A decade 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 today, and the same club that lifted the FA Cup just five years ago finds itself entrenched in the Championship relegation battle, with the spectre of a drop to League One looming large. Leicester travel to Fratton Park on Saturday to face Portsmouth, who secured a vital win over Ipswich earlier in the week.
That victory pushed Leicester five points adrift of safety with only four matches remaining in the campaign. The situation on the field mirrors the gloom off it. A six‑point penalty imposed for financial irregularities has only compounded the club’s woes, and the combination of mismanagement, dwindling resources, and a squad that is far below the standards expected of a former Premier League champion has left the Foxes staring at the prospect of their first descent into the third tier since 2009. Tommy Smith, speaking on the Sky Sports Essential EFL podcast, was blunt: “Leicester are in trouble.
I’ll be totally honest, I think they’re done. I don’t think they have enough quality in the team or the dressing‑room to pick up three wins out of four, which is exactly what they need right now.” He went on to compare Leicester’s recent form with Portsmouth’s, noting that the latter had collected two wins and two draws against tough opposition in their last four games – a record that highlights Leicester’s lack of consistency.
“When you look at the points other teams are picking up, and then at Portsmouth’s last four games, two wins and two draws against really tough opposition, that’s impressive,” Smith said. The former Leicester player also pointed out that draws have become Leicester’s bane under Gary Rowett.
“Since Rowett arrived, there have been too many draws. At this stage of the season, draws do not really help you. You would rather win and lose than draw three or four. That’s where Leicester are right now.
They just do not seem to have enough fight, certainly not yet, and the games are running out.” Even a victory at Fratton Park would leave the Foxes needing two wins from their final three fixtures – a daunting task for a side that has struggled to find the back of the net consistently. Supporter Elliot Sumner, who runs the fan site Crazy About Leicester, offered a more personal perspective on the club’s decline. He argued that the first major error was the failure to sign an experienced striker after Jamie Vardy’s departure, a gap that was obvious to everyone.
“That decision not to bring in a striker has really cost us,” Sumner said. He added that the side once had the potential to at least chase a play‑off place, but that promise has evaporated. A lack of visible passion on the pitch, he claimed, has been evident throughout the season, with players appearing flat‑lined and, at times, seemingly motivated only by their wages rather than the club’s badge. Sumner also criticised the board, singling out owner Aiyawatt Srivaddhanaprabha for his absence and lack of communication with the fanbase.
“The silence has only widened the gap between the club and its supporters,” he noted, while also blaming director of football Jon Rudkin for overpaying for players and making poor recruitment choices. The lack of transparency surrounding the club’s finances has left supporters bewildered by how quickly fortunes have deteriorated.
Financial repercussions of a potential League One relegation are severe. Sky Sports News’ Rob Dorsett explained that Leicester’s revenue would plunge by roughly half compared with their current Championship earnings, and would be less than a third of what they generated in the Premier League a year ago.
While the club earned about £187 million in the top flight, that figure is expected to drop to just over £100 million if they finish the Championship season, and could fall to an estimated £60 million in League One. Even with that drop, Leicester would still be the wealthiest club in the third tier by a considerable margin – the average League One club makes around £10 million a year, roughly one‑sixth of Leicester’s projected income. The club’s parachute payments, designed to cushion the blow of relegation, would still be in place for the first year after a Premier League drop, but they would be reduced each subsequent season. By the time Leicester potentially faces a second consecutive relegation, those payments would be cut by about £10 million, leaving the club with roughly 55 percent of its original Premier League entitlement in the first year, 45 percent in the second, and 20 percent in the third.
The wage bill would need to shrink by 30‑40 percent, a reduction that would happen partly through relegation clauses in player contracts but would also likely force a major squad overhaul. Players who are unaffordable for a League One side, or who deem the third tier unsuitable for their ambitions, would be expected to leave. One of the most valuable assets, defender Abdul Fatawu, could have fetched around £35 million when Leicester were relegated from the Premier League last summer. In a League One context, his market value would probably be £10‑15 million lower, though the club would still aim to secure the best possible fee.
In summary, the Foxes are confronting a perfect storm of on‑field underperformance, off‑field mismanagement, and looming financial hardship. Whether they can summon the resilience needed to win the remaining fixtures and avoid a historic drop to League One remains to be seen, but the consensus among pundits, former players, and fans alike is that the odds are stacked heavily against them.
The next few weeks will determine whether Leicester City can rewrite the narrative of decline or become a cautionary tale of how quickly fortunes can change in modern football.