Quoted from misterchaz, posted May 28, 2004, 7:41pm at here
Louis the 14th was referred to as the sun king way back when. But John never explained who or what it was supposed to be. Anything you want, I guess.
There was a new book on Louis XIVth that came out around the time John wrote the song so it's a possible influence. There are also some jokes in the lyrics. 'Chicka ferdie' is apparently Liverpool slang about something dubious. And at the end you can hear 'que quanite' or you can hear 'cake and eat it' .