A decade ago, on this very date, Leicester City perched at the summit of the Premier League, poised to claim a historic title that would echo through football history. Fast forward to today, and the once‑celebrated Foxes find themselves mired in the Championship relegation zone, fighting for survival in a division they have not occupied since their 2009 demotion. The contrast is stark: a club that lifted the FA Cup just five years ago now faces the very real prospect of slipping into League One for the first time in over a decade.
The upcoming Saturday fixture against Portsmouth adds further urgency. Portsmouth, fresh from a mid‑week victory over Ipswich at Fratton Park, have pushed Leicester five points away from safety with only four games remaining. The odds are daunting, and the atmosphere around the club is bleak both on and off the pitch. A six‑point deduction, imposed for financial mismanagement, has only deepened Leicester's woes.
Even without that penalty, the squad’s performances have fallen dramatically short of the expectations set by their recent triumphs. The team appears to lack the fighting spirit and cohesion that once defined them, and the looming threat of a drop to League One hangs heavy. Tommy Smith, speaking on the Sky Sports Essential EFL podcast, was blunt: "Leicester are in trouble. To be honest, I think they're done.
They simply don’t have the quality 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 of the kind of consistency Leicester is missing. "A point away at Norwich, a win at Middlesbrough, and another victory last night are signs of life for a side that has struggled for long periods this season," Smith added. The former Leicester manager, Gary Rowett, has been criticized for a run of draws that, at this stage of the campaign, do little to aid a relegation battle.
"You would rather win and lose than draw three or four," Smith argued. "Leicester just don’t seem to have enough fight, and the calendar is running out. Even if they win at Fratton Park, they will still need two more wins from the final three fixtures—a tall order for a team that has struggled to find the back of the net." Supporter Elliot Sumner, who runs the popular fan site Crazy About Leicester, echoed the sentiment of disappointment. He pointed out that the season began to unravel after the club failed to replace departing striker Jamie Vardy with an experienced forward.
"That oversight has cost us dearly," Sumner said. "We were still a side capable of at least reaching the play‑offs, but the reality has been far from that." Sumner also lamented a noticeable lack of passion on the pitch, describing performances as flat and players appearing indifferent, as if motivated solely by money rather than club pride. Rumours of a fractured dressing room have only reinforced the perception of low morale and a lack of unity. The blame, according to many fans, extends beyond the players to the board.
Owner Aiyawatt Srivaddhanaprabha has been criticised for his relative silence and failure to engage with supporters, while chief operating officer Jon Rudkin’s recruitment policies—particularly the willingness to overpay for players—are seen as contributing to the club’s decline. Financial ramifications of a further relegation are severe.
Sky Sports News analyst Rob Dorsett warned that dropping into League One would slash Leicester’s revenue by roughly half compared with the Championship, and to less than a third of the earnings they enjoyed in the Premier League a year ago. In the top flight, the club generated about £187 million in annual revenue; this figure is projected to fall to just over £100 million if they finish the Championship season, and could dip to around £60 million in League One. Even with such a decline, Leicester would remain the wealthiest club in League One. The average League One club earns around £10 million a year, meaning Leicester’s projected income would still be six times higher than that of their rivals.
The club’s financial cushion is partially protected by Premier League parachute payments, designed to soften the blow of relegation. However, these payments diminish over time, and Leicester’s entitlement would be reduced by approximately £10 million for the next season. Parachute payments typically drop from about 55 % of a Premier League entitlement in the first year after relegation, to 45 % in the second year, and 20 % in the third year. Consequently, even if Leicester bounce back to the Championship within twelve months, their parachute income would continue to shrink heading into the 2027/28 campaign.
A significant reduction in the wage bill—estimated at 30‑40 %—will be inevitable. Some of this will happen automatically via relegation clauses in player contracts, but a large turnover in the squad is also expected. Players who command Premier League wages or possess top‑tier quality will likely be sold or released, as they would be unaffordable for a League One side.
One of the most valuable assets Leicester could lose is defender Abdul Fatawu, who was reportedly valued at around £35 million when the club were relegated from the Premier League last summer. If Leicester fall to League One, his market value could drop dramatically—potentially by £10‑15 million—making any future transfer a crucial source of funds. In summary, Leicester City’s situation is precarious. The combination of on‑field underperformance, internal discord, questionable board decisions, and looming financial penalties creates a perfect storm that threatens to push the club into a third‑tier existence that seemed unimaginable just a decade ago.
The next four matches will be decisive; a string of victories could stave off disaster, but failure to secure the needed points may seal a historic decline that will require years of rebuilding to reverse.