From Premier League champions to League One in less than a decade, Leicester City's remarkable rise and painful decline could soon be followed by another historic change.
King Power are reportedly exploring the sale of Leicester City after more than 16 years of ownership, bringing a potential end to one of the most successful and transformative periods in the club's history.
According to the Financial Times, the Thai travel-retail group have appointed investment bankers Citigroup to sound out potential buyers.
The process appears to remain at an exploratory stage, with no agreement reached or prospective purchaser identified.
Neither Leicester City nor King Power have publicly commented on the report. Nevertheless, a sale would bring an end to one of the most eventful ownership periods in modern English football.
Why Leicester City Could Be Entering A New Era
The reported development arrives after a sharp sporting decline at the King Power Stadium. Leicester were relegated from the Premier League in 2023 but secured an immediate return to the English top flight.
However, their comeback lasted only one season, with the Foxes dropping back into the Championship for the 2025-26 campaign.
Things got even worse for the club after the relegation, as a six-point deduction for breaching financial regulations contributed to a second successive demotion.
Now, the 2016 Premier League champions will be competing in League One, the third tier of English football, for the first time since the 2008-09 season.
Why Leicester City's Financial Problems Have Grown
The Foxes' latest accounts covering the year ending June 2025 recorded the third-largest pre-tax loss under the King Power ownership.
The club showed a pre-tax loss of £71 million for the period, an increase of more than 266% from the £19 million loss recorded the previous year.
This took the League One side's combined pre-tax losses across their three most recent accounting years to more than £180 million.
The last time Leicester registered a profit was after the 2017-18 season, when they recorded a modest £1.6 million surplus.
The owners have continued to support Leicester financially, converting £124 million in shareholder loans into equity. King Power have also provided a further £14 million during the 2024-25 campaign.
How King Power Changed Leicester City's History
Despite the bleak end their ownership could now face, the Thai travel-retail group's time at Leicester delivered unprecedented success.
King Power acquired the Foxes in 2010, when the club was competing in the Championship. Leicester went on to earn promotion four years later before famously winning the Premier League title in 2016.
They subsequently reached the Champions League quarter-finals, recorded consecutive fifth-place finishes and lifted their first FA Cup in 2021.
A takeover would therefore close a historic chapter that took Leicester from the Championship to the summit of English football before their eventual collapse into League One.
