Leicester City’s chairman Aiyawatt Srivaddhanaprabha celebrates with fans after the club defeated Chelsea to win the FA Cup. Photo: AFP
Ben Marlow
Ben Marlow

How Leicester City and Thailand’s King Power showed the English Premier League foreign ownership can work

  • Savvy transfer deals, (relatively) long-lived managers and world-class training facilities under the ownership of the Srivaddhanaprabha family have helped the football club win both the Premier League and the FA Cup
  • Off the pitch the owners have recognised the role clubs play in the community and donated to worthy causes. Meanwhile, the odd drop of complimentary Singha beer has helped to lubricate the fans

English Premier League football club owners are not flavour of the month right now. In the wake of the

founding and the subsequent collapse of The Super League – the breakaway competition designed to guarantee access to European football to Europe’s biggest clubs – owners have been cast as villains in a battle for football’s soul.

Fan reaction to the competition’s conception on Sunday April 18 was swift and severe, prompting the six clubs to formally withdraw within 48 hours. Fan anger continued, resulting in the postponement of Manchester United’s home game to Liverpool on Sunday May 3 as fans broke into Old Trafford to protest about their owners’ stewardship of the club.

Meanwhile, 160km (100 miles) south of Manchester, Leicester City Football Club were applying to the City Council for planning permission for a statue to honour their late owner, Vichai Srivaddhanaprabha who died tragically in a helicopter accident at the club’s ground in 2018.

A covering letter submitted with the plans, said the statue “aims to both respect the legacy of Vichai Srivaddhanaprabha and enhance the overall experience for supporters visiting the King Power Stadium”.

Leicester City’s chairman Aiyawatt Srivaddhanaprabha and goalkeeper Kasper Schmeichel with the FA Cup after the club’s win against Chelsea. Photo: AFP

This is a fitting summary for the King Power project – a desire for a positive ownership legacy with fans at the centre. The reaction of the players in the wake of the club’s dramatic FA Cup victory was a case in point. Kasper Schmeichel, the club goalkeeper and hero of the final having pulled off one of the competition’s great saves, left his teammates to bring the club’s Thai owner Aiyawatt ‘Khun Top’ Srivaddhanaprabha into the celebrations. Khun Top embraced the players before seeking out Brendan Rodgers, the head coach, to acknowledge the role he has played in the club’s recent success. Against a backdrop of philosophical friction between fans and owners, the scenes at Wembley were a refreshing reminder that foreign ownership can work.

Success in football is ultimately measured in silverware. As competitive balance in Europe’s leagues diminishes, the prizes are increasingly concentrated among those teams with the most money – our analysis at Twenty First Group shows that while it is possible to materially outperform your budget, there aren’t many clubs that manage it on a consistent basis.


Leicester are one. At the weekend, the club lifted the FA Cup for the first time in their history. In the Premier League era, Leicester are the only team outside England’s ‘Big 6’ (consisting of Manchester United, Manchester City, Liverpool, Arsenal, Chelsea and Tottenham) to have won both the FA Cup and the Premier League. Both historic triumphs have come since the Srivaddhanaprabha family took over the club.

Through a combination of capital investment, sensible financial management and clear-eyed football strategy the club are continuing to challenge the dominance of England’s biggest, wealthiest clubs. Since the takeover in 2010, Leicester have progressed from being a Championship club to one of the finest teams in England – as it stands, they have around a 65 per cent chance of finishing inside the top four and despite their financial disadvantage, over the past five seasons their finishing positions in the league have been fifth, ninth, ninth, 12th and first.

Leicester City players hold a banner showing Leicester City Chairman Vichai Srivaddhanaprabha. Photo: AFP

But how have they done it?

Transfer strategy has been one notable success. Over the past five years, the club has a net transfer spend of a little over £20 million (US$28 million) per season – around half the Premier League average and around one third of the ‘Big Six’ average – while maintaining their levels of performance.

The £75 million sale of Harry Maguire was followed by the £18 million purchase of Caglar Söyüncü from Freiburg in the German Bundesliga. The £45 million sale of Ben Chilwell to Chelsea was followed by the £21 million purchase of Timothy Castagne from Atalanta in the Italian Serie A. The £60 million sale of Riyad Mahrez to Manchester City was followed by the purchase of James Maddison for £20 million from Norwich City in the English Championship. The £30 million sale of N’golo Kante to Chelsea was followed by the purchase of Wilfred Ndidi for £15 million from Genk in the Belgian Pro League. From these transfers alone Leicester made around a profit of over £130 million while generally managing to maintain their performance levels.


Outside recruitment, the club has also tended to choose their managers wisely, with an average manager tenure of just under two years compared to a Premier League average of around 1.5 years. In addition, the club has invested in a world-leading training facility suggesting that the owners are investing for the long term. The scenes at Wembley speak of a club in sync from the boardroom to the pitch, and are a shining example of how effective ownership can deliver positive outcomes where it matters.

Vichai Srivaddhanaprabha applauds as Leicester City celebrate becoming the English Premier League champions in 2016. Photo: AP


In addition to delivering success on the pitch, the owners have also recognised the wider role that football clubs play in their community. The owners have taken this responsibility seriously which has gone some way to building bonds that run deep. The club has provided material financial assistance to various community causes, including £1 million to a city university hospital, £1 million to the LCFC Foxes Foundation (which supports charities and has been renamed The Vichai Srivaddhanaprabha Foundation) and a further £2 million to a local children’s hospital.

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As the club’s CEO Susan Whelan explained in 2016: “It’s very important that for every fortunate thing that happens to you in your life, you must give back. That’s really integral to everything we do. This is through the Srivaddhanaprabha family, this is King Power, this is Leicester City Football Club saying thank you to the city of Leicester.”


And it’s not all high-minded philanthropy – there is a sense of fun that also pervades. In celebration of his 60th birthday, Khun Vichai offered free Singha beer – Thailand’s native drop – to every home fan attending their game against Newcastle United, and renewed 60 season tickets, chosen at random, at half-time for free – a gesture that significantly softened the blow of the 2-1 defeat.

Vichai Srivaddhanaprabha and Aiyawatt Srivaddhanaprabha attend a Leicester City training session. Photo: Reuters

“The family are very, very popular with the people of Leicester. They are loved by the Leicester public for what they have done to the football club and for what they have done for the city. They have put the city on the map worldwide,” said Leicester City Supporters Club Chairman Cliff Ginetta. “They’ve put millions of pounds into the club and lots and lots of money into local hospitals, children’s care. At Christmas time, it’s free mince pies and a drink – and that’s the way they are.”


Given the number of bad examples, fans are right to be cautious about the intentions and competence of new owners. But the Srivaddhanaprabha family is a beacon of hope at a time when many foreign owners are being tarnished with The Super League brush. Before the FA Cup final, Schmeichel summed up the effect that Khun Vichai and Khun Top have had on the club. “It just goes to show … how good foreign ownership can be. The journey from when the family came in and bought this club is testament to that. They have shown commitment right from the start and all the way through to today where we stand in a FA Cup final and [with] a training facility that is probably the best in England, if not the world.

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“They keep investing in the club, they keep building that bond with the fans. It’s very well documented how good a relationship we have with the family. We don’t want to disappoint them, we want to make them proud”.


Watching him usher Khun Top into the celebrations following the club’s triumph in the FA Cup final, it is hard to disagree.

Ben Marlow is managing director of Twenty First Group. He specialises in sports strategy and has advised organisations including the Premier League, J League, UAE Pro League, and Asian Tour