King Power Writes Off Entire Club Debt

[The Horse's Mouth]

People with agendas towards our owners are ****ing weird ***** like

[Paninistickers]

It's good but it's equally an act of window dressing. It's advantageous to a sale and makes no material difference  to KP. 

 

Yesterday club was worth 200m cash and buyer take on  194m in debt plus Macquarie debts

 

Today club is worth 394m cash, no debts other than Macquarie 

 

 

 

 

[sacreblueits442]

1 hour ago, hackneyfox said:

The family are going to sell the club to someone in the family?
Can you explain that please?

...they have a problems in the family regarding who is responsible for which part of the business!!!

  Top could be breaking away from King Power and has negotiated this deal, in order to continue the plan laid down by his father. His mother has taken up a position in the company where she is the ultimate boss.

[StanSP]

1 hour ago, Freeman's Wharfer said:

Football fans make me laugh…
 

Some (including myself) have called out the lack of investment and money loaned against the club’s assets and for the first time since they arrived there has been criticism and question of the owners.

 

Said owners then make this move (which is a genuine investment in the club) and the King Power FC crowd take the moral high ground and start calling out those who raised questions as somehow wrong.

 

This is the step in the right direction we have been calling for. This is them doing what we were criticising them for not doing. If anything, it shows we were right to call it out to begin with!

 

But if your unerring and unquestioning love for Top and/or King Power feels somewhat validated today then I’ll let you enjoy your moment!

 

 

What should be the reaction? 

[ts_1010]

2 minutes ago, Paninistickers said:

It's good but it's equally an act of window dressing. It's advantageous to a sale and makes no material difference  to KP. 

 

Yesterday club was worth 200m cash and buyer take on  194m in debt plus Macquarie debts

 

Today club is worth 394m cash, no debts other than Macquarie 

 

 

 

 

This sums up my thoughts. We know the owners are struggling with their own challenges to their business. A luxury money pit such as a football club is not where the chairman's time, efforts and resources should be in the eyes of his board of directors in Thailand.

 

I wouldn't be surprised if there's a fair amount of pressure to sell LCFC, coming from Tops financial advisers.

[Collymore]

The timing right after the transfer window was obviously not to show our hand when it came to negotiating the transfers. We probably saved a few million playing the "we're proper skint" card and then threw our poker hand in face up hours after the deadline ended! 

 

Hopefully by the summer everyone will have forgotten we've done this and we'll be classed as "skint" again to not over pay in the summer. 

 

 

 

 

[Jattdogg]

28 minutes ago, hackneyfox said:

Did you really?

Walking billboard of lcfc gear. Talking to people about the team, history, the city. Trying to get them on our side. Basically anything you lot do.  Its all bs i'm afraid as they all support the top 6 clubs only and i am taking credit for wearing a top 

 

 

Ah welll. I tried

 

[LestaAl]

From what I understand the King power family business loaned (‘invested’) c£100million in their first 6 years of ownership and similarly now another c £200 million during the last 4 years.

 

Quite a commitment!

 

Hopefully the club is still worth £250-400 million should they want to sell.

 

Where we go from here and the value of the club is dependent on staying in the PL so one would imagine the family will not shy away from taking big decisions should they feel they are needed.

[iancognito]

7 hours ago, SemperEadem said:

Top himself has been at very few games for a quite a while now.

He's missed 4 this season and tbf was even at the Dubai training camp.

 

He's missed quite a few games over many years, and he's now the CEO of King Power Group. He's literally got to fit football matches in between running a multi-million Duty Free empire and whatever else he has going on in his own life.

 

Let's be honest, would you travel 6000 miles to come and see us play this season?

[Collymore]

1 minute ago, iancognito said:

 

Let's be honest, would you travel 6000 miles to come and see us play this season?

If I knew my presence had an impact on holding people to account and perhaps boosted moral then yes. 

[iancognito]

Just now, Collymore said:

If I knew my presence had an impact on holding people to account and perhaps boosted moral then yes. 

Rodgers has said many times that he rarely speaks to Top. I'm not sure that having his smiling face around the dressing room before games really gives the team an extra spring in their step.

[blueharmie]

Great....now get Rodgers gone otherwise we'll be in the championship 

[Itsthejoeker]

2 hours ago, Freeman's Wharfer said:

Football fans make me laugh…
 

Some (including myself) have called out the lack of investment and money loaned against the club’s assets and for the first time since they arrived there has been criticism and question of the owners.

 

Said owners then make this move (which is a genuine investment in the club) and the King Power FC crowd take the moral high ground and start calling out those who raised questions as somehow wrong.

 

This is the step in the right direction we have been calling for. This is them doing what we were criticising them for not doing. If anything, it shows we were right to call it out to begin with!

 

But if your unerring and unquestioning love for Top and/or King Power feels somewhat validated today then I’ll let you enjoy your moment!

 

 

Have you ever enjoyed anything? I just think you’re being a contrarian for the sake of it sometimes. 

Edited 1 February 2023 by Itsthejoeker

[lifted*fox]

For me it's not about unerring or unquestioning love for Top or KP. 

 

It's about balancing my expectations. Since they took the club over we've experienced the highest of highs, the trophy wins, the promotions. We've experienced low, lows. The helicopter crash, etc. 

 

You know, for me - all of those memories the good, the bad; everyone laying flowers outside the stadium, the signing of the memorandum book - the absolute ****ing family unit we felt during those times where everyone stuck together and our togetherness was the envy of pretty much everyone in world football - that lives on in me. I remember all of those times so fondly and that, for me means I'm prepared to stick by Top - he's earned that, for me. 

 

You don't just turn your back on people like that at the first sign of a wobble. There's guys on here who never accepted our Thai owners, who spit their dummy out at having to experience a bit of someone else's culture. For me that's what makes the world go round. I'm well travelled, taking in other people's culture, mixing it in, is in my DNA, I seek it out.

 

Top is how old? Younger than me I expect, mid 30's? He's not going to get everything right and why should we expect it? Point to an owner that does, good luck with that. People on here go on like relegation is the death of the club. No it isn't, get real ffs. We go on, we go again. 3 clubs get relegated every year, point to one which went under because of it? Good luck with that too. 

 

I value long term relationships and the types of memories we created as a unit much more than short lived aspirations like another trophy. If we go down under Top then so be it. Hopefully we come back up under him and get to experience it all again. No skin off my nose, the world keeps turning, life goes on. 

 

Ask questions all you want but the way he's been spoken about on here in the last 6 months has been gross tbh. It's not black and white not everyone is hell bent on only trophies, new signings, top 6 finishes, etc. Some people take into consideration the journey along the way and sticking alongside those who've supported us when they need our support. 

 

If he comes out and says in the program he's committed, that's good enough for me. I don't have to deep dive into every last word, pick apart every last sentence, etc. His word has been good in the past and I'm sure it'll be good in the future - until he genuinely does something to show otherwise. It's not about being right all the time, nobody is winning any points for getting one over on another poster, for calling Rodgers shit 2 years ago, good for you, enjoy lording it over everyone. 

 

Some of the people who've stood by Top have done so because that's just what feels right. Not to win a petty argument on a forum.

 

 

 

 

Edited 2 February 2023 by lifted*fox

[FoxyLeon]

9 hours ago, Freeman's Wharfer said:

Football fans make me laugh…
 

Some (including myself) have called out the lack of investment and money loaned against the club’s assets and for the first time since they arrived there has been criticism and question of the owners.

 

Said owners then make this move (which is a genuine investment in the club) and the King Power FC crowd take the moral high ground and start calling out those who raised questions as somehow wrong.

 

This is the step in the right direction we have been calling for. This is them doing what we were criticising them for not doing. If anything, it shows we were right to call it out to begin with!

 

But if your unerring and unquestioning love for Top and/or King Power feels somewhat validated today then I’ll let you enjoy your moment!

 

 

 

The 'Investment' criticism in recent weeks/months hasn't been due to the Club's financial accounts, that's not a fair representation and you know that. That's like suggesting my criticism of Rodgers's recruitment is based solely on one individual transfer dealing, even though I've explained his faults here, at Celtic and at Liverpool, which are clear reoccurring themes.

 

The criticism was specifically, and came about, because of a Summer Window which saw us bring in somewhere above £60 million for Fofana, but only spend around a quarter of that on Faes + Smithies. The problem was, and still is to an extent, that our 'Wage to Turnover Ratio' at the point, was somewhere around 100%, which severally hampered us. Those we wanted to get off the wage bill to help reduce that (Mendy/Praet/Vestergaard/Bertrand/Soumare at the time Perez/Albrighton) were not wanted by Clubs, which I believe ultimately meant the sacrifice of Schmeichel. Am I doubting he actually wanted to leave as the rumours suggested for Footballing reasons? Potentially....But what I am suggesting is that I think it's fairly clear we didn't want to get rid of him, but at 36, and he probably being our highest earner, with a 2nd choice keeper who too would likely be on a fair whack but with no interest in his services, it made sense to sacrifice him to bring that ratio down.

 

We've operated with a model, generally, of 'One key sale' per summer, followed by reinvestment of some or all of that figure. Now whilst it has worked, we've also been extremely poor at getting rid of the deadwood and signings that didn't work out during these windows. That means that were in a position, where we have over half a dozen players in the 25 man squad, which are on £70k+ were week, who we're reluctant to play because of their ability and unable to sell because they represent poor value for other teams. 

We have also moved away from this approach. Rodgers himself takes responsibility for that, remember his comments about "You can't sell your best players"? Well this had led to another huge problem, with Tielemans, Soyuncu and soon to be Maddison. These players at one point or another would have fetched at least £30 million each, but we know it's inevitable with the first two, that they will go on a free, whilst Maddison will likely go this summer for a fee below his value 12 months ago. Combine that with the fact that Rodgers's signings, whether it be Daka, Soumare, Praet, Perez, Vestergaard, Bertrand, Castagne etc etc, will all go for values that are at the very very best within 10% loss of what we paid, you can see why this decline has begun. 

 

Ultimately, you can claim this failure lies with the Ownership/Board, they're the ones at the top. But this myth that they've 'Not invested' is very far away from the truth. The reality is, they 'Invested' far too much, in Rodgers.

They have invested and allowed Rodgers to keep his 'Best Players', and in return, he has dwindled their valuations from £50/60/70/80 million, to zero, whilst also not generating a single player in the current squad to a similar value, let alone multiple, like Puel did with Soyuncu, Tielemans, Maddison and possible Ricardo too, in a single window. 

 

There's the argument that 'Rodgers has won an FA Cup, and finished twice in the Top 6'!....But who really benefitted from that more?

Rodgers - Who is lauded by the Media as the best British manager/coach.

Or Leicester City - Who by giving in to Rodgers's demands, have been left in a situation where there is a squad with very little value. 

[Sly]

14 hours ago, Lambert09 said:

Why would he write off 200m if he was selling 

I’m reality, it makes it a more attractive sell.

[Dan]

10 hours ago, Freeman's Wharfer said:

Football fans make me laugh…
 

Some (including myself) have called out the lack of investment and money loaned against the club’s assets and for the first time since they arrived there has been criticism and question of the owners.

 

Said owners then make this move (which is a genuine investment in the club) and the King Power FC crowd take the moral high ground and start calling out those who raised questions as somehow wrong.

 

This is the step in the right direction we have been calling for. This is them doing what we were criticising them for not doing. If anything, it shows we were right to call it out to begin with!

 

But if your unerring and unquestioning love for Top and/or King Power feels somewhat validated today then I’ll let you enjoy your moment!

Hilarious isn't it. This quite obviously changes things. It doesn't make what was said at the time wrong.

 

This past couple of weeks he's eased my fears so good on him.

[John rayner]

2 hours ago, Dan LCFC said:

Hilarious isn't it. This quite obviously changes things. It doesn't make what was said at the time wrong.

 

This past couple of weeks he's eased my fears so good on him.

Legend in my opinion 

[ClaphamFox]

4 hours ago, Sly said:

I’m reality, it makes it a more attractive sell.

It makes very little difference. King Power never intended the loans to be paid off and would not insist on them being repaid in the event of a sale. It hasn't increased the value of the club. All it's done is improved our balance sheet, probably with the aim of borrowing more money to fund the stadium expansion.

[Manc Fox]

9 hours ago, lifted*fox said:

For me it's not about unerring or unquestioning love for Top or KP. 

 

It's about balancing my expectations. Since they took the club over we've experienced the highest of highs, the trophy wins, the promotions. We've experienced low, lows. The helicopter crash, etc. 

 

You know, for me - all of those memories the good, the bad; everyone laying flowers outside the stadium, the signing of the memorandum book - the absolute ****ing family unit we felt during those times where everyone stuck together and our togetherness was the envy of pretty much everyone in world football - that lives on in me. I remember all of those times so fondly and that, for me means I'm prepared to stick by Top - he's earned that, for me. 

 

You don't just turn your back on people like that at the first sign of a wobble. There's guys on here who never accepted our Thai owners, who spit their dummy out at having to experience a bit of someone else's culture. For me that's what makes the world to round. I'm well travelled, taking in other people's culture, mixing it in, is in my DNA, I seek it out.

 

Top is how old? Younger than me I expect, mid 30's? He's not going to get everything right and why should we expect it? Point to an owner that does, good luck with that. People on here go on like relegation is the death of the club. No it isn't, get real ffs. We go on, we go again. 3 clubs get relegated every year, point to one which went under because of it? Good luck with that too. 

 

I value long term relationships and the types of memories we created as a unit much more than short lived aspirations like another trophy. If we go down under Top then so be it. Hopefully we come back up under him and get to experience it all again. No skin off my nose, the world keeps turning, life goes on. 

 

Ask questions all you want but the way he's been spoken about on here in the last 6 months has been gross tbh. It's not black and white not everyone is hell bent on only trophies, new signings, top 6 finishes, etc. Some people take into consideration the journey along the way and sticking alongside those who've supported us when they need our support. 

 

If he comes out and says in the program he's committed, thats good enough for me. I don't have to deep dive into every last word, pick apart every last sentence, etc. His word has been good in the past and I'm sure it'll be good in the future - until he genuinely does something to show otherwise. It's not about being right all the time, nobody is winning any points for getting one over on another poster, for calling Rodgers shit 2 years ago, good for you, enjoy lording it over everyone. 

 

Some of the people who've stood by Top have done so because that's just what feels right. Not to win a petty argument on a forum.

 

 

 

Could not have said it any better myself 

[jmono84]

16 hours ago, StanSP said:

 

https://www.statista.com/statistics/565893/global-turnover-of-king-power-international-group/

 

 

I believe the way COVID was a handled was a complete waste of time but it’s a bit more annoying for us Leicester fans as its effected our club more so than others.

 

We were flying prior to the lockdown and our owners lost pretty much all of their business.

Fingers crossed we’ve turned a corner!

[norwichfox]

12 hours ago, lifted*fox said:

For me it's not about unerring or unquestioning love for Top or KP. 

 

It's about balancing my expectations. Since they took the club over we've experienced the highest of highs, the trophy wins, the promotions. We've experienced low, lows. The helicopter crash, etc. 

 

You know, for me - all of those memories the good, the bad; everyone laying flowers outside the stadium, the signing of the memorandum book - the absolute ****ing family unit we felt during those times where everyone stuck together and our togetherness was the envy of pretty much everyone in world football - that lives on in me. I remember all of those times so fondly and that, for me means I'm prepared to stick by Top - he's earned that, for me. 

 

You don't just turn your back on people like that at the first sign of a wobble. There's guys on here who never accepted our Thai owners, who spit their dummy out at having to experience a bit of someone else's culture. For me that's what makes the world to round. I'm well travelled, taking in other people's culture, mixing it in, is in my DNA, I seek it out.

 

Top is how old? Younger than me I expect, mid 30's? He's not going to get everything right and why should we expect it? Point to an owner that does, good luck with that. People on here go on like relegation is the death of the club. No it isn't, get real ffs. We go on, we go again. 3 clubs get relegated every year, point to one which went under because of it? Good luck with that too. 

 

I value long term relationships and the types of memories we created as a unit much more than short lived aspirations like another trophy. If we go down under Top then so be it. Hopefully we come back up under him and get to experience it all again. No skin off my nose, the world keeps turning, life goes on. 

 

Ask questions all you want but the way he's been spoken about on here in the last 6 months has been gross tbh. It's not black and white not everyone is hell bent on only trophies, new signings, top 6 finishes, etc. Some people take into consideration the journey along the way and sticking alongside those who've supported us when they need our support. 

 

If he comes out and says in the program he's committed, thats good enough for me. I don't have to deep dive into every last word, pick apart every last sentence, etc. His word has been good in the past and I'm sure it'll be good in the future - until he genuinely does something to show otherwise. It's not about being right all the time, nobody is winning any points for getting one over on another poster, for calling Rodgers shit 2 years ago, good for you, enjoy lording it over everyone. 

 

Some of the people who've stood by Top have done so because that's just what feels right. Not to win a petty argument on a forum.

 

 

 

   Terrific post, thanks

[Daggers]

I’ll never understand people who go through their lives all servile and desiring to be ruled. It must be nice to be that accepting and unquestioning. It’s almost as if asking questions about the club’s owners is an attack on their own identity.

 

“Ha haaaa, see? See? Do you see this, Top haters? Do you see what he’s done? Bet you don’t feel too clever now, Top haters, with your hate and stuff. Ha haaaaa. I mean, I don’t really understand it because I’ve never run a global company but I have a large credit card bill. Ha haaaa, in your face, Top haters.”

 

Its just terribly, terribly odd.

[The People's Hero]

You don't need a weather man to know which way the wind blows.

[Nick]

2 minutes ago, The People's Hero said:

You don't need a weather man to know which way the wind blows.

Too right, there’s loads of apps out there to choose from.