Thai duty-free shops group buys Leicester City

BANGKOK - King Power Group — Thailand’s largest duty-free shops operator — has purchased English Championship club Leicester City for an undisclosed amount, executives said Wednesday.

King Power, which has monopolised duty-free operations at Bangkok’s Suvarnabhumi and Don Mueang airports for decades, signed a deal on August 12 to purchase 100 per cent of the club, King Power chairman and CEO Vichai Raksriaksorn said.

“I can’t disclose the amount right now,” Vichai told a press conference in Bangkok at which the purchase was officially announced.

Vichai is the second Thai tycoon to purchase an English football club.

In 2007, former Thai premier Thaksin Shinawatra bought Manchester City shortly after he was toppled by a military coup the previous year.

Thaksin, who was later forced to flee England after his visa was revoked, sold City to the Abu Dhabi United Group in 2008 at a 120-million-pound (187-million-dollar) profit.

“We are not buying Leicester to sell later,” Vichai insisted. He said the purchase of the club was made to boost King Power’s brand name abroad.

“After December we will change the name of the Leicester Stadium to King Power Stadium,” he said.

The Thai investor said he had set aside money to buy up new players for the club, which is looking for promotion to the Premier League this season.

“I have to confess that my favourite sport is actually polo,” Vichai said. The Thai group’s business links with the football club started three years ago with a shirt sponsorship deal.