Leicester chairman Aiyawatt Srivaddhanaprabha has cleared the club's outstanding £194m debt to parent company King Power International (KPI).

A debt-to-equity transfer to KPI was completed to relieve the club of its outstanding debts.

Leicester said the move was evidence of "KPI's commitment to supporting the club's long-term sustainability".

"These loans have been provided by KPI to the club over the last four years to fund the construction of the club's world-class new training ground at Seagrave and to continue to support the club's investments into its squad and women's football during the Covid-19 pandemic," the club said in a statement.

"Their conversion into equity serves to strengthen the club's balance sheet, reduce its interest costs, and provide further evidence of KPI's commitment to supporting the club's long-term sustainability."

It is the second time a debt-to-equity transfer has been completed under the Srivaddhanaprabha family's ownership, with £103m worth of debt relieved in 2013, and it ensures all existing shareholder investment in the club will not be carried forward as debt.

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

"We want to make sure we continue on that path from the strongest, most secure financial footing."

The Srivaddhanaprabha family took control of Leicester in 2010 and have overseen their rise from the Championship to the Premier League, their title success in 2016 and their FA Cup victory in 2021.

"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," added Srivaddhanaprabha.

"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."