Leicester City Football Club has officially been put up for sale, as Thailand’s King Power group prepares to end its 16-year ownership of the English club—a period marked by historic successes and dramatic downfalls.
“Project Lineup”: What is Included in the Sale?
According to a report by the BBC, US investment bank Citigroup has prepared an 8-page brochure titled “Project Lineup” and has begun distributing it to potential investors.
The sale portfolio includes:
-
The Men’s First Team
-
The Women’s Team
-
King Power Stadium (capacity: ~32,000 spectators)
-
Seagrave Training Centre (opened in 2020 and valued at £121 million)
-
OH Leuven (the Belgian football club also owned by the group)
The brochure estimates the value of the tangible assets on offer at over £200 million, without setting a separate price for the football teams. The document describes the deal as a “rare opportunity to acquire a club with a proven track record of achieving promotion to higher divisions.”
Financial Outlook and Debts
Citigroup projects that Leicester City’s revenues will exceed £97 million in the 2026 financial year. However, the brochure reportedly omits details regarding the club’s debts and losses. Recent accounts reveal bank loans totaling £103.6 million, while the club’s losses exceeded £180 million during its volatile movement between the Premier League and the Championship.
While Sky Sports reported in July that an unnamed Middle Eastern company showed interest in buying the club, no official bid or advanced negotiations have been announced. The club has declined to comment on the sales brochure.
A Golden Era: From 5000-to-1 Underdogs to Champions
The Srivaddhanaprabha family acquired Leicester City from businessman Milan Mandarić in 2010 for approximately £35 million.
Under the leadership of Vichai Srivaddhanaprabha, the club transformed from a Championship side into historic Premier League champions in 2016. Managed by Claudio Ranieri, the team delivered one of football’s greatest miracles, defying 5000-to-1 pre-season odds.
Following the tragic death of Vichai and four others in a helicopter crash outside the stadium in October 2018, his son Aiyawatt “Top” Srivaddhanaprabha took over. He continued the family’s legacy, guiding Leicester to their first-ever FA Cup triumph in 2021, followed by the Community Shield.
Leicester City remains one of only five clubs to have won the Premier League, FA Cup, and League Cup since the turn of the millennium. They also reached the UEFA Champions League quarter-finals in 2017 and the Europa Conference League semi-finals in 2022.
The Collapse to League One
Despite these incredible highs, recent years have seen a rapid decline. Leicester was relegated from the Premier League in 2023, bounced back for one season, but suffered relegation again in 2025. This was followed by a disastrous drop from the Championship to League One (the third tier) in 2026, amid financial crises, points deductions, and massive fan protests against the board.
Founded in 1884 as Leicester Fosse before adopting its current name in 1919, the club is now playing in the third tier for only the second time in its history. Finding a new owner capable of funding a rebuild and guiding the Foxes back to the Premier League is now the most critical step for the club’s future.
