Leicester City's fairytale era ends as King Power seek £200m-plus sale

Leicester City’s owners, King Power, are looking to sell the club after 16 years in charge, with a deal expected to be worth more than £200m.

The Thai ownership group has appointed Citigroup to market the club to potential investors. An eight-page sales brochure, titled Project Lineup, includes Leicester’s men’s and women’s teams, the King Power Stadium, Seagrave training ground and Belgian sister club OH Leuven.

The club’s facilities form a major part of the sales pitch. Seagrave, which opened in 2020, is valued at £121m, while the 32,000-seat King Power Stadium and other property assets take the value of the physical portfolio beyond £200m.

Citigroup presents Leicester as a club with a strong history of promotion, player development and major success. The brochure highlights the remarkable 5,000-1 Premier League title win in 2016, the FA Cup triumph in 2021 and the club’s status as one of only five teams to win the Premier League, FA Cup and League Cup since 2000.

However, the marketing document does not reference Leicester’s current League One status following successive relegations from the Premier League and Championship. The Foxes have dropped to the third tier for only the second time in their history and are preparing for a difficult rebuild under new head coach Russell Martin.

The brochure forecasts turnover of more than £97m for the 2026 financial year, but does not detail the club’s recent losses or debt. Leicester lost more than £180m during a turbulent period that included two Premier League relegations in three years, while their 2025 accounts showed £103.6m in bank loans.

King Power bought Leicester from Milan Mandaric for £35m in 2010 and presided over the club’s most successful period. The ownership group transformed Leicester from a Championship club into Premier League champions, regular European contenders and FA Cup winners.

Since the death of former chairman Vichai Srivaddhanaprabha in a helicopter crash outside the King Power Stadium in 2019, his son Aiyawatt “Top” Srivaddhanaprabha has led the club. He accepted responsibility for Leicester’s recent decline earlier this year, amid growing supporter calls for King Power to sell.

Leicester’s troubles have coincided with financial difficulties in the King Power duty-free business in Thailand. The decision to market the club now suggests the family are ready to bring their ownership era to an end.

Despite their current problems, Leicester still have assets that could appeal to investors: modern infrastructure, a recognised global brand, an established academy and a proven ability to develop talent. The recent £10m sale of academy graduate Jeremy Monga to Manchester City is presented as evidence of that pathway.

The challenge for any buyer, though, is considerable. Leicester have the facilities and history of a top-flight club, but they are beginning the new season in League One, far from the Premier League riches that once powered their success.