Leicester City exclusive: Deal is agreed to buy King Power Stadium
Leicester City's owners have agreed a £17million deal to buy the King Power Stadium, it was revealed today.
The Srivaddhanaprabha family say the deal underlines their long-term commitment to the club.
The owners, led by chairman Vichai Srivaddhanaprabha, have bought the stadium through their company K Power Holdings Co Ltd from previous owners Teachers Insurance, an American pension fund manager.
The 32,262-seater stadium was built at a cost of £37m and, following City's administration, part of the deal which brought the club out of receivership saw ownership of the stadium revert to Teachers.
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They had supplied £28m via a bond scheme towards the stadium's construction, with the club taking a long-term lease while the bond repayments were made.
Vice-chairman Aiyawatt Srivaddhanaprabha said it was always the family's intention to purchase the stadium, which now carries the name of the family's international business.
He said the deal was a key part of their long-term plan for the development of the club into an established Premier League club, and would help sustain long-term success.
Srivaddhanaprabha also said the purchase would allow City to develop the stadium in the future, if they choose to increase the capacity.
"It has always been part of our long-term vision to put the stadium back where it belongs, into the hands of the football club," he said.
"While 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."
City chief executive officer Susan Whelan said the removal of the debt to a third party ensures the club can move forward on an even stronger financial footing.
"The stadium already bears the proud name of King Power, but this latest development truly makes the home of Leicester City part of the Srivaddhanaprabha family's central business and sporting interests," she said.
City moved to the King Power Stadium from their previous Filbert Street home in July 2002, and it has the 19th largest stadium capacity in England, at 32,262.