Happy Fox Posted 18 September 2012 Share Posted 18 September 2012 http://www.lcfc.com/...hip-373405.aspx King Power International becomes Leicester City’s direct owner. Leicester City is delighted to announce that King Power International Company Limited (KPI), has taken direct ownership of the Football Club. KPI is owned by the Raksriaksorn Family and is the parent and holding company of King Power Group of companies, ranked amongst the Top 10 duty free operators worldwide, and has received numerous global industry awards for its operations. The Group’s core businesses in Thailand include Airport and Airline retail shops, hotel, theatre, downtown Duty Free malls in Bangkok and Pattaya and sports. Prior to this announcement, Leicester City had been wholly owned by the Raksriaksorn Family through Asia Football Investments (AFI), a Singapore-based company. Bringing Leicester City under the direct ownership of King Power International, the Raksriaksorn Family have underlined their long term commitment to Leicester City, its fans and its business partners to achieving lasting, sustainable success for Leicester City. There is no change in the Board or management of the Football Club. The takeover has been fully approved by the Football League. Commenting on the change of ownership, Leicester City Vice Chairman Aiyawatt Raksriaksorn said: “This is all part of our plan to fund and deliver a programme of long-term, sustainable success for the Football Club. We are delighted to bring Leicester City directly under the ownership of King Power International, where it will be established as a core part of the group’s overall interests. “The last two years have been an incredible experience and we firmly believe we have the key elements in place, both on and off the pitch, to take Leicester City back to the Premier League. “I would like to personally thank the Leicester City fans and the people of Leicestershire for the amazing support they have already shown us in the early stages of our long-term vision for the Club, and look forward, together with the fans, to the season ahead and the long term success of the Club.†Link to comment Share on other sites More sharing options...
Babylon Posted 18 September 2012 Share Posted 18 September 2012 Does this mean we can hide our losses in Kingpowers books Link to comment Share on other sites More sharing options...
Happy Fox Posted 18 September 2012 Author Share Posted 18 September 2012 Perhaps more wonga for the new man in charge Link to comment Share on other sites More sharing options...
Richard Posted 18 September 2012 Share Posted 18 September 2012 Does this mean all the mystery backers are gone from AFI are gone? Link to comment Share on other sites More sharing options...
Babylon Posted 18 September 2012 Share Posted 18 September 2012 Does this mean all the mystery backers are gone from AFI are gone? I'm not sure there ever were any. Link to comment Share on other sites More sharing options...
marbelladave Posted 18 September 2012 Share Posted 18 September 2012 Does this mean we can hide our losses in Kingpowers books Does that mean the 'losses' at Charlton, Blackburn and Wolves don't count anymore? If so...... Link to comment Share on other sites More sharing options...
ACF Posted 18 September 2012 Share Posted 18 September 2012 long-term, sustainable success for the Football Club That's the only bit I care about. Lets not change things up irrationally now. Link to comment Share on other sites More sharing options...
Babylon Posted 18 September 2012 Share Posted 18 September 2012 Does that mean the 'losses' at Charlton, Blackburn and Wolves don't count anymore? If so...... The losses were reported as glorious victories in Thailand. We're top over there. Link to comment Share on other sites More sharing options...
Freeman's Wharfer Posted 18 September 2012 Share Posted 18 September 2012 Does this mean all the mystery backers are gone from AFI are gone? My thoughts exactly. Have the backers with the real money that the Raksriaksorns managed to convince to buy into Asian Football Investments lost patience and decided to pull out leaving the Rakriaksorns to go it alone? Link to comment Share on other sites More sharing options...
Babylon Posted 18 September 2012 Share Posted 18 September 2012 My thoughts exactly. Have the backers with the real money that the Raksriaksorns managed to convince to buy into Asian Football Investments lost patience and decided to pull out leaving the Rakriaksorns to go it alone? Nothing like scaremongering. Link to comment Share on other sites More sharing options...
Richard Posted 18 September 2012 Share Posted 18 September 2012 I'm not sure there ever were any. I'm not sure I just thought there was some Malaysian businessmen being banded about around the time of the takeover Link to comment Share on other sites More sharing options...
cc_star Posted 18 September 2012 Share Posted 18 September 2012 My thoughts exactly. Have the backers with the real money that the Raksriaksorns managed to convince to buy into Asian Football Investments lost patience and decided to pull out leaving the Rakriaksorns to go it alone? They already pulled out after that first 3/4qtrs of a season, the Thai's then too full control of 100% of AFI. Now, this new change closes the door (or at least puts hurdles in place) of any new 3rd party interest or investment (basically loaning) Shame for those that wanted the bank-rolling of the Sven era to continue, but good news for anyone interested in sustainability because quite frankly the Thai's don't have much money compared to many clubs in this division like Blackburn, Forest, Watford, Brighton, Bristol City etc & etc Link to comment Share on other sites More sharing options...
hackneyfox Posted 18 September 2012 Share Posted 18 September 2012 Surely KPI have a lot more dosh than the persoanl fortunes of the owners. Link to comment Share on other sites More sharing options...
Happy Fox Posted 18 September 2012 Author Share Posted 18 September 2012 Still don't understand why the need to change companies is it to deflect the debt across the whole of King Power?, does it mean more money? Link to comment Share on other sites More sharing options...
nigel Posted 18 September 2012 Share Posted 18 September 2012 From my understanding it means all financing is now underwritten by KPI as the club is now part of that company and all profit & loss will be on their books.. No more directors loans.. Link to comment Share on other sites More sharing options...
Happy Fox Posted 18 September 2012 Author Share Posted 18 September 2012 From my understanding it means all financing is now underwritten by KPI as the club is now part of that company and all profit & loss will be on their books.. No more directors loans.. So basically when they lend us money it is theirs?, and we don't have to pay it back in the form of a loan. Link to comment Share on other sites More sharing options...
davieG Posted 18 September 2012 Share Posted 18 September 2012 I'm sure they'll be some tax benefits in it somewhere. Link to comment Share on other sites More sharing options...
MooseBreath Posted 18 September 2012 Share Posted 18 September 2012 All speculation of course... But it does sound like the mystery non-raksriaksorn backer has pulled out. I wonder what now happens to afi, and whether we still owe them the 8% interest loans. Maybe top and vichai have cleared the afi debt before taking full control. Either way, this means less money available, not more, and I wouldn't be surprised if this is in preparation to sell. Link to comment Share on other sites More sharing options...
Grey Fox Posted 18 September 2012 Share Posted 18 September 2012 The losses were reported as glorious victories in Thailand. We're top over there. It's Thailand not North Korea. Link to comment Share on other sites More sharing options...
hackneyfox Posted 18 September 2012 Share Posted 18 September 2012 All speculation of course... But it does sound like the mystery non-raksriaksorn backer has pulled out. I wonder what now happens to afi, and whether we still owe them the 8% interest loans. Maybe top and vichai have cleared the afi debt before taking full control. Either way, this means less money available, not more, and I wouldn't be surprised if this is in preparation to sell. I'll say it again, I'm sure he was bought out some time ago. Preperation to sell? What is this based on, who on earth would buy a team that is languishing in the second division and is hugely in debt (60m according to some posters on here)? Link to comment Share on other sites More sharing options...
Grey Fox Posted 18 September 2012 Share Posted 18 September 2012 I'm sure they'll be some tax benefits in it somewhere. Maybe they can use our losses to write down their overall profits and save tax that way? I don't see this as a bad move though, I think it's good actually, shows they are still in it for the long haul. I was once told that people in Asia think decades in advance when they make investments, where as us Westerners think at most years, or some on here, minutes. Seems to me that this might be true. Link to comment Share on other sites More sharing options...
Babylon Posted 18 September 2012 Share Posted 18 September 2012 It's Thailand not North Korea. Pffft it's all the same Link to comment Share on other sites More sharing options...
Facecloth Posted 18 September 2012 Share Posted 18 September 2012 All speculation of course... But it does sound like the mystery non-raksriaksorn backer has pulled out. I wonder what now happens to afi, and whether we still owe them the 8% interest loans. Maybe top and vichai have cleared the afi debt before taking full control. Either way, this means less money available, not more, and I wouldn't be surprised if this is in preparation to sell. I'll say it again, I'm sure he was bought out some time ago. Preperation to sell? What is this based on, who on earth would buy a team that is languishing in the second division and is hugely in debt (60m according to some posters on here)? He's just a doom and gloom merchant who hasn't got a clue what he's on about. He'll find the bad in everything to do with our owners and moan about it, but basically he's doesn't really know anything. It doesn't mean less money, but he'll say that because it fits in with his doom and gloom outlook on our owners. Link to comment Share on other sites More sharing options...
Jace Posted 18 September 2012 Share Posted 18 September 2012 Brilliant news hopefully this will silence the idiots who believed the club were being ripped off, will be very interesting to see how this will work with FFP Link to comment Share on other sites More sharing options...
Bettsj2 Posted 18 September 2012 Share Posted 18 September 2012 Perhaps if they say they are here for the long term another 1000 times, the doom merchants might reduce by a couple. Link to comment Share on other sites More sharing options...
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