Leicester City’s long-term stability is under serious threat after it emerged that King Power, the Thai-owned duty-free giant which owns the club, is facing potential financial collapse.
The company’s chairman and Foxes owner, Aiyawatt “Top” Srivaddhanaprabha, has stepped down as King Power’s chief executive amid spiralling losses and an ongoing battle to renegotiate rental deals at four major Thai airports. He will now serve as group executive chairman, but the change in role highlights the seriousness of the situation, as it comes with fears of a cash-flow breakdown that could put over 7,000 jobs at risk.
King Power has reportedly asked the Airports of Thailand (AOT) to waive all rental fees on their long-standing duty-free concessions. That proposal has already been rejected, and AOT faces potential losses exceeding £450 million if terms are softened. With Sirivaddhanaprabha’s replacement, Nitinai Sirismatthakarn, describing the situation as “a patient surviving on oxygen”, concerns are mounting about the future of both the business and the football club it owns.
Sirismatthakarn added:
“We’re in a position where we’re saying we can’t manage, and we’re asking AOT for help. If the conditions allow us to remain profitable, we’ll stay. If not, and we can’t make it work together, we’ll accept that.”
What It Means for the Foxes
The developments come at a precarious time for Leicester City. Following their relegation from the Premier League in 2024–25, the club now faces a likely points deduction in the Championship due to Profit and Sustainability Rule (PSR) breaches. On the pitch, Ruud van Nistelrooy is widely expected to depart after failing to secure promotion in his first half-season in charge.
Now, with King Power’s financial future hanging in the balance, supporters fear the worst. A forced sale of the club could be on the cards if the business cannot weather the storm. This would bring an end to the Srivaddhanaprabha family’s ownership, which began under Khun Vichai in 2010 and famously delivered a miraculous Premier League title in 2016.
The timing could not be worse. Leicester must now prepare for life in the Championship with uncertainty surrounding investment, leadership, and long-term direction. There are growing questions about whether the club can continue to operate as it has, particularly without the substantial financial support that King Power previously provided.
Writer’s View
This is potentially the most alarming off-field story to emerge from the Championship this summer. Leicester City’s owners have been a symbol of stability and ambition over the last 15 years, but their financial predicament now raises existential concerns.
Should King Power be forced into insolvency, Leicester may face a turbulent period of restructuring or even a sale—just as they attempt to rebuild in the Championship. Supporters will hope for swift clarity, but for now, uncertainty reigns at the King Power Stadium.
