The home of Leicester City could be renamed the King Power Stadium and expanded by a third in size.

City's new Thai owners say they want the ground, known as the Walkers Stadium since it opened in 2002, to share the name of their business empire.

The consortium, which took control of the club last week, also plans to increase seating capacity from 32,500 to up to 42,000 over the next five years.

Club chairman Milan Mandaric said: "We have big plans to take the club into the Premier League.

"We need a bigger stadium for that. There's a five-year target to increase the capacity to between 40,000 and 42,000.

"King Power is showing tremendous ambition and I'm confident that it will happen."

Vichai Raksriaksorn, owner of King Power, was reported to have told a press conference in Thailand yesterday the ground would be renamed the King Power Stadium in December.

However, Mr Mandaric, who remains a minority shareholder, said the name change was not set in stone. He said talks would take place with Walkers in the next two weeks, and suggested the club would ask the snack food giant for more money.

"I think it's important we ask about the renaming rights and ask for more money from Walkers," Mr Mandaric said.

"We are going to talk to them and talk to other people.

"Of course, King Power is a top priority as far as this goes, as it is in charge of the situation."

Mr Mandaric said the Walkers sponsorship, which he renegotiated when he took control of City in 2007, had a few years left to run.

But he said the club could pull out "under certain conditions".

He did not say what these conditions were.

A Walkers spokeswoman said: "We are extremely surprised to hear this news.

"We have a 10-year contract with Leicester City for the Walkers Stadium and are very proud of our connection with both the city of Leicester and Leicester City Football Club, which we hope will continue into the future.

"We look forward to discussing this matter with the new owner."

Gary Silke, editor of the supporters' magazine Fox Fanzine, said he did not expect a major reaction from supporters to any name change.

"I'm not surprised because one of King Power's main intentions is to spread its name in the West," he said.

"It's a good, cheap way of doing it.

"I don't think the fans are particularly attached to the Walkers name, it's just advertising a brand.

"In fact, the King Power Stadium perhaps sounds stronger."

Vichai Raksriaksorn, who is estimated to be worth £113 million, and son Aiyawatt, known as Top, were unveiled as the owners of the club last week after securing a 60 per cent stake.

A third, unnamed, Asian business person is set to join the consortium in the next few months, Mr Mandaric has said.

Tweet