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Leicester City's parent company King Power has won the lucrative rights to continue running the duty-free shops at Bangkok’s international airport

The King Power Group has had a monopoly as duty-free operator at Suvaranbhumi airport since it opened in 2006.

The current duty-free licence for Suvarnabhumi airport will expire next year and King Power's sole rights were under threat with two rival firms looking to take up the new deal.

However state-owned Airports of Thailand (AOT) has revealed King Power has won the bidding process.

It was up against a venture between South Korea’s Lotte and Bangkok Airways Pcl, and another between Royal Orchid Hotel Thailand Pcl, Empire Asia Group, and a unit of travel retailer World Duty Free Group.

(Image: Clive Mason/Getty Images)

The announcement will be seen as a boost for the Foxes because the financial health of King Power - owned by the billionaire Srivaddhanaprabha family - is linked to the club's own investments.

Two other companies - Thailand retail giant Central Group and Minor International - did not submit their bids last week.

Wichai Bunyu, senior executive vice president of AOT, said: “The company that scored the highest is King Power Duty Free Company and the winner offered the highest return than what AOT has received before and higher than AOT estimate."

The new concession will begin on Sept. 28, 2020 and will expire on March 31, 2031.

Duty-free business is a major beneficiary of a tourism boom in Thailand, where arrivals exceeded 38 million people in 2018.

AOT booked 16.7 billion baht (£420 million) from concession revenue in its last financial year, a 13.3 per cent jump from a year earlier.

(Image: Plumb Images/Leicester City FC via Getty Images)

The Thai government had ordered a review of duty-free auction period amid monopoly concerns after more than a decade of dominance by King Power.

On June 3, AOT will announce the winner who will also operate duty-free shops at Chiang Mai, Phuket and Hat Yai airports.