We have breaking Leicester City news for the Blue Army on this Monday evening. And it is not a pleasant update for the club at large or its fan base, I'm afraid. The claim is that The King Power International Group, the company owned by the Srivaddhanaprabha family who in turn run LCFC, is in dreadful financial trouble. In fact, the suggestion in the article released only a few hours ago is that the Foxes' future is now actually in trouble.
The organisation belonging to Leicester chairman Aiyawatt 'Khun Top' Srivaddhanaprabha is, dramatically and shockingly, said to be 'facing a total business collapse'. Obviously we all know the previous worldwide Covid shutdown drastically affected the duty-free corporation. And that domino effect appeared to signify less investment in quality personnel on and off the field on Filbert Way.
Though to read that King Power is reportedly and technically at risk of liquidation before a surely challenging campaign down in the Championship basement is a real bolt from the Leicestershire blue. Let's waste no time by analysing the report to try to make sense of it all. What has been said about City's ownership? And how might these revelations negatively impact the team going forward?
King Power owners at risk of bankruptcy as latest terrible news rocks Leicester City Football Club
The headline from the piece in question, published by The Sun, states 'Leicester City’s future shrouded in doubt with Thai owners facing total business collapse'. I'm not an expert in finance, nor am I fluent in cooperate lingo and the like. So I looked up what this could mean exactly.
Unfortunately the Google explanation I got was that King Power's situation might perhaps lead to insolvency or bankruptcy. And we all know what that means!
"'It's like a patient surviving on oxygen. The company's intention was to ask AOT to remove the oxygen because we can't cope anymore. This was the signal we sent.'Sirismatthakarn/The Sun
The admissions signal the depth of the cash-flow operations that threaten both King Power’s operations and its 7,000 employees."
The above quotes from the company's new CEO Nitinai Sirismatthakarn worry me further as a Leicester supporter. If the group fails to recover, they could plausibly be forced to sell LCFC.