A decade ago, on this very date, Leicester City were perched at the summit of the Premier League, on the brink of securing a historic championship that would go down in football folklore. Fast forward to the present, and the Foxes find themselves mired in the relegation zone of the Championship, a stark contrast to the euphoria of their title-winning days.
The club, which lifted the FA Cup just five years ago, now faces the very real prospect of dropping into League One for the first time since 2009. The upcoming fixture sees Leicester traveling to Fratton Park to take on Portsmouth, a side that earned a vital win over Ipswich earlier in the week. That victory left Leicester five points adrift of safety with only four matches remaining in the season, a deficit that seems increasingly insurmountable.
Both on and off the pitch, the situation looks bleak. A six‑point deduction, imposed for financial irregularities, has only compounded the club’s woes, and the mismanagement that led to that penalty continues to haunt the organization. Financially, the club is under severe strain.
The loss of Premier League revenue, coupled with the cost‑cutting measures forced by the six‑point sanction, has left the squad under‑resourced and under‑performing. Even though the team still boasts talented individuals, their collective output has fallen far short of the standards expected of a club that once lifted the league trophy.
The spectre of a drop into League One looms large, and the stakes could not be higher. Tommy Smith, speaking on the Sky Sports Essential EFL podcast, was blunt in his assessment: "Leicester are in trouble. I think they're done. They simply don’t have the depth in the squad or the unity in the dressing room to secure three wins out of four, which is exactly what they need right now." He highlighted Portsmouth’s recent form – two wins and two draws against strong opposition – as a benchmark for what Leicester must emulate if they hope to survive.
Smith continued, "A point away at Norwich, a win at Middlesbrough, and another victory last night are genuine signs of life from a team that has struggled for long periods this season. The problem for Leicester is consistency. Since Gary Rowett took over, there have been too many draws.
At this stage of the campaign, draws do not help you. You would rather win and lose than draw three or four times. Leicester simply lack the fight, and the calendar is running out." The upcoming match at Fratton Park is described as "huge" for the Foxes, but even a win would leave them needing two more victories from the final three games – a daunting task for a side that has struggled to find the net consistently. Leicester supporter Elliot Sumner, who runs the fan site Crazy About Leicester, offered a fan‑centric perspective: "This season has unraveled in ways few expected.
The first major error was failing to sign an experienced striker after Jamie Vardy left. That gap was obvious, and not filling it has cost us dearly.
Even without that, this was a side that should have at least been fighting for a playoff place. Instead, we have seen a lack of visible passion. Performances have often felt flat, with players appearing lazy, as if some are there only for the money rather than for the badge." Sumner also pointed to off‑field issues, noting that the club’s owner, Aiyawatt Srivaddhanaprabha, has been largely absent, failing to communicate with supporters or uphold the relationship he once promised. "The silence from the board has widened the gap between the club and its fans.
Too much authority has been handed to Jon Rudkin, whose recruitment decisions and willingness to overpay have contributed significantly to our decline. The lack of transparency around the club’s financial struggles has left supporters in the dark about how quickly things deteriorated." On the pitch, the lack of fight has been palpable, affecting not only results but also the atmosphere surrounding the club. "It is painful to see Leicester staring at the very real possibility of dropping into League One, a scenario that felt unthinkable just a few years ago," Sumner added. Financial analysts from Sky Sports News, represented by Rob Dorsett, warned that relegation to League One would slash the club’s revenue by roughly half compared with the Championship and reduce it to less than a third of the Premier League earnings from a year ago.
While Leicester enjoyed annual revenues of £187 million during their top‑flight season, those figures would likely fall to just over £100 million by the end of the current Championship campaign and could dip to an estimated £60 million if they drop into League One. Even with such a dramatic fall, Leicester would still be the wealthiest club in League One, as the average revenue for a third‑tier side is around £10 million – roughly one‑sixth of Leicester’s projected earnings. The club’s parachute payments, designed to soften the financial blow of relegation, would provide some cushion. However, these payments diminish over time, meaning that even if Leicester bounce back to the Championship within a year, the parachute support would be reduced further for the 2027/28 season.
A significant reduction in the wage bill – estimated at 30‑40 percent – would be inevitable. Some of this would occur automatically through relegation clauses in player contracts, but a large turnover in the squad is also expected.
Many players would become unaffordable for a League One outfit, or simply unwilling to play at that level. One notable example is 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 be far lower, perhaps £10‑15 million, though Leicester would still aim to secure the best possible fee.
In summary, Leicester City’s rapid descent from Premier League champions to potential League One participants illustrates how quickly fortunes can change in modern football. Missteps in recruitment, financial mismanagement, a fractured dressing room, and a lack of clear leadership have all contributed to the current crisis. The next few matches will determine whether the club can halt the slide or whether it will endure a historic fall that could reshape its identity for years to come.