WHAT THE FOX? Leicester City’s Future in Jeopardy as Thai Owners Face Business Collapse
Leicester City’s future hangs in the balance amid a deepening financial crisis within their ownership group, King Power.
Club chairman Aiyawatt “Top” Srivaddhanaprabha has stepped down as CEO of the Thai duty-free giant, King Power, as the company battles severe financial trouble and the threat of collapse. Although Top has moved into the role of “Group Executive Chairman” to help shape the company’s strategic direction, this shift underscores the deepening issues at both the company and the football club.
Leicester are already facing financial strain after their recent relegation from the Premier League and are likely to be hit with a points deduction next season in the EFL due to breaches of Profit and Sustainability Rules (PSR).
Top, 39, took over King Power and Leicester City after his father, Khun Vichai the club’s owner since 2010 tragically died in a helicopter crash at the King Power Stadium in 2018. Despite funding the club’s promotion push in 2023, the appointment of Ruud van Nistelrooy as manager failed to secure top-flight survival, leaving the club facing another campaign in the Championship.
However, the club’s on-pitch problems now seem small compared to the crisis engulfing King Power. The company, once dominant in Thailand’s duty-free sector, is attempting to renegotiate airport contracts at four major Thai airports and has requested a complete waiver of rental fees.
The Airports of Thailand (AOT), a state-run body, stands to lose over £450 million if King Power’s requests are accepted. The AOT has so far rejected the proposal.
Speaking publicly, King Power’s new CEO Nitinai Sirismatthakarn likened the situation to a patient on life support:
“It’s like a patient surviving on oxygen. King Power is asking AOT to remove the oxygen—we simply can’t go on like this.”
He emphasized the severity of the financial crisis, which threatens the livelihoods of over 7,000 employees, stating:
“We’re at the point where we’re saying we can’t manage and are asking for help. If we can find a way to operate profitably, we’ll continue. If not, we’ll accept that and move on.”
Meanwhile, Leicester are expected to part ways with Van Nistelrooy and could face disciplinary action after a Premier League Arbitration Tribunal confirmed the club is eligible to be sanctioned for PSR violations tied to their 2023–24 campaign.
