The owners of Leicester City Football Club would be prosecuted for just Â£323m on the amounts payable to the Thai government.
A criminal court in Bangkok agreed to the case against King Power International on Monday, according to the Reuters news agency.
The case is also brought against the leaders of the state-owned Airports of Thailand (AOT), Reuters said.
The BBC has contacted Leicester City FC, King Power and AOT for the comment.
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The lawsuit accuses the King of the Power of a default of the government of Thailand to 14 billion baht (Â£323m) from operating a franchise of the franchise, it was awarded in 2006.
During Monday’s hearing, the Central Criminal Court in Bangkok agreed and said he would now hear the witnesses in February of next year.
The action against the King the Power, owned by Vichai Srivaddhanaprabha and his family, was first filed in July. Who are the kings of Power?
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Retail business, King Power was founded by Vichai Srivaddhanaprabha in 1989
The company has been awarded its Thai duty free monopoly in 2006
Srivaddhanaprabha, which is estimated to be worth $4.9 billion, bought Leicester City in 2010
King Power also own Belgian club OH Leuven and have a majority stake in the operator of AirAsia