The case against King Power, which is owned by Vichai Srivaddhanaprabha and his family, was accepted by a criminal court in Bangkok on Monday, according to Reuters.
The suit, filed by an anti-graft official, accuses King Power executives of colluding with airport authorities to pay only three percent of the company's annual revenue instead of the contracted 15 percent.More news: Beyonce is Wiping the Internet of Leaked Pictures of the Twins
However, the club and King Power say the allegations "have yet to be accepted".
'The court agreed to hear the case, ' an official from Bangkok's Corruption court told reporters.
Srivaddhanaprabha founded the retail business company in 1989 - and was awarded its Thai duty-free monopoly 17 years later, in 2006.More news: 22 policemen killed in S. Afghan checkpoints attack
King Power is owned by billionaire Vichai Srivaddhanaprabha, the 60-year-old who bought Leicester for an estimated £44m in 2010 and financed their incredible Premier League title win in 2016, and his son Aiyawatt.
King Power International, the company that owns the Foxes, could be forced to pay around 14 BILLION baht in local currency in the lawsuit.
"[The allegations] are categorically denied", he said.More news: Trump Plans To Deliver Major Trade Announcement
The BBC has also contacted Airports of Thailand for a comment, but it is yet to respond.
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