A decade ago, on this very date, Leicester City were perched at the summit of the Premier League, savoring a historic title triumph that seemed to cement their place among England's elite. Fast forward to the present, and the same club—still affectionately known as the Foxes—find themselves entrenched in the Championship relegation battle, a stark contrast to the euphoria of 2016. Just five years ago they lifted the FA Cup, yet now they are fighting for survival in the second tier, with the spectre of a drop to League One looming large. Leicester's upcoming fixture against Portsmouth at Fratton Park on Saturday could prove pivotal.
Portsmouth, fresh from a mid‑week victory over Ipswich, have already inflicted a painful five‑point gap between the Foxes and safety with only four games remaining in the season. The stakes could not be higher, and the atmosphere surrounding the club is one of bleak optimism at best.
On the field, the team has underperformed dramatically. A six‑point deduction, imposed for breaches of financial regulations, has only compounded the club's woes. Even without that penalty, the squad would still be languishing far below the standards expected of a side that once challenged for the Premier League crown.
The possibility of descending into League One for the first time since 2009 now feels disturbingly real. Tommy Smith, speaking on the Sky Sports Essential EFL podcast, did not mince words: "Leicester are in trouble. I'm being completely honest—I think they're finished. They simply lack the depth and the mentality 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 tough opposition—as evidence of what Leicester must emulate if they hope to stay afloat.
Smith also pointed out the club's chronic issue with consistency. Since Gary Rowett took over as manager, Leicester have accumulated far too many draws. In a relegation scrap, draws are often as damaging as defeats because they fail to close the points gap. "You would rather win and lose than draw three or four," he argued, emphasizing that the team appears to lack the fighting spirit required to turn draws into victories.
Leicester supporter Elliot Sumner, a passionate follower of the club, offered a fan’s perspective on the season’s unraveling. He identified the failure to replace Jamie Vardy after his departure as the first major misstep.
"We never signed an experienced striker to fill that void, and that has cost us dearly," Sumner said. He went on to criticize the apparent lack of passion on the pitch, describing many performances as flat and players appearing to be there for the money rather than the badge.
According to Sumner, the problems extend beyond the playing staff. He blamed the club’s hierarchy, particularly owner Aiyawatt Srivaddhanaprabha, for being largely absent and failing to maintain communication with supporters—a stark departure from the close relationship the late Peter Srivaddhanaprabha cultivated.
Sumner also singled out Jon Rudkin, accusing him of making costly recruitment decisions and overpaying for players, which has accelerated the club’s decline. Financial concerns compound the on‑field struggles. Sky Sports News analyst Rob Dorsett warned that relegation to League One would slash Leicester’s revenue by roughly half compared with the Championship, and by more than two‑thirds compared with the Premier League. While the Foxes enjoyed annual revenues of about £187 million in the top flight, those figures could drop to just over £100 million if they finish the Championship season in the drop zone, and potentially plunge to around £60 million in League One.
Even with such a drastic fall in income, Leicester would still out‑earn most of their League One rivals by a wide margin. The average League One club generates roughly £10 million a year, meaning Leicester’s projected £60 million would still make them the financial heavyweight of the division.
However, the club’s parachute payments—designed to cushion the blow of Premier League relegation—will also diminish over time. The first‑year payment is about 55 % of the Premier League entitlement, falling to 45 % in the second year and 20 % in the third. Consequently, even if Leicester bounce back to the Championship within a year, the parachute support they receive for the 2027/28 season will be significantly reduced.
The wage bill will inevitably need to be trimmed by 30‑40 %, a reduction that will occur naturally through relegation clauses in player contracts but will also force the club to offload high‑earning talent. 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 considerably lower—perhaps £10‑15 million—yet Leicester would still aim to secure the best possible price.
In summary, Leicester City stand at a crossroads. The combination of poor recruitment, a perceived lack of fighting spirit, internal discord, and dwindling financial resources has created a perfect storm that threatens to send the former champions spiralling into the third tier of English football.
The upcoming match at Fratton Park offers a glimmer of hope, but even a victory would only be a small step toward safety; the team would still need to win two of their final three fixtures to avoid the drop. Whether the Foxes can summon the resilience and unity required to rewrite their story remains to be seen, but the stakes have never been higher for a club that once seemed invincible.