It's been quite the fall from grace for a Leicester City side that completely shocked the world by winning the Premier League title in the 2015/16 season against extraordinary odds.
From the glory of lifting the league title, having solid runs in the UEFA Champions League, the tragic loss of former owner Vichai Srivaddhanaprabha in 2018, successive relegations in 2025 and 2026, culminating in their drop to the third tier of English football, and financial troubles with PSR, it's been a rough time for the Foxes as of late.
The club's owners have been exploring a sale, with Citigroup preparing a sales document dubbed ‘Project Lineup’ that reportedly put the wider package at around £222 million.
The reported valuation is largely underpinned by the club's physical assets, including King Power Stadium and the Seagrave and Belvoir Drive training sites.
Nonetheless, the club's owners have not been able to strike a deal with a prospective buyer, with Leicester having lost more than £270 million over the last four accounting years. Thus, the dire need for a profitable sale to try to help turn the club's fortunes, and financial decline, around.
Why Is King Power Struggling to Sell Leicester City?
King Power CEO and Leicester City chairman Aiyawatt Srivaddhanaprabha has been spearheading the efforts to try to sell the club, which have been unsuccessful to date.
Their own, high valuation of the club combined with a massive squad and wage bill on the heels of their relegation into English League One has significantly contributed to the financial situation they find themselves in as they continue their search for the right buyer.
For the time being, in order to keep the club operational, the club has reportedly converted £8.5 million of debt into equity. They've essentially written off the aforementioned debt and had issued new shares to absorb League One financial losses.
While the conversion provides short-term financial support, further reliance on owner funding would underline the club's ongoing financial challenges.
Why Simon Jordan Questions Leicester City's £222m Valuation
Former Crystal Palace chairman Simon Jordan recently weighed in on Leicester's current financial situation.
Jordan has also questioned whether King Power's reported £222m asking price is realistic for a League One club, while noting the owners' desire to find a buyer who fits their preferred criteria.
"The premise of paying someone £200 million for a football club in League One, irrespective of whether it’s a former Premier League winner, is not going to happen... if the only course of action is administration, then that might result in a new owner coming in."
What Happens If Leicester City Cannot Find a Buyer?
While circumstances are financially grim for Leicester City, the club's owners remain committed to finding the right buyer for the club.
They want to preserve an ownership model that is highly invested in the club and community, with owners who genuinely care about the club and the sport, and not bring in someone, or an entity that only sees the club as a business only.
Even so, the club could face increasing financial pressure if it goes longer without finding a buyer or reducing its asking price.
If the club were to enter administration, the sale process and valuation could change significantly, while any prospective buyer would still need to satisfy the relevant requirements.
