Leicester City chairman and owner Aiyawatt ‘Top’ Srivaddhanaprabha has written off £194m (€218.7m/$238.7m) owed by the Premier League club to his family's parent company King Power International (KPI) by converting the debt into equity.
The club said that over £194m in loans and relevant interest had been capitalised into KPI equity by Top, whose late father and predecessor as club chairman, Vichai, completed a similar debt-to-equity transfer after relieving the club of its £103m debt in 2013.
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