmmm....why do they feel the need to have a separate company for the purchasing the stadium.

There's plenty of occasions where this is the first step to an asset stripping exercise (probably a safety net in this case).

 

[Matt_B]

Hmmm....why do they feel the need to have a separate company for the purchasing the stadium.

There's plenty of occasions where this is the first step to an asset stripping exercise (probably a safety net in this case).

I'd imagine tax implications

 

[Graz]

Re: Teachers - no more!

Sounds like good news to me.

I know there will be those who are worried, but our owners really haven't given us any signs in the time that we've been here that we shouldn't trust them (with the possible exception of hiring managers).

 

[fitz]

Re: Teachers - no more!

I'd imagine tax implications

Many companies do it. We're probably down as paying a notional or tiny amount of rent to this other company of about 1p a year

 

[Mawsley]

Re: Teachers - no more!

Bastard foreign owners who know nothing about the game continuing to **** up the club.

Oh.

Bollocks.

 

[RHYDAL]

Re: Teachers - no more!

Damn, thought this thread heralded the end to the foul tasting blended whisky.

 

[Hazzman]

Re: Teachers - no more!

Many companies do it. We're probably down as paying a notional or tiny amount of rent to this other company of about 1p a year

Aye thought as much.

Does however have the potential to go completely tits up though if King Power were to call in their debts.

 

[fitz]

Re: Teachers - no more!

Aye thought as much.

Does however have the potential to go completely tits up though if King Power were to call in their debts.

Very true, although that risk has been there from the start even without the stadium purchase.

 

[Feriol]

Re: Teachers - no more!

Excellent news i think. I would think that buying the stadium now while were still in the championship is a risk from a financial point of view.

 

[Han]

Re: Teachers - no more!

Excellent news i think. I would think that buying the stadium now while were still in the championship is a risk from a financial point of view.

We still owe the money for the stadium. The only difference in debt is who we owe it to.

The benefit is that the rent will be negligible.

Also gives the Thais a hold over the club should hey wish/have to sell.

 

[Lako42]

Re: Teachers - no more!

Lovely stuff. Can we knock it down now and build a brand new exact version of Filbert St?

 

[lazzer]

Owners purchase stadium. Reporting on FB.

 

[Lako42]

Owners purchase stadium. Reporting on FB.

SCOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOP!!111!!!223!!!¬$556765^&^&**((((((((((())(%$$%$$@::{{{ppl:l@}!!!!1123$%^&*&^^^^^^^^^^^^^^^^^^^^^^^^^!

 

[M17TT C]

To be fair to lazzer, the title of the thread already posted isn't exactly easy to follow. If it was dpj or lanxjunior there would be 3 times as many posts in there just having a go.

And yes, I do know Teachers are the American insurance firm who used to own the ground.

 

[Jeff]

I think I'll delete the other thread, this one has a better title.

 

[Motown Fox]

I think I'll delete the other thread, this one has a better title.

True I thought the other was revised lyrics to "Letter from America" by the Proclaimers

 

[Lako42]

I thought Matt B had left the forum.

 

[drew]

Matt's a teacher? Who knew?