Keith Wyness reacts as Leicester dodge new rules with £124m move
Everton’s former chief Keith Wyness has claimed Leicester City’s Thai owners have ensured the club are well placed to return to the Premier League even if relegated this term.
Speaking on the new edition of Football Insider’s Inside Track podcast, the 67-year-old – who served as CEO at Goodison Park between 2004 and 2009 and now runs a football consultancy advising elite clubs – insisted a new £124million investment has “put the club onto stable footing” after recent brushes with financial rules.
A Companies House submission on 24 January, backdated to 10 January, revealed owner Aiyawatt Srivaddhanaprabha has converted £94million into 94 million shares worth £1 each.
A further update revealed he has also switched £30million of loans into 30 million shares worth £1 each, taking the total to £124million.
The Srivaddhanaprabha families’ overall investment in the club has now reached more than £420million, with the Foxes now clear of any previous shareholder loans – and dodging recently-introduced rules.
After a change in the APT (Associated Party Transaction) rules, any money loaned to a club by their owners will need to reflect fair market value and see interest charged in line with commercial rates.
Leicester well placed to bounce back ‘if the worst happens’, says Wyness
Wyness told Football Insider‘s Insider Track podcast: “It’s another big chunk written off again.
“He and his family have now put £420million into Leicester.
“It’s all come after the change in the rules and it’s put the club onto stable footing.
“If the worst was to happen this season, they’d be in good shape to come straight back up again.
“It’s a big chunk of cash and the Thai owners are showing they really believe in this club.
“They want to keep going, there are the great memories – and this shows they are still committed.”
In other news, Leicester turn attention to signing Brighton star.
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