Ten years ago, on this very date, Leicester City were perched at the summit of the Premier League, on the brink of an unforgettable title triumph. Fast forward to the present, and the Foxes find themselves languishing in the Championship relegation zone—a stark contrast for a club that lifted the FA Cup just five years ago.
This Saturday, Leicester travel to Fratton Park to face Portsmouth, who secured a win over Ipswich earlier in the week. That result left Leicester five points adrift of safety with only four matches remaining. Both on and off the pitch the outlook is grim. A six‑point deduction has only compounded the club's woes, and despite the financial strain caused by mismanagement and the looming threat of further relegation, the current squad is performing far below the standards expected of a recent top‑flight champion.
If they fail to turn things around, 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 believe they have the quality or the dressing‑room unity to pick up three wins out of four, which is exactly what they need now." He highlighted Portsmouth's recent form—two wins and two draws against strong opposition—as a benchmark of consistency that Leicester lack. "A point away at Norwich, a win at Middlesbrough, and another victory last night show real signs of life for a side that has struggled for long periods this season," Smith added. He pointed out that since Gary Rowett took over, Leicester have collected too many draws.
"At this stage of the season, draws do not help you. You would rather win and lose than draw three or four," he argued, noting that the team appears to lack the fighting spirit required as the season draws to a close. Even a win at Portsmouth would not be enough; the Foxes would still need two more victories from their final three fixtures, a daunting task for a side that has struggled to find the net.
Leicester supporter Elliot Sumner, known for his "Crazy About Leicester" blog, offered a fan's perspective. He said the season has unfolded in ways few could have predicted, beginning with the failure to sign an experienced striker after Jamie Vardy's departure.
"That gap cost us dearly. We were still a side capable of at least reaching the play‑offs, but reality has been far from that," Sumner wrote.
Sumner also criticized the lack of visible passion on the pitch, describing performances as flat and players appearing lazy, as if some were only there for the money. He cited rumours of a fractured dressing room, which he believes mirror the disconnection, low morale, and lack of unity evident during matches. The blame, he argues, extends beyond the players to the board.
Owner Aiyawatt Srivaddhanaprabha has been largely absent, failing to communicate with supporters or uphold the relationship he once promised. Meanwhile, Jon Rudkin has been given too much authority over recruitment, leading to over‑paying for players and contributing significantly to the club's decline. Financial transparency, or the lack thereof, has further inflamed supporter frustration.
The club's financial struggles remain opaque, leaving fans in the dark about how quickly fortunes have deteriorated. On the field, the missing fight has made the season painful to watch, and even the atmosphere around the club has suffered.
Sumner concluded that it is heartbreaking to see Leicester staring at the very real possibility of dropping into League One—a scenario that, not long ago, seemed unthinkable. Sky Sports News analyst Rob Dorsett warned that relegation to League One would slash Leicester's income dramatically. Revenues are projected to fall by roughly 50% compared with the Championship, and to less than a third of the club's Premier League earnings from a year ago.
While Leicester enjoyed annual revenues of £187 million in the top flight, those figures could drop to just over £100 million by the end of the Championship season and plunge to an estimated £60 million in League One. Even with such a drop, Leicester would still be the wealthiest club in League One, dwarfing the division's average revenue of around £10 million. The club's parachute payments, designed to soften the blow of top‑flight relegation, would provide some cushion. However, these payments diminish over time, and Leicester's entitlement would be reduced by about £10 million for the next season.
The standard parachute schedule sees a club receive roughly 55% of its Premier League entitlement in the first year after relegation, 45% in the second, and 20% in the third. Consequently, even if Leicester bounce back to the Championship within a year, their parachute income would continue to shrink heading into the 2027/28 campaign.
The wage bill would need to be trimmed by 30‑40%, partly through relegation clauses already embedded in player contracts. Yet a significant squad overhaul would likely be inevitable, as many players would become unaffordable for a League One side or would simply refuse to drop to England's third tier. The most notable example is defender Abdul Fatawu, who could have fetched around £35 million when Leicester were relegated from the Premier League last summer. In a League One scenario, his market value would likely fall to between £20 million and £25 million, though Leicester would still aim to secure the best possible fee.
In summary, Leicester City stand at a crossroads. The combination of poor recruitment, a lack of on‑field passion, internal discord, and financial mismanagement has brought a club that once celebrated a Premier League title and an FA Cup triumph to the brink of a third‑tier fall. Whether they can summon the necessary wins in the final games to avoid this fate remains uncertain, but the stakes have never been higher for the Foxes and their supporters.