Hammonds advises on Leicester City FC sell-off

Hammonds has advised Leicester City FC on its acquisition by consortium Asia Football Investments.

Corporate partner David Hull led the Hammonds team advising both the club and owner Milan Mandaric on the acquisition. Financial details have not been disclosed,  but under the terms of the deal Mandaric will remain club chairman and become a stakeholder in Asia Football Investments.

The consortium is being led by Aiyawatt Raksriaksorn. The Thai businessman owns the duty-free empire King Power Group, which last week secured a three-year shirt sponsorship deal with the club.

Leicester City is a long-term client of Hammonds and Hull last month advised the club on the appointment of new manager Paulo Sousa.

“It’s always rewarding to help secure an exciting future for a major football club,” said Hull. “This was another chance for us to use our extensive football experience to get the deal done on a very tight timescale from the initial agreement at the beginning of July.”

The Hammonds team also featured commercial partner Stephen Sampson and corporate associates James Bryce and Jonathan Rogers. Tax advice was provided by partner Patrick Ford. Asia Football Investments was advised by David Mandell, partner and founder of London corporate boutique Mandell Corporate.

In 2008 Hull led the team advising Manchester City in its £200m sale to former Thai prime minister Thaksin Shinawatra (2 September 2008). The firm also acted on Birmingham City’s sale in 2007 and Aston Villa’s takeover by American businessman Randy Lerner in 2006.

Hammonds said it will continue to be Leicester City’s principal legal adviser following its acquisition.