KP Financial Troubles in Thailand

[MattFox]

https://www.trbusiness.com/regional-news/asia-pacific/aot-weighs-options-following-force-majeure-issues-facing-king-power/266993
 

Update from today King Power have issued a “force majeure” on their current contract saying they can’t’ operate on their current terms and survive

 

Thai Airports are going to assess over the next 60 days the future of duty free operations 

 

Pretty high stakes negotiation over the next couple of months which will decide the future of the KP “Empire” then

 

Can see why they don’t want Aiyawatt leading the negotiations 

[MattFox]

2 hours ago, Chrysalis said:

They no longer own us, Top owns us personally now.

KP have been lending the club money which Top converts to equity 

 

The machine won’t keep spinning if KP don’t have the cash flow

 

 

 

[5waller5]

37 minutes ago, sishades said:

You want the guy who wrote off 400 million in loans to leave? Why?

Because his incompetence made those loans necessary

[fox_favourite]

2 minutes ago, 5waller5 said:

Because his incompetence made those loans necessary

Now there's a come back. Bosh 

[Wasyls Pec Deck]

1 hour ago, sishades said:

You want the guy who wrote off 400 million in loans to leave? Why?

Because he’s totally inept at running large and sporting organisations. 

[Blue ROI]

You mean the empire isn't happy with Top playing Polo 24/7?

[Paninistickers]

1 hour ago, sishades said:

You want the guy who wrote off 400 million in loans to leave? Why?

He's wrote nothing off. 

 

Instead of owning a 100m business with 400m debts we are a 500m business with no debt. 

 

 

 

 

[Lambert09]

6 minutes ago, Paninistickers said:

He's wrote nothing off. 

 

Instead of owning a 100m business with 400m debts we are a 500m business with no debt. 

 

 

 

 

we do have plenty of debt as well. 
 

but in actuality it’s easier to sell a business with debts in many ways as the investor just pays the 100m and handles the debt how they see fit.  The pool of candidates willing to pay 500m in this example would be far smaller. 
 

so in Leicester speak, we’re trying to flog vestergarde for 20 mill 

[Paninistickers]

5 minutes ago, Lambert09 said:

we do have plenty of debt as well. 
 

but in actuality it’s easier to sell a business with debts in many ways as the investor just pays the 100m and handles the debt how they see fit.  The pool of candidates willing to pay 500m in this example would be far smaller. 
 

so in Leicester speak, we’re trying to flog vestergarde for 20 mill 

True, yeah, we do have other debts but was just making the point it wasn't his benovalence that made him write off 400m..

 

And yup, 100m plus debts is more attractive but then again, there's always the Glazers' way too.Just finance the whole purchase via debt.

[sylofox]

2 hours ago, sishades said:

You want the guy who wrote off 400 million in loans to leave? Why?

And why did he have to do that?

 

Oh yes him and his trusted staff fvcked it all up. Oh and still are.

[Chrysalis]

1 hour ago, MattFox said:

KP have been lending the club money which Top converts to equity 

 

The machine won’t keep spinning if KP don’t have the cash flow

 

 

 

When was the last injection from KP on the balance sheet? not one that was years ago but a new one.  In its name, not the family name.

Edited 16 June 2025 by Chrysalis

[MattFox]

2 minutes ago, Chrysalis said:

When was the last injection from KP on the balance sheet? not one that was years ago but a new one.  In its name, not the family name.

Last financial year KP leant the club an extra 36 million , Top personally 30 million 

 

[Chrysalis]

3 minutes ago, MattFox said:

Last financial year KP leant the club an extra 36 million , Top personally 30 million 

 

Ok, is that a loan still? because I struggle to understand how a loan from KP is converted to shares owned by Top himself.  Is it the case they loan the club the money, then Top injects cash to pay of the KP loan and after convert to equity?

[CosbehFox]

Mum’s had enough then 

[MattFox]

5 minutes ago, Chrysalis said:

Ok, is that a loan still? because I struggle to understand how a loan from KP is converted to shares owned by Top himself.  Is it the case they loan the club the money, then Top injects cash to pay of the KP loan and after convert to equity?

Believe it’s a drawdown facility KP made available in the event of relegation 

 

What doesn’t make sense to me is the club suddenly deciding this year that it’s been owned by Top solely since 2019 despite not acting that way in the years since

[LinekersLugs]

Something is up ….. Top has been removed as CEO and now this 

[5waller5]

19 minutes ago, LinekersLugs said:

Something is up ….. Top has been removed as CEO and now this 

The way I see this situation is that the decline in Chinese visitors to Thailand is hitting many businesses in tourism hard. The airport owners and duty free operators being right at the bleeding edge of that trend. 
 

It seems KP have appointed a friendly and familiar face to AOT to negotiate with them. He’ll have some more creative solutions knowing the limits of both parties. 
 

AOT have to follow stock market rules and they are simply doing so with this notification. Nothing in there seems to indicate there’s more to it than we already know. 
 

Lowering the rent / pitch fee is their way of staying profitable, the bigger problem comes if visitor numbers continue to decline further / for longer

[LinekersLugs]

53 minutes ago, 5waller5 said:

The way I see this situation is that the decline in Chinese visitors to Thailand is hitting many businesses in tourism hard. The airport owners and duty free operators being right at the bleeding edge of that trend. 
 

It seems KP have appointed a friendly and familiar face to AOT to negotiate with them. He’ll have some more creative solutions knowing the limits of both parties. 
 

AOT have to follow stock market rules and they are simply doing so with this notification. Nothing in there seems to indicate there’s more to it than we already know. 
 

Lowering the rent / pitch fee is their way of staying profitable, the bigger problem comes if visitor numbers continue to decline further / for longer

Mate he has broken the business 

 

he is a disaster 

[LinekersLugs]

48 minutes ago, EastAnglianFox said:

If his Mum’s finally starting to see she spawned a cabbage then this could be good news for us right?

 

 

Unfair on Cabbages that comparison 

[foxtillidrop]

2 hours ago, Chrysalis said:

Ok, is that a loan still? because I struggle to understand how a loan from KP is converted to shares owned by Top himself.  Is it the case they loan the club the money, then Top injects cash to pay of the KP loan and after convert to equity?

My guess is that the KP loan receivable is novated/transferred from KP to Top. As a result, Top then owes KP the balance which he can settle by cash one day, or leave outstanding.

 

Top also then converts the loan receivable from lcfc into shares in his name personally.

[Vindaloo FOX]

Let's be honest KP are a rubbish brand 

 

I live in Thailand and travel throughout the country a lot, I never see the KP shop busy.

 

Also know a few people who work for KP.

 

They have been telling me for sometime sales are extremely down.

 

A lot of items are stored in their warehouse picking up dust.

 

None of this new info about KP is a surprise to me, this was always going to happen at some point.

[fox_favourite]

So in simple terms KP and tourism were heavily hit by COVID and things have never recovered back to pre COVID levels. To me it sounds like KP are restructuring to survive. It also seems they don't trust top 

 

I wonder if we're going to be dropped as an unnecessary expensive play thing that is a unhealthy distraction from the business? 

Edited 17 June 2025 by fox_favourite

[Claudio Fannieri]

On face value it would appear Top is being promoted to a level that limits the amount of damage he can cause. He will have less influence and control and effectively becomes a figure head. 
 

Could there be a similar restructuring of the football club and an expert be appointed to work under Top but with a remit to get the club back on track. 
 

 

[foxinsocks]

14 minutes ago, Claudio Fannieri said:

On face value it would appear Top is being promoted to a level that limits the amount of damage he can cause. He will have less influence and control and effectively becomes a figure head. 
 

Could there be a similar restructuring of the football club and an expert be appointed to work under Top but with a remit to get the club back on track. 
 

 

I think he owns the club himself.

 

He will do what rudkin tells him.

 

[MattFox]

4 hours ago, Vindaloo FOX said:

Let's be honest KP are a rubbish brand 

 

I live in Thailand and travel throughout the country a lot, I never see the KP shop busy.

 

Also know a few people who work for KP.

 

They have been telling me for sometime sales are extremely down.

 

A lot of items are stored in their warehouse picking up dust.

 

None of this new info about KP is a surprise to me, this was always going to happen at some point.

They aren’t really that big a company in the grand scheme of things either 

 

At least nowhere near as big/influential their propaganda has convinced people in the UK

 

eg Vichai and Top were only really well known once they bought LCFC