Canny, connected tycoon behind Leicester’s meteoric rise

Bangkok, May 3

The duty-free billionaire behind Leicester City’s Premier League title is a hit with fans and royalty alike—and he now stands to cash in on one of football’s greatest fairytales.

Polo-loving Vichai Srivaddhanaprabha, 58, rubs shoulders with celebrities and his surname, meaning “light of progressive glory” was bestowed by Thailand’s revered King Bhumibol Adulyadej.

But the bespectacled Thai tycoon also displays an unerring common touch, dishing out free beer and doughnuts at Leicester’s King Power Stadium, where he lands his helicopter in the centre circle.

Despite his popularity, Vichai remains enigmatic as he rarely gives interviews, preferring to let his son, Aiywatt, known as “Top”, act as the family frontman.

“He’s (Vichai) a successful businessman and he tried to challenge himself to get something done,” Top, Leicester’s vice-chairman, told AFP in Bangkok last month.

“He said, I think two or three years before, that he wants the team to be a success in the Premier League, and now we are.”

The avuncular Vichai has carefully navigated Thailand’s treacherous political waters of recent years, while taking his King Power empire from strength to strength.

He has built an estimated fortune of $2.9 billion since establishing King Power in 1989 — starting with a single shop in Bangkok.

With the company name emblazoned across the Leicester shirt and stadium, Vichai is now well placed to leverage football success into global recognition for his brand.

And as Premier League champions, Leicester’s share of next season’s $7.4 billion TV deal will be several times more than Vichai first paid for the club.

Leicester supporters quickly warmed to Vichai after he bought the then Championship strugglers for an estimated 40 million pounds ($58 million) in 2010.

The devout Buddhist is a firm believer in the power of karma, flying in Thai monks to bless Leicester’s pitch and give their players lucky amulets.

And while pumping tens of millions of pounds into the team, club debt and infrastructure, Vichai has spent judiciously.

Leicester’s success has been crafted from teamwork and endeavour, and the astute leadership of manager Claudio Ranieri, rather than an expensive squad of stars. — AFP