Thai conglomerate King Power, the current owners of Leicester City, have announced that they are looking to sell the club for a price tag exceeding £200 million. The club, which once lifted the Premier League trophy, has been quietly probing the market with the help of Citibank, which prepared a detailed sales memorandum outlining the assets on offer.
The document, seen by Sky Sports News, lists a comprehensive package that includes both the men’s and women’s senior squads, the King Power Stadium, the training complexes for both sides, and the Belgian side OH Leuven, which operates as Leicester’s sister club. The sale proposal, dubbed “Project Lineup,” assigns a valuation of £224 million to the physical infrastructure, although it does not attach a specific figure to the football operations themselves. In 2023 the owners acquired the land surrounding the stadium with an eye toward a major redevelopment scheme: a larger, 40,000‑seat arena, a new hotel, and an entertainment hub.
Citigroup projects that the club will generate roughly £97 million in revenue in the 2026 financial year. The brochure, however, glosses over the club’s recent on‑field struggles. Between 2023 and 2025 Leicester suffered two relegations, dropping from the Premier League to League One, and the associated financial shortfalls are not mentioned.
King Power, led by the Srivaddhanaprabha family, originally bought the Foxes for £35 million from Milan Mandaric in 2010. Over the past few years the Thai owners have converted nearly £300 million of debt into equity, leaving the club essentially debt‑free apart from modest maintenance loans. According to Sky Sports News, King Power is not in a rush to complete a sale.
They have pledged to continue funding the club fully until a credible buyer emerges, and they have already backed head coach Russell Martin with nine new signings this summer. The sales dossier highlights Leicester’s impressive record since 2000 – the sixth‑most successful English side in that period – and frames the opportunity as a rare chance to acquire a club with a proven ability to win promotions. The document cites the 2015‑16 Premier League triumph, the 2021 FA Cup win and the Community Shield as marquee achievements, while omitting the current League One status.
The memorandum also points to profitable recent transfers such as Ben Chilwell, Harvey Barnes and Kieran Dewsbury‑Hall, and mentions legendary former players Gary Lineker and Emile Heskey. When approached for comment, Leicester City declined to respond. Rob Dorsett of Sky Sports News remarked that the timing of the sale appears odd: “It seems bizarre that King Power would look to sell at a point when the club is at its lowest ebb and market value, sitting in League One after three relegations in four seasons.” Yet he notes that Aiyawatt Srivaddhanaprabha has been seeking fresh investment for several years, and the glossy brochure is simply the latest public manifestation of that intent.
Dorsett suggests the brochure is concrete evidence that an era may be ending, with the owners ready to walk away after delivering an unprecedented Premier League title, an FA Cup, Champions League participation and a Community Shield. He also warns that while the club’s assets are attractive – almost entirely debt‑free, fully owned, and featuring a state‑of‑the‑art Seagrave training ground – the fan base is smaller than that of many Championship heavyweights, and the lack of parachute payments in the third tier could affect a buyer’s calculations. Consequently, a quick transaction is unlikely; it may take years to find the right purchaser. Nevertheless, Dorsett emphasizes that King Power is unlikely to abandon its custodial duties simply because a sale is on the table.
The nine summer signings demonstrate continued commitment, and the goodwill the Thai owners have earned over the years suggests they will not sell to the highest bidder at the expense of the club’s future. He adds that Khun “Top” Srivaddhanaprabha, mindful of his late father’s legacy – the father who tragically perished in a helicopter crash in the stadium car park – will likely seek a buyer who can restore Leicester to its former glory rather than just make a quick profit. In summary, Leicester City is being marketed as a premium football property with a rich recent history, a suite of valuable physical assets, and a debt‑free balance sheet, but potential investors must weigh these strengths against the challenges of a reduced fan base, recent relegations, and the financial realities of operating in League One.
The sale process, driven by seasoned financial advisers, is expected to be thorough and may take considerable time before a suitable new owner steps forward.