Leicester City Owners Purchase King Power Stadium For $25M
League Championship club Leicester City's owners "have completed the purchase" of the club's King Power Stadium for £17M ($25.5M), according to the BBC. The Srivaddhanaprabha family has purchased the ground from an American pension fund manager through its K Power Holdings company. Vice-Chair Aiyawatt Srivaddhanaprabha said that the news "was a great boost for the club." Srivaddhanaprabha said: "Our plan is to bring long-term sustainable success to Leicester City Football Club. Purchasing the stadium was always a key element in this plan" (BBC, 3/1). INSIDER MEDIA LTD reported in Sept. '12, the Srivaddhanaprabha family placed Leicester City "under the direct ownership" of King Power Int'l, the parent and holding company of the King Power group of companies. Srivaddhanaprabha said, "The previous stadium owners have always been very cooperative. Whilst 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" (INSIDER MEDIA LTD, 3/1).