England: Leicester City bought its stadium back

source: BBC.co.uk

England: Leicester City bought its stadium back They lost it at the very start of King Power Stadium existence and only retrieved control on Friday, when Thai owners of the club bought it back for £17 million, BBC reveals.

Advertisement

The Srivaddhanaprabha family of Thailand acquired Leicester City's home ground, King Power Stadium, from American Teachers Insurance. From Friday the venue is part of K Power Holdings, just like Leicester City itself.

This move is said to be crucial for the club's proper development. "Whilst there are no immediate plans to alter the structure or design of the stadium site, the increased flexibility through direct ownership ensures that the football club can freely adjust to the changing needs of its supporter-base for the future.", said Aiyawatt Srivaddhanaprabha, vice-chairman at City.

King Power will also no longer need to pay for naming rights to the stadium, which they bought back for £17 million. Teachers Insurance needed £28 million back in 2002, while construction itself took £37 and was one of the reasons for Leicester City going into receivership.

Advertisement