Leicester announce takeover details
Leicester have been bought by a consortium of Asian businessmen led by Thai businessman Vichai Raksriaksom, the owner of the duty-free shopping business King Power Group.
By Sandy Macaskill
Published: 1:22PM BST 12 Aug 2010
Hand over: a consortium of Asian businessmen held talks with the current chairman of Leicester, Milan Mandaric Photo: GETTY IMAGES
The last time a Thai businessman tried his hand at owning an English football club it ended in disaster, the deposed Prime Minister Thaksin Shinawatra striding through the doors at Manchester City and solemnly advising staff that “if a dog can’t bark, you shoot it”.
It is history that Leicester City will pray does not repeat itself after the Championship club announced their takeover by an international consortium led by 25-year-old Thai businessman Aiyawatt Raksriaksorn.
Although the exact details of the deal remain under wraps — the whole operation was so cloak and dagger that press handlers keen to advertise the takeover yesterday were at first only authorised to reveal that it related to a club in the East Midlands — Raksriaksorn, a multi-millionaire, will sit on the club’s board as major shareholder, with a third party expected to enter the consortium later. Milan Mandaric will remain chairman.
Not much is known about Raksriaksorn, except that he is a polo enthusiast who spends his time among Bangkok’s fashionable set. His father Vichai, who has a second home in London, owns the shopping empire King Power Group, which signed a three-year sponsorship deal with the club last week. It made its fortune thanks to a commercial monopoly over duty-free shopping in Thailand granted under the Shinawatra government.
Raksriaksorn said he was “passionate about football and I see Leicester City as a club with tremendous passion and potential”.
Perhaps in an attempt to allay the fears of supporters concerned that their club would become the plaything of a jet-setter, the consortium, a collection of Asian business leaders, has committed to further investment in the team and club structure, without specifying how much.
Nevertheless, Mandaric promised in a written statement that the deal would bring “new strength and energy and offer a tremendous opportunity”. He added that the deal represents three things. “First, ambition: this will help us push forward to compete harder for a place at the top table of English Football.
“Second, strength. It will strengthen the squad by bringing additional financial support and introducing a new global network of contacts and access to player talent. Third, partnership. I am delighted to remain as chairman and a stakeholder in the new consortia and pleased Lee Hoos, the chief executive and his winning team remain focused and in place to keep our plans and ethos alive”.
Personally I think this will be great for us as we have the makings of a great squad and if Sousa spends a little cash on a few good players the premier league is a real possibility and with a solid foundation we will be able to establish ourselves as a good mid-table premier league team again.
Leicester have been bought by a consortium of Asian businessmen led by Thai businessman Vichai Raksriaksom, the owner of the duty-free shopping business King Power Group.
By Sandy Macaskill
Published: 1:22PM BST 12 Aug 2010
The last time a Thai businessman tried his hand at owning an English football club it ended in disaster, the deposed Prime Minister Thaksin Shinawatra striding through the doors at Manchester City and solemnly advising staff that “if a dog can’t bark, you shoot it”.
It is history that Leicester City will pray does not repeat itself after the Championship club announced their takeover by an international consortium led by 25-year-old Thai businessman Aiyawatt Raksriaksorn.
Although the exact details of the deal remain under wraps — the whole operation was so cloak and dagger that press handlers keen to advertise the takeover yesterday were at first only authorised to reveal that it related to a club in the East Midlands — Raksriaksorn, a multi-millionaire, will sit on the club’s board as major shareholder, with a third party expected to enter the consortium later. Milan Mandaric will remain chairman.
Not much is known about Raksriaksorn, except that he is a polo enthusiast who spends his time among Bangkok’s fashionable set. His father Vichai, who has a second home in London, owns the shopping empire King Power Group, which signed a three-year sponsorship deal with the club last week. It made its fortune thanks to a commercial monopoly over duty-free shopping in Thailand granted under the Shinawatra government.
Raksriaksorn said he was “passionate about football and I see Leicester City as a club with tremendous passion and potential”.
Perhaps in an attempt to allay the fears of supporters concerned that their club would become the plaything of a jet-setter, the consortium, a collection of Asian business leaders, has committed to further investment in the team and club structure, without specifying how much.
Nevertheless, Mandaric promised in a written statement that the deal would bring “new strength and energy and offer a tremendous opportunity”. He added that the deal represents three things. “First, ambition: this will help us push forward to compete harder for a place at the top table of English Football.
“Second, strength. It will strengthen the squad by bringing additional financial support and introducing a new global network of contacts and access to player talent. Third, partnership. I am delighted to remain as chairman and a stakeholder in the new consortia and pleased Lee Hoos, the chief executive and his winning team remain focused and in place to keep our plans and ethos alive”.
Personally I think this will be great for us as we have the makings of a great squad and if Sousa spends a little cash on a few good players the premier league is a real possibility and with a solid foundation we will be able to establish ourselves as a good mid-table premier league team again.