Leicester City chairman has paid the outstanding debt of the Premier League club to its parent King Power International (KPI) by converting more than £194 million ($239.03m) in loans into equity, the club said on Wednesday.

The club's chairman Aiyawatt Srivaddhanaprabha is also the chairman of Bangkok-based KPI, a travel retail group, which is fully owned by his family.

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The loans were provided over the last four years to fund the construction of the club's new training ground at Seagrave, Leicester said.

The money was also used to fund club's transfers, as well as women's football during the COVID-19 pandemic.

"Maintaining long-term stability is vital for sustainable growth and a fundamental principle that has always guided our investments in the club's future," Srivaddhanaprabha said.

It is the second time that such a process has taken place since the family took ownership of Leicester City in 2010, having completed a £103m debt-to-equity transfer in 2013.

In both cases it has ensured that all existing shareholder investment in the club is not be carried forward as debt, the club said.

Leicester are 14th in the Premier League standings on 18 points from 20 games.