Leicester City’s Thai owner Vichai Raksriaksorn has got a poor return on the £53m he has invested so far in the club. Even if they pull off a surprise result against Chelsea tomorrow, they are 11th in the Championship with little prospect of promotion to the Premiership this season.
Leicester City’s Thai owner Vichai Raksriaksorn has got a poor return on the £53m he has invested so far in the club. Even if they pull off a surprise result against Chelsea tomorrow, they are 11th in the Championship with little prospect of promotion to the Premiership this season.
£11m has been spent on the wages of players, many of whom have been a disappointment. The latest injection of cash from Raksriakorn takes the form of a £26m loan at a chunky interest rate of 8 per cent. The club made a record loss of £15.2m last year.
Chief executive Susan Whelan commented, ‘The club’s strategy of investing in a strong squad to fight for a promotion place has led to an increase in staff costs. We continue to invest in both the playing squad and the capital assets of the club, but we are also working hard to increase our commercial revenue.’ But that is not so easy against the backdrop of a recession with limited success on the pitch.