King Power: A Tale of Rise and Ruin

[funkyrobot]

2 hours ago, Ric Flair said:

That training ground needs flogging to Forest. It's not worth the hassle. 

Absolutely not. Why would you want to give Notts Forest a facility like that? That would make me 🤮

[Heskey2011]

I'm reading between the lines and have no knowledge of business law, however...

 

If we can prove the impact of Vichais passing was significantly detrimental to the business are we more likely to get the £2.1billion compo from the helicopter people??

Just a thought, could the purchasing of Skipp for £25 million be used as evidence to support this claim?

Do helicopter hire companies even have 2.1 billion quid?

We're in the airport game already, maybe it can be paid in helicopters?

[MattFox]

1 minute ago, Heskey2011 said:

I'm reading between the lines and have no knowledge of business law, however...

 

If we can prove the impact of Vichais passing was significantly detrimental to the business are we more likely to get the £2.1billion compo from the helicopter people??

Just a thought, could the purchasing of Skipp for £25 million be used as evidence to support this claim?

Do helicopter hire companies even have 2.1 billion quid?

We're in the airport game already, maybe it can be paid in helicopters?

“We” aren’t King Power

 

Last time I checked LCFC aren’t in the airport game

[Heskey2011]

Just now, MattFox said:

“We” aren’t King Power

 

Last time I checked LCFC aren’t in the airport game

Grow up man, we are owned by KingPower, them going bust impacts us.

[Guest Lako42]

16 minutes ago, funkyrobot said:

Absolutely not. Why would you want to give Notts Forest a facility like that? That would make me 🤮

So it can have the same effect on them as it has us? 

Edited 24 June 2025 by Lako42

[5waller5]

31 minutes ago, Sol thewall Bamba said:

I don't get how King Power think they have a leg to stand on really. Like they were given the monopoly and the terms around it, if they threaten to leave then the monopoly will just be given to someone else and the same tat will go back on sale after a few weeks.

 

They're hardly in a strong position to negotiate.

I agree, their only negotiating strength is “we’ve been doing this for years and were successful before. Give it to someone else and they’ll be worse and you’ll be owed more and have another void”

 

However, I’d imagine AOT look over at Singapore / Kuala Lumpur etc as local rivals with retail offerings that make KP look like a market stall and see it as a big opportunity to take it up a league.

 

Depends on whether AOT are driven by fear or ambition and how much scope they have for short term pain

[funkyrobot]

11 minutes ago, Lako42 said:

So it can have the same effect on them as it has us? 

A well managed club would thrive with a facility like that. Even in our state we’ve started producing top quality youth through it.

[Levi Port]

52 minutes ago, 5waller5 said:

I agree that, at the moment, they’re looking at the non Bangkok airports for the negotiation. I’d suspect that to be a negotiation strategy and them tackling the thin end of the wedge first.

 

”Removing ourselves entirely from the industry” is very clear in its meaning. It definitely does not mean “we’ll close the smaller shops”
 

I’d read it as a threat, to AOT, as to what happens if negotiations fail, the unspoken “the shutters will go down on all duty free shops including Bangkok, which will bring you down too”

Completely agree with the first point, these contracts were negotiated in 2019, Covid KP want a better deal. They’ve brought in a new CEO from AOT and they’re going after a better deal from AOT, starting from the base. 
 

‘Removing ourselves entirely from the industry’ must be a quote that has translated from Thai poorly. You only have the change the wording to ‘those Industrys’ to gain a different picture. To suggest that ‘King Power Duty Free Company Limited’ are going to remove them selves entirely from the Duty Free industry is, and I’m sorry, simply a wild statement. That is not going to happen. I’m not trying to be a twat here, but you can’t draw that assumption as it’s not only cutting off their arm, it’s severing the head from the torso. 
 

King powers issue at the moment is its liquidity, they have had to borrow a lot from banks to cover their losses post covid. They have to pay that back, whilst also maintaining MAG, minimum annual guarantee payments to AOT, this is a challenge indeed, but something not out of the ordinary for any international business.  
 

Liquidity is an issue when profits are dropping, the article in question on this thread that I have questioned states the industry is declining. AOT actually stated earlier this year the below and it paints a different view. 

 

‘ The CEO also mentioned the ongoing recovery of Thailand’s tourism sector. Although Chinese tourists are at 76-77% pre-pandemic levels, visitors from India, Russia, and Taiwan have helped compensate, supporting the duty-free sales recovery in line with passenger growth’  

‘Mr. Kerati affirmed that despite slight market concerns, AOT has seen a 17% year-on-year rise in revenue, driven by consistent passenger growth and MAG collections’

The Duty free market is still there, KP still have their Monopoly and that’s not changing. Yes they need to sort out their liquidity issue due to Covid loans. So they are going after an re negotiation for MAG’s at three airports.
This is a perfectly reasonable approach and to be expected after the pandemic. 

Earlier this year they successfully negotiated with AOT for these MAG’s to be paid over a longer period of time, whilst also reducing the payment penalty for late payments, this will help their liquidity issue. 

The article I question paints a doomsday picture and that is my issue , the action KP are taking seems to me, reasonable. 

 

The article Forbes posted in 2023, a reputable source, paints a much more positive picture, talking of growth and expansion for KP. Tourist rates have only increased from 2023. 
 

I am only trying to make the point that this scaremongering article is a complete exaggeration of the truth, that’s is all. 
 

It sounds like I’m defending top to the hills, I’m not, the state we are in is due his and Rudkins poor decision making and negligence. But this article is blowing something out of proportion that I believe doesn’t deserve to be. 

[5waller5]

40 minutes ago, Sol thewall Bamba said:

I don't get how King Power think they have a leg to stand on really. Like they were given the monopoly and the terms around it, if they threaten to leave then the monopoly will just be given to someone else and the same tat will go back on sale after a few weeks.

 

They're hardly in a strong position to negotiate.

I was reminded of an expression recently that really summarises the position of KP / AOT.

 

”If you owe the bank £1000, and you can’t pay, you have a problem. If you owe the bank £10m and can’t pay, the bank have a problem”

 

I suspect the numbers are large enough for it to be AOT’s problem in that scenario

[Guest Lako42]

11 minutes ago, 5waller5 said:

I was reminded of an expression recently that really summarises the position of KP / AOT.

 

”If you owe the bank £1000, and you can’t pay, you have a problem. If you owe the bank £10m and can’t pay, the bank have a problem”

 

I suspect the numbers are large enough for it to be AOT’s problem in that scenario

This depends on what assets you have that the bank can take. 

[5waller5]

4 minutes ago, Levi Port said:

Completely agree with the first point, these contracts were negotiated in 2019, Covid KP want a better deal. They’ve brought in a new CEO from AOT and they’re going after a better deal from AOT, starting from the base. 
 

‘Removing ourselves entirely from the industry’ must be a quote that has translated from Thai poorly. You only have the change the wording to ‘those Industrys’ to gain a different picture. To suggest that ‘King Power Duty Free Company Limited’ are going to remove them selves entirely from the Duty Free industry is, and I’m sorry, simply a wild statement. That is not going to happen. I’m not trying to be a twat here, but you can’t draw that assumption as it’s not only cutting off their arm, it’s severing the head from the torso. 
 

King powers issue at the moment is its liquidity, they have had to borrow a lot from banks to cover their losses post covid. They have to pay that back, whilst also maintaining MAG, minimum annual guarantee payments to AOT, this is a challenge indeed, but something not out of the ordinary for any international business.  
 

Liquidity is an issue when profits are dropping, the article in question on this thread that I have questioned states the industry is declining. AOT actually stated earlier this year the below and it paints a different view. 

 

‘ The CEO also mentioned the ongoing recovery of Thailand’s tourism sector. Although Chinese tourists are at 76-77% pre-pandemic levels, visitors from India, Russia, and Taiwan have helped compensate, supporting the duty-free sales recovery in line with passenger growth’  

‘Mr. Kerati affirmed that despite slight market concerns, AOT has seen a 17% year-on-year rise in revenue, driven by consistent passenger growth and MAG collections’

The Duty free market is still there, KP still have their Monopoly and that’s not changing. Yes they need to sort out their liquidity issue due to Covid loans. So they are going after an re negotiation for MAG’s at three airports.
This is a perfectly reasonable approach and to be expected after the pandemic. 

Earlier this year they successfully negotiated with AOT for these MAG’s to be paid over a longer period of time, whilst also reducing the payment penalty for late payments, this will help their liquidity issue. 

The article I question paints a doomsday picture and that is my issue , the action KP are taking seems to me, reasonable. 

 

The article Forbes posted in 2023, a reputable source, paints a much more positive picture, talking of growth and expansion for KP. Tourist rates have only increased from 2023. 
 

I am only trying to make the point that this scaremongering article is a complete exaggeration of the truth, that’s is all. 
 

It sounds like I’m defending top to the hills, I’m not, the state we are in is due his and Rudkins poor decision making and negligence. But this article is blowing something out of proportion that I believe doesn’t deserve to be. 

I kinda hope you’re right and I’m being too pessimistic,  I can certainly see your points.

 

I don’t think it’s a mis translation though, more a threat / reality check to AOT,  that if we need to shut down the core business because we can’t make money then so be it, so don’t be unreasonable in negotiations! 
 

Post 2023 figures aren’t really available are they… but anecdotally I know a few people living in Thailand, and follow a lot of bloggers (I’m considering moving out there as I love the place). This year they are all saying there’s a steep drop off in Chinese visitors that’s made the tourist areas / restaurants / bars etc seem empty.
 

The post Covid bounce has bounced back down it seems. 

[RoboFox]

Seems to me that this is part of a huge global cultural shift in that Gen Y/Z/Alpha just aren't a) drinking or smoking and b) are more conscious about buying tat.

 

So not only transient market issues, but the cornerstone of duty free sales are starting to evaporate as younger generations age into the main customer age bracket. Besides, the savings to be had in duty free is negligible in the age of online retail.

 

This just sounds like a massive failure to diversify their business model to adapt to changing global customer behaviours. The kind of complacency that creeps in when companies are essentially handed a monopoly, perhaps? 

 

Anyway, this is bleaker than pretty much everyone thought and it's becoming more and more evident that the negligent mismanagement of the football club is a symptom of a much wider King Power problem. 

 

We've just got to hope that they don't drag us down with them.

 

Edited 24 June 2025 by RoboFox

[lcfc278]

46 minutes ago, Heskey2011 said:

Grow up man, we are owned by KingPower, them going bust impacts us.

We're owned by Top and his family, not King Power

[AjcW]

Just now, RoboFox said:

 

 

This just sounds like a massive failure to diversify their business model to adapt to changing global customer behaviours. The kind of complacency that creeps in when companies are essentially handed a monopoly, perhaps? 

 

Bang on, a quick search of the worlds largest duty free groups will see their recent acquisitions have included high street retail, cafes, book shops, motorway service stations etc etc

[Levi Port]

5 minutes ago, 5waller5 said:

I kinda hope you’re right and I’m being too pessimistic,  I can certainly see your points.

 

I don’t think it’s a mis translation though, more a threat / reality check to AOT,  that if we need to shut down the core business because we can’t make money then so be it, so don’t be unreasonable in negotiations! 
 

Post 2023 figures aren’t really available are they… but anecdotally I know a few people living in Thailand, and follow a lot of bloggers (I’m considering moving out there as I love the place). This year they are all saying there’s a steep drop off in Chinese visitors that’s made the tourist areas / restaurants / bars etc seem empty.
 

The post Covid bounce has bounced back down it seems. 

If there is a steep drop off then yes that isn’t good, the figures I quoted were from February 2025 from AOT but we’ll see, they probably cited those of 2024. 
 

KP certainly have challenges as a business that are lingering from Covid, liquidity issues on top of that. But I just think the quotes and headlines from these articles, citing the end of KP Duty Free, and the company starving of Oxygen are a gross misrepresentation of the truth. 
 

On a side note absolutely peruse a life out there, I know a few people who have done so and non regret it ! 

[Big Dave]

1 hour ago, Heskey2011 said:

Grow up man, we are owned by KingPower, them going bust impacts us.

Aren’t we owned by the Family, and not King Power?

[Tommy G]

1 hour ago, Heskey2011 said:

I'm reading between the lines and have no knowledge of business law, however...

 

If we can prove the impact of Vichais passing was significantly detrimental to the business are we more likely to get the £2.1billion compo from the helicopter people??

Just a thought, could the purchasing of Skipp for £25 million be used as evidence to support this claim?

Do helicopter hire companies even have 2.1 billion quid?

We're in the airport game already, maybe it can be paid in helicopters?

No knowledge of insurance either.

[los dedos]

14 minutes ago, AjcW said:

Bang on, a quick search of the worlds largest duty free groups will see their recent acquisitions have included high street retail, cafes, book shops, motorway service stations etc etc

Great idea ! Do you know anywhere King Power could build a Hotel, Conference centre , residential and student tower blocks . Surely that would be a start 

[Tommy G]

18 minutes ago, RoboFox said:

Seems to me that this is part of a huge global cultural shift in that Gen Y/Z/Alpha just aren't a) drinking or smoking and b) are more conscious about buying tat.

 

So not only transient market issues, but the cornerstone of duty free sales are starting to evaporate as younger generations age into the main customer age bracket. Besides, the savings to be had in duty free is negligible in the age of online retail.

 

This just sounds like a massive failure to diversify their business model to adapt to changing global customer behaviours. The kind of complacency that creeps in when companies are essentially handed a monopoly, perhaps? 

 

Anyway, this is bleaker than pretty much everyone thought and it's becoming more and more evident that the negligent mismanagement of the football club is a symptom of a much wider King Power problem. 

 

We've just got to hope that they don't drag our football club down with them. 

King Power won't drag us down with them as they don't own us.

 

Top's personal wealth that's attached to King Power might. 

[Quorndon_Fox]

1 hour ago, Levi Port said:

If there is a steep drop off then yes that isn’t good, the figures I quoted were from February 2025 from AOT but we’ll see, they probably cited those of 2024. 
 

KP certainly have challenges as a business that are lingering from Covid, liquidity issues on top of that. But I just think the quotes and headlines from these articles, citing the end of KP Duty Free, and the company starving of Oxygen are a gross misrepresentation of the truth. &nbsp
 

On a side note absolutely peruse a life out there, I know a few people who have done so and non regret it ! 

Have those few people all

met a new 20 year old wife in their mid 50s?

[FLAN]

Still amazes me anyone buys any of the crap sold at airports. Pains me to buy drinks etc at inflated prices. I know the duty free stuff is cheaper but how many giant toblerones or packable beach towels do people need?

[MattFox]

2 hours ago, 5waller5 said:

I was reminded of an expression recently that really summarises the position of KP / AOT.

 

”If you owe the bank £1000, and you can’t pay, you have a problem. If you owe the bank £10m and can’t pay, the bank have a problem”

 

I suspect the numbers are large enough for it to be AOT’s problem in that scenario

AOT are a state owned entity, KP aren’t 

 

KP might find buried skeletons suddenly start to reappear etc

[Ric Flair]

2 hours ago, funkyrobot said:

Absolutely not. Why would you want to give Notts Forest a facility like that? That would make me 🤮

It's a noose around our neck. Appalling injury problems since we've been there, a breeding ground for building the exact opposite mentality for what it was meant to serve.

 

The cost of running it is prohibitive. Sell it and hopefully enables Top to lower the price it would take to sell up completely. 

[KFS]

You can’t really be shocked at this when you look at Top and his lack of leadership. Taking his father’s legacy. What an embarrassment 

[MattFox]

5 hours ago, los dedos said:

LCFC fan pages on Facebook are hilarious. Even seeing these articles they won't criticise Top.

Comments like "Why worry about what you can't change" an " What ever will be will be "  He could send us to the national league and they still wouldn't say a bad word against him.

These people can’t envision a club without KP

 

Its like being in Waco 1993 with less firearms