A decade has passed since Leicester City stood atop the Premier League, celebrating a fairy‑tale title that seemed impossible just weeks before. Today, the same club finds itself entrenched in the Championship relegation battle, fighting to avoid a drop that could see them tumble into League One for the first time since 2009.
The contrast between those two moments could not be starker, especially when you consider that Leicester lifted the FA Cup only five years ago. The upcoming fixture against Portsmouth on Saturday is a make‑or‑break encounter. Portsmouth, fresh from a victory over Ipswich at Fratton Park, have pulled themselves into the mix, leaving Leicester five points adrift of safety with only four games remaining.
The stakes are high, and the atmosphere around the club is bleak both on and off the pitch. A six‑point deduction earlier in the season has only deepened the club’s woes, but the penalty is only a symptom of deeper structural problems.
Mismanagement, financial constraints, and a series of poor recruitment decisions have left a squad that is dramatically under‑performing relative to its resources and recent history. The fear now is that Leicester could become the first club in recent memory to slide from Premier League champions to League One in less than a decade. Tommy Smith, speaking on Sky Sports’ Essential EFL podcast, was blunt: “Leicester are in trouble.
I’m going to be honest, I think they’re done. They simply don’t have the quality or the unity in the dressing room to win three of their final four games, which is exactly what they need.” He highlighted Portsmouth’s recent form – two wins and two draws against tough opposition – as a benchmark of what Leicester must emulate if they hope to survive. Smith also pointed out that consistency has been Leicester’s Achilles’ heel since Gary Rowett took over. “There have been far too many draws.
At this stage of the season, a draw is almost as bad as a loss. You’d rather win and lose than sit on three or four points from a handful of games.” He warned that even a win at Fratton Park would not be enough; the Foxes would still require two victories from their remaining three fixtures, a daunting task for a side that has struggled to find a winning formula. Supporter Elliot Sumner, who runs the fan site Crazy About Leicester, echoed the sentiment of disappointment.
He argued that the first major error was the failure to replace Jamie Vardy with an experienced striker after his departure. “That gap was obvious, and not filling it has cost us dearly,” he said. Sumner also criticised the lack of visible passion on the field, describing performances as flat and players seemingly motivated more by wages than by pride in the club’s badge. According to Sumner, internal discord has spilled over into the public sphere.
He accused the board, particularly owner Aiyawatt Srivaddhanaprabha, of being absent and uncommunicative, eroding the bond between the club and its supporters. Moreover, he placed significant blame on Jon Rudkin, the director of football, whose recruitment policy and willingness to overspend on players have, in Sumner’s view, accelerated the club’s decline. The lack of transparency regarding the club’s financial health has left fans bewildered about how quickly fortunes have turned.
Financial implications 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 reduce it to less than a third of what the club earned in the Premier League a year ago. While the Foxes enjoyed approximately £187 million in annual revenue at the top level, those figures could fall to just over £100 million if they finish the Championship season, and potentially to around £60 million in League One. Even with that dramatic reduction, Leicester would still be the wealthiest club in the third tier.
The average League One side generates about £10 million a year, meaning Leicester’s income would still dwarf that of their rivals by a factor of six. The club’s parachute payments, designed to cushion the financial blow of Premier League relegation, would continue for a few more years but would also diminish over time. By the 2027/28 season, those payments would be roughly £10 million lower than they are now.
A major challenge will be trimming the wage bill, which will need to fall by 30‑40 percent. Some of this reduction will happen automatically through relegation clauses in player contracts, but a significant turnover is expected as many squad members will become unaffordable for a League One outfit or will simply refuse to play at that level.
The most notable example is centre‑back Abdul Fatawu, who could have fetched around £35 million when Leicester were relegated from the Premier League last summer. In a League One market, his value would likely drop to between £10 million and £15 million, though the club would still aim to secure the best possible fee. In summary, Leicester City stands at a crossroads.
The club’s recent history – a Premier League title, an FA Cup triumph, and now a battle for survival in the third tier – underscores how quickly fortunes can change in modern football. Whether the Foxes can summon the resilience to win the crucial matches ahead, restore unity within the dressing room, and rebuild a sustainable financial model remains to be seen. The next few weeks will determine if Leicester’s story continues as a cautionary tale of rapid decline or if they can reverse the slide and begin the climb back to the upper echelons of English football.