Leicester City's future shrouded in doubt with Thai owners facing total business collapse
LEICESTER'S future has been left shrouded in uncertainty as their Thai owners face a total business collapse.
Foxes chairman Aiyawatt 'Top' Srivaddhanaprabha left his role as chief executive of duty free giant King Power with the company staring at massive losses and potential failure.
1
Top has switched to being 'group executive chairman' where he will 'play an important role in determining the direction and setting the policy framework for business operations'.
But that adds to the club's financial woes after their relegation from the Premier League and likely points deduction in the EFL next term.
Top, 39, took charge of the Foxes and the King Power company following the fatal helicopter crash that cost the lives of his father Khun Vichai - in charge of the club since 2010 - and four others as it left the stadium following a Prem draw with West Ham in 2018.
He bankrolled the club's return to the Prem after their relegation in 2023 but watched as Ruud van Nistelrooy's appointment as manager to succeed Steve Cooper in December failed to arrest an instant return to the EFL.
But the club's on-field issues look to be paling into insignificance by comparison with the financial woes afflicting the King Power company.
King Power enjoyed a three decade near-monopoly on duty free concessions in Thailand but is aiming to completely renegotiate contracts at four of the country's major airports, asking for all rental fees to be waived.
That is expected to lead to losses of £450m-plus for the state-run Airports of Thailand, which rejected the opening offer from King Power.
But in a signal of the depths of the crisis, Top's replacement at the helm, Nitinai Sirismatthakarn, revealed: 'It's like a patient surviving on oxygen.
'The company's intention was to ask AOT to remove the oxygen because we can't cope anymore. This was the signal we sent.'
The admissions signal the depth of the cash-flow operations that threaten both King Power's operations and its 7,000 employees.
He added: 'We're in a position where we're saying we can't manage, and we're asking AOT for help.
"We'll listen. 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."
It comes with Leicester still expected to part company with van Nistelrooy following their relegation and the likelihood of a points deduction after a Prem Arbitration Tribunal ruled they can be charged and punished for a PSR breach for the 2023-24 promotion campaign.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Record
7 minutes ago
- Daily Record
The Nicolas Kuhn transfer fee Celtic should jump at as RB Leipzig move could trigger signing splurge
Kuhn is believed to have suitors down south and in the Bundesliga RB Leipzig's reported £15million bid for Nicolas Kuhn is potentially a sign that the winger isn't completely happy at Celtic. That's the view of Record Sport's very own Scott McDermott, who reckons that the Bundesliga side's reported attempts to step up their interest in the 25-year-old aren't without any interference from the other side. Despite his form dipping in the second half of last season, Kuhn enjoyed a productive campaign in Glasgow's east end, registering 21 goals and 15 assists in 51 matches in all competitions. The former Bayern Munich kid is said to be a key target for incoming new Leipzig head coach Ola Werner while Premier League side Newcastle have also reportedly been keeping tabs on the wide man for quite some time. And our man McDermott hints that Kuhn's demeanour in the wake of Celtic's Premiership triumph last season could suggest that he is keen to move on from Brendan Rodgers' side this summer. Speaking on Monday's Hotline Live, he said: "For Celtic, it definitely is. I have said on here before that for £15million, you absolutely bite the hand off for it. "That's taking nothing away from Kuhn, who is a terrific player and has had a brilliant season but for that kind of money, you need to bite the hand on it. "I just wonder, and this is not any inside info, that Kuhn maybe isn't quite 100 per cent happy at Celtic. "I don't think he is angling for a move but I just don't think there is this speculation unless the player has intimated that he might be keen on a move. "We interviewed him at Tannadice when Celtic clinched the title. He came in and he was happy to win the league but he was a bit grumpy as well about the criticism he had got. "He felt that he needed to prove people wrong and that it was unfair when he got a wee bit of flak when he hit that dip. "Maybe he was right but he struck me as a guy who wasn't 100 per cent happy at Celtic. "It's interesting that several clubs have now been mentioned. "He has spoken about his determination to play for Germany and maybe he feels that going back to the Bundesliga or going to the Premier League will boost his chances of playing for the national team, despite what he has done for Celtic. "You are just getting that feeling as the summer goes on that Kuhn might be leaving and that certainly would explain why Celtic are keen to get the boy (Benjamin) Nygren in who plays in a similar position. "If Kuhn goes they might need to go back for another winger, certainly if they are getting £15million into the transfer coffers."
Daily Mirror
14 minutes ago
- Daily Mirror
Amorim's dream Man Utd XI on first day of season with Mbeumo among 15 transfers
Manchester United have kicked off a summer of heavy spending - but their job is far from done. Ruben Amorim is targeting a major overhaul at Old Trafford following a miserable season last time out. The Red Devils slumped to 14th in the Premier League table, with the Portuguese failing to inspire an upturn in fortunes after taking the reins from Erik ten Hag. And things got even worse in Europe having been defeated by Tottenham in the Europa League final. As a result, the club's finances took a huge hit, with some believing funds for the summer would be limited. But United have tried to not let that affect them. They have already splashed £62.5m on former Wolves forward and Brazilian international Matheus Cunha. It is hoped that he could be the first attacking addition of the summer as Amorim attempts to solve his side's goalscoring woes. And United already have their eyes on a few more. With that being said, take a look at what the starting XI could look like against Arsenal on the opening day of next season: Let's start in the obvious place - in goal. There could potentially be a change ahead of next season. Andre Onana has failed to convince since his arrival from Inter Milan, with Monaco eyeing a swoop for the Cameroonian. And should he be allowed to leave, United could move for Paris Saint-Germain star Gianluigi Donnarumma, who sees his contract expire in a year. He has already reportedly been discussing a move to the Premier League with his Italian colleagues. While United committed to a significant outlay last term in signing Leny Yoro, Patrick Dorgu and Matthijs de Ligt to bolster their defence, there could yet be more signings. Youngster Diego Leon is on the way, while it has been reported that Sporting Lisbon star Ousmane Diomande is keen on being reunited with Amorim at Old Trafford. Who else should Man United sign this summer? Share your suggestions in the comments below And United could potentially do with another defender following the exits of Jonny Evans and Victor Lindelof. Should Diomande be signed, he could potentially replace Lisandro Martinez in the heart of the defence, with the Argentine expected to be sidelined until September. Dorgu and Noussair Mazraoui should retain their positions as wing-backs in Amorim's system. Moving into midfield, the Red Devils' line-up seems pretty well set. Last summer's signing Manuel Ugarte should do enough to usurp Casemiro, while captain Bruno Fernandes is a near guarantee to start after spurning interest from Saudi Arabia. Given Christian Eriksen has departed, another signing in midfield might be useful but not crucial. It's really in attack where United will go through a real transformation. A number of forwards are already on the chopping block with loanees Antony, Jadon Sancho and Marcus Rashford all expected to leave permanently. They could be joined by Alejandro Garnacho and Rasmus Hojlund, who have both been linked with moves to Italy. Of course, a deal for Matheus Cunha is already over the line and he could soon be followed by Bryan Mbeumo. The Brentford star is United's next attacking target and he is already keen on a move to Old Trafford despite late competition from Tottenham. And then leading the line could potentially be current Chelsea forward Christopher Nkunku. Reports have suggested that United are already in talks regarding a potential deal and he could potentially slot straight into the side should a deal progress. Potential Man United XI: Donnarumma; Dorgu, Martinez, Diomande, Yoro, Mazraoui; Ugarte, Fernandes; Mbeumo, Cunha, Nkunku. Join our new MAN UTD WhatsApp community and receive your daily dose of Manchester United content from Mirror Football. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. If you're curious, you can read our Privacy Notice.
BBC News
17 minutes ago
- BBC News
Budinger has a blast and Ahmed adds own ton as Leics dominate Glamorgan
Rothesay County Championship Division Two, Uptonsteel County Ground, Leicester (day two)Glamorgan 353 (110.2 overs): Tribe 107, Ingram 56; B Green 3-55Leicestershire 389-3 (79 overs): Budinger 118, Ahmed 106, Patel 70, Hill 66* Leicestershire 6 pts, Glamorgan 4 ptsMatch scorecard A spectacular maiden century from Leicestershire opener Sol Budinger lit up Grace Road as he took the Glamorgan attack apart, hitting 118 off 102 Patel weighed in with 70 before Rehan Ahmed (106) and Lewis Hill (66 not out) piled on the suffering for the visitors in a stand of 165. That steered the Foxes to 389-3, already 36 runs ahead of Glamorgan, after a day of Two leaders Leicestershire were already in a commanding position by the time Zain Ul Hassan (2-67) eventually claimed the wickets of both openers. Earlier Ben Green led home efforts with the ball taking 3-55 as they finished off Glamorgan for 353, the last five wickets adding just 48 on day two. Resuming on 305-5, Glamorgan hit early trouble as Green removed Colin Ingram and Timm van der Gugten with his third and fourth balls of the Crane fell for a single, and Tom Scriven had James Harris caught at mid-on for Glamorgan scrambled a third batting point off the last available ball as Chris Cooke (30 not out) smacked a straight boundary before Ned Leonard (16) provided Peter Handscomb with his sixth catch, off Chris reached 36 without loss before lunch despite Budinger being denied a boundary when Ul Hassan lost control of the ball before his delivery and Budinger whacked it to the boundary, only for 'dead ball' to be ruled. With hundreds of local schoolchildren present, a mascots race in the interval caused great there were fireworks on the field soon afterwards as Budinger hit top gear with his assault on the Glamorgan bowling, immediately attacking leg-spinner Mason Crane, while Patel played a more elegant and conventional knock at the other was a sharp contrast to Glamorgan's struggle to accelerate on the first day against the Kookaburra ball. Budinger, 25, passed his previous best of 87 with a pull shot off Timm van der Gugten that sped to the boundary off Leonard's fingertips, then hoisted the Dutch international for nervous nineties were nowhere to be seen as Budinger lofted Crane over long-on to reach his ton with his third maximum off just 92 also had 17 fours next to his name by the time he chipped Ul Hassan to cover, with the seamer shortly afterwards having Patel caught by Chris Cooke, having hit nine fours and a six in an innings that would have deserved more of the spotlight on most 198 runs came in the afternoon session, Ahmed, playing just as a batter because of a minor side problem, continued with his own aggressive approach after tea as he and Hill forced the field to scatter far and wide. Ahmed punched his way to 106 off 118 balls, hitting 14 fours and two sixes, before eventually lofting the labouring Crane to Hill giving the bowlers little chance at one end, Leicestershire strangely sent in Chris Wright as night-watchman, and he picked up four boundaries to rub salt into Glamorgan wounds.
