Source: REUTERS/John Sibley
[Saba Sports News] According to British media reports, the Thai company behind Leicester City, King Power Group, is facing a full collapse crisis. Club chairman Aiyawatt Srivaddhanaprabha has stepped down as CEO of the group, which is currently experiencing massive losses and a risk of bankruptcy. At 39 years old, Aiyawatt has taken on the role of Executive Chairman, responsible for setting the business direction and policy framework. This change has worsened the club’s financial situation, as the Foxes have just been relegated from the Premier League and may face point deductions in next season’s Championship. Aiyawatt took over the family business and the club after his father Vichai Srivaddhanaprabha died in a helicopter crash in 2018. He invested to help the team return to the Premier League after their 2023 relegation, but failed to prevent them from dropping again last season. It is reported that King Power Group is seeking to renegotiate its four airport concession contracts in the country and has applied for full rent relief. However, the Thailand Airports Authority (AOT) has rejected the group’s initial proposal. King Power Group admitted: “The company is like a patient on a ventilator, and we’re asking the AOT to take the ventilator away because we can’t afford to keep going. We’re seeking support, and if we can’t reach sustainable operating conditions, we’ll choose to exit.” These remarks reveal a cash flow crisis threatening the livelihoods of 7,000 employees.