Last week it was reported that The King Power International Group were at risk of a so-called business collapse due to their formerly very lucrative and monopolised contracts with Airports of Thailand Public Company Limited (AOT), which is obviously an Aerospace company in Bangkok. It was, in fact, the organisation's new CEO Nitinai Sirismatthakarn who broke the news that they were potentially now in existential difficulties.
This update led to Leicester City fans, experts and bloggers such as ourselves fearing the worst. Would King Power go bankrupt, affecting the football club? Will the owner of the company, LCFC chairman Aiyawatt 'Khun Top' Srivaddhanaprabha, have to sell? Would that have a negative impact on the Leicestershire outfit? Of course, those are some of the concerns the loyal Blue Army fan base are living with.
We have actually witnessed developing financial issues with respect to Khun Top for years now. The nosedive began shortly after winning the FA Cup, if you recall. Remember the summer when we only, and regrettably, signed one player in Wout Faes?! I can't imagine many signings arriving during this offseason, even if a lower standard than the Belgium international.
However, fears of King Power bankruptcy have diminished or been somewhat allayed, if we trust a new report on the matter. The Leicester owner and his TKPIG board have apparently struck a deal with AOT concerning their previously mentioned now unfavourable agreements.
Fears of King Power business collapse said to be allayed as Leicester City ownership strike deal
The supposedly "flagging" Thai business has now ostensibly been given a "survival" lifeline. And we can be thankful for that; well, supporters among us who want Srivaddhanaprabha to stay can feel relieved.
"Leicester City owners King Power have agreed a deal with airports across Thailand on payments concerning the company’s long-term duty-free concessions.
It remains unclear what impact, if any, King Power’s problems have had on the football club. However, their recently-appointed chief executive, Nitinai Sirismatthakarn, had said an agreement was needed in order for both the company and airports operator AOT to “survive”."
King Power have apparently 'agreed a deferral over key payments' in their homeland of Thailand. This update went under the radar somewhat amid Ruud van Nistelrooy's exit.