Leicester City convert £8.5m owner debt to equity as takeover ‘deadline’ passes | OneFootball

Leicester City have converted £8.5m of owner funding into equity in parent company King Power International, formally writing off the debt.

According to LeicesterMercury.co.uk, the move comes amid a potential takeover process, with interested parties said to have had a 14 September deadline for initial offers, which has now passed.

There is no change to the club’s ownership structure, which remains ultimately held by the Srivaddhanaprabha family. In January, £124m was converted into equity, with a further £194m turned into shares.

The latest allotment turns recent owner loans into shares that do not require repayment and provides financial support for ongoing operations.

City have been working with Citigroup over the summer to try to complete a sale. Scottish-Indian businessman Neil Lal has publicly expressed interest, saying he has made an offer as part of a consortium. There have reportedly been at least three other interested parties, with the intention for a new owner to be in place before the end of the current season.

Source: LeicesterMercury.co.uk

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