This morning has brought the momentous news that Leicester City’s owners have struck a deal to buy the King Power Stadium through their company K Power Holdings Co Ltd…
According to the Leicester Mercury previous owners Teachers Insurance, an American pension fund manager that will be a name familiar from the dark days of administration ten years ago, received £17 million in the deal.
Vice-chairman Aiyawatt Srivaddhanaprabha (formerly Raksriaksorn) explained: “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. While 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.”
This is great news for Leicester City, who have had this drain on the finances holding them back for over a decade, and also underlines the Srivaddhanaprabha’s commitment to the club.