Leicester Cityโs fall from Premier League champions to relegation into League One has been nothing short of dramatic. Just ten years ago, the Foxes were celebrating a fairytale Premier League title, defying all expectations. Now, after a series of downturns, they find themselves confirmed for the third tier of English football, their relegation sealed with a 2-2 draw against Hull City this week.
Notably, the clubโs trajectory from highs to lows has been steep. The same team that shocked the football world in 2016 with their title win also made a name for themselves in Europe, reaching the Champions League quarter-finals in 2017. Four years later, they won the FA Cup for the first time in their history in 2021.
The death of club owner Vichai Srivaddhanaprabha
Just as it seemed Leicester had settled into their top-flight existence, tragedy struck with the death of club owner Vichai Srivaddhanaprabha in a helicopter crash in 2018. His death left a significant void, both emotionally and structurally.
Since Vichaiโs passing, his son, Aiyawatt โTopโ Srivaddhanaprabha, took over. But the club has struggled to maintain the same momentum. Leicesterโs decline accelerated following a brief flirtation with European football in the 2020-21 season, when they narrowly missed out on a Champions League spot. By the end of 2022, despite a solid FA Cup victory, Leicesterโs fortunes had shifted dramatically. Manager Brendan Rodgers, who had been instrumental in their successes, was dismissed in April 2023, with the club languishing in the relegation zone.
In the time since, Leicesterโs managerial carousel spun wildly. The club cycled through multiple coaches, from Dean Smith to Enzo Maresca, then Steve Cooper and Ruud van Nistelrooy, but none could steady the ship. Even under new boss Gary Rowett, Leicesterโs form worsened, culminating in a disastrous defeat to Portsmouth that all but confirmed their fate.
The financial woes
Behind the scenes, Leicester have been grappling with a financial crisis, having reported massive losses, including ยฃ71.1 million for the 2024-25 season. The club has been running at a deficit, with player wages far outstripping revenue. Although relegation has seen some reductions in salary bills, several key players are still on high contracts, complicating Leicesterโs ability to build for the future.
The clubโs financial woes deepened with a loan from Australian investment bank Macquarie, which has been providing early funds, further straining their situation. Now, with the TV money from the Premier League gone, Leicester face strict financial regulations in League One, which will only make it harder to offload players on inflated wages.
For Leicester, the next few years will be a test of how well they can recover from the losses, both financial and emotional and rebuild their identity after the heady days of the Premier League. With a mixture of uncertainty and an uphill financial battle, the Foxesโ future looks far from clear.