Ten years ago, on this very date, Leicester City were perched at the summit of the Premier League, on the brink of a fairy‑tale title that would go down in English football history. Fast forward to the present, and the same Foxes find themselves languishing in the Championship’s relegation zone, a stark contrast for a club that lifted the FA Cup just five seasons ago.
The upcoming Saturday clash sees Leicester travelling to Fratton Park to face Portsmouth, who earned a hard‑won victory over Ipswich earlier in the week. That win left Leicester five points adrift of safety with only four games remaining in the campaign. Both on and off the pitch, the outlook looks grim.
A six‑point deduction has only compounded the club’s woes, and despite the financial strain caused by poor management and the looming threat of relegation, the squad’s performances are far below what was expected at the start of the season. If the results do not improve, Leicester could descend into League One for the first time since 2009 – a prospect that would have seemed unimaginable a decade ago.
Tommy Smith, speaking on the Sky Sports Essential EFL podcast, was blunt: "Leicester are in trouble. To be honest, I think they're done. I don’t see enough quality in the squad or the dressing‑room to secure three wins out of four, which is exactly what they need right now." He continued, highlighting Portsmouth’s recent form: "Look at the points other teams are gathering and Portsmouth’s last four games – two wins and two draws against very tough opposition – that’s impressive. A point away at Norwich, a win at Middlesbrough and another victory last night are genuine signs of life for a side that has struggled for long spells this season." Smith identified consistency as Leicester’s Achilles’ heel: "Since Gary Rowett took over, we’ve seen far too many draws.
At this stage of the season, draws do you any good. You’d rather win and lose than draw three or four times.
Leicester simply lack the fighting spirit, and the calendar is not on their side. Even if they win at Fratton Park, they will still need two more victories from the final three fixtures – a tall order for a side that has not been winning games." Leicester supporter Elliot Sumner, who runs the fan site Crazy About Leicester, echoed the sentiment, pointing to a series of strategic missteps. "The season unraveled in ways few could have predicted. Our first big error was not signing an experienced striker after Jamie Vardy left – a gap everyone knew needed filling.
That oversight has cost us dearly. Even so, this was a side that should have at least been fighting for a play‑off place. Instead, we have seen flat performances, a lack of visible passion, and players who sometimes seem to be there for the money rather than the badge." Sumner also criticised the club’s hierarchy: "The board has become a major source of frustration.
Owner Aiyawatt Srivaddhanaprabha has been largely absent, failing to communicate with supporters or uphold the relationship he promised. Jon Rudkin has been given too much authority, and his recruitment choices – often overpaying for players – have accelerated the decline. Transparency around the club’s finances is missing, leaving fans in the dark about how quickly things have deteriorated." The financial implications of a further drop are stark.
Sky Sports News analyst Rob Dorsett warned that relegation to League One would slash Leicester’s revenue by roughly half compared with the Championship, and the club would be earning less than a third of its Premier League earnings from a season ago. In the top flight, Leicester enjoyed annual revenues of about £187 million; that figure is projected to fall to just over £100 million if they finish the Championship season in the division, and could dip to an estimated £60 million in League One. Even with such a dramatic reduction, Leicester would still be the wealthiest club in League One by a wide margin. The average League One side generates around £10 million a year, meaning Leicester’s income would be roughly six times that of its new rivals.
The club’s parachute payments – designed to cushion the financial blow of relegation – would still be in place for the first year after a top‑flight drop, though they would be reduced each subsequent season. By the time Leicester potentially faces a second consecutive relegation, those payments would be about £10 million lower than they are today.
A shrinking wage bill will be inevitable. While many player contracts contain relegation clauses that automatically reduce salaries, Leicester will also need to off‑load a number of high‑earners who would be unaffordable for a third‑tier club.
One of the most valuable assets on the market is defender Abdul Fatawu, who could have fetched around £35 million when Leicester left the Premier League last summer. In League One, his valuation would likely drop to between £20 million and £25 million, though the club would still aim to secure the best possible price.
The broader picture is one of a rapid fall from grace. Ten years after a historic Premier League triumph and five years after an FA Cup victory, Leicester City now face the very real prospect of sliding into England’s third tier – a scenario that seemed unthinkable not long ago.
The club’s future hinges on whether they can rally in the remaining fixtures, secure the necessary wins, and perhaps most importantly, restore unity and belief among players, staff, and supporters alike. If Leicester can muster the required victories, they may avoid the financial abyss and preserve their status as a Championship mainstay.
If not, the club will have to confront a challenging rebuilding process, balancing reduced revenues with the need to retain a competitive squad capable of bouncing back quickly. The next few weeks will determine whether the Foxes can rewrite their narrative or whether they will be consigned to a period of hardship that could last several seasons.