Leicester chair Khun Top has relieved the club of debts to parent company King Power totaling over £194m.
🗣️Top: “Maintaining long-term stability is vital for sustainable growth... We want to make sure we continue on that path from the strongest, most secure financial footing."
🗣️Top: “Maintaining long-term stability is vital for sustainable growth... We want to make sure we continue on that path from the strongest, most secure financial footing."
An #LCFC statement adds: "[The] conversion into equity serves to strengthen the Club’s balance sheet, reduce its interest costs, and provide further evidence of King Power International’s commitment to supporting the Club’s long-term sustainability...
"These loans have been provided by KPI to the Club over the last four years to fund the construction of the Club’s world-class new training ground at Seagrave and to continue to support the Club’s investments into its squad and Women’s football during the COVID-19 pandemic."
It's the second time King Power International have done this. Back in 2013 a £103m debt-to-equity transfer also took place.
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