Leicester chairman Aiyawatt Srivaddhanaprabha has relieved the club of an outstanding £194 million ($239 million) debt which had been owed to parent company King Power International (KPI).

The Premier League club said the loans had been issued by KPI over the past four years to help build a new training ground and support investment in the squad through the coronavirus pandemic.

The loans and related interest have been converted into equity held by KPI in the club.

Leicester were acquired by the Thai Srivaddhanaprabha family in 2010.

During the past 13 years, the Foxes have enjoyed unprecedented success on the pitch – including winning the Premier League in 2016 and the FA Cup and Community Shield in 2021.

Aiyawatt Srivaddhanaprabha has taken over as chairman since the death of his father Vichai in a helicopter accident outside the club's stadium in 2018.

"We want to make sure we continue on that path from the strongest, most secure financial footing," Srivaddhanaprabha said in a club statement.

"I believe with all my heart in Leicester City and what the club can achieve for our fans, our people and our communities – in Leicester, Thailand and around the world.

"The faith they continue to place in us to run their club responsibly with ambition and integrity guides our decision making and remains vital to us building on one of the most successful eras in the club’s history."

However, Leicester face a battle to survive in the Premier League this season.

Brendan Rodgers' men sit 14th in the table, just one point above the relegation zone.