Paulo Sousa could be given more than £10million to spend on new players, the head of the King Power group, Vichai Raksriaksorn, has said.

Vichai is the mastermind behind the Asian Football Investments Consortium that took over City last week after buying a 100 per cent stake in the club.

And he said Sousa would be given significant investment as he builds a squad to get City promoted to the Premier League.

The 51-year-old, whose 25-year-old son Aiyawatt has joined the club board with former owner Milan Mandaric staying on as chairman, said he wanted promotion this season, and that Sousa would be allowed to look for all his recruits. He reportedly said that players would only be brought in for 'reasonable prices'.

However, there are reports that Aiyawatt added during the press conference, conducted yesterday at the Pullman Hotel in Bangkok – which is owned by Vichai – that he would have a say in which players would be signed.

"We will provide financial support for the club to buy new players to strengthen the team," said Vichai. "The budget may be more than £10million. It is a challenge. Our goal is to take Leicester back to the Premier League next year.

"You never know, we may buy Didier Drogba," joked Vichai, who also said he was looking to open a football academy in Thailand, with products of the academy going to City for coaching.

There are also reports that he is holding talks with a television channel to show all of City's games live in Thailand.

He said his investment was motivated entirely by football ambitions and that he had several other interested parties wanting to join his consortium, which includes Mandaric.

Vichai said he would reduce his 100 per cent share in the club to 51 per cent in the future by allowing co-investors.

"Soccer is one of my favourite sports besides polo," said Vichai, who is listed as the 27th richest man in Thailand by Forbes. "I've supported polo over the past 15 years and spent several hundred million baht on it, even though it does not generate huge profits.

"Many investors both locally and internationally have already approached me to be shareholders in my consortium. We all have a similar goal – to build Thailand as a football academy for Asia in the future."

Mandaric said he could recoup some of the £21m he claims he has pumped into the club.

"I have put at least £21million into the club over the past three-and-a-half years," he said. "I will probably get part of it back."