Leicester City owner eyeing Thai AirAsia?

The owner of Leicester City Football Club (LCFC), King Power International Group is reportedly eyeing the takeover of Asia Aviation, operator of budget airline Thai AirAsia.

According to The Nation newspaper today, King Power, owned by billionaire Vichai Srivaddhanaprabha, planned to expand into the aviation sector in a bid to increase sales at its duty-free shops.

"The Srivaddhanaprabha family has reportedly spent three billion baht (RM1=8.55 baht) buying shares in Asia Aviation, leading it to become the largest shareholder in the airline company with a 23 percent stake," said the newspaper.

Vichai, who is also chairman of LCFC, the newly-crowned English Premier League champion, is Thailand's ninth richest man according to the Forbes magazine last year.

READ: How Leicester won the title

King Power, which bought LCFC in 2010, operates duty-free shops at the King Power Complex in Bangkok and at airports in Suvarnabhumi, Don Mueang, Pattaya, Phuket, Chiang Mai and Hatyai.

The Nation said negotiation for the takeover lasted a month before both sides agreed.

However, the newspaper also quoted chief executive of Thai AirAsia Tassapon Bijleveld who denied striking any agreement on the takeover of the budget airline.