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. According to reports from last month, the former Premier League champions have engaged Citibank to gauge interest from potential investors and to prepare a formal sales package. Sky Sports News has now obtained a copy of the brochure that Citibank produced, which outlines the investment proposition and lists the assets that would be transferred to a new owner.
The information memorandum, dubbed "Project Lineup," details a comprehensive package that includes both the men’s and women’s first‑team squads, the King Power Stadium, the training complexes for both genders, and Leicester’s sister club OH Leuven in Belgium. The brochure values the physical infrastructure – the stadium, training facilities and the Belgian club – at roughly £224 million, although it does not attach a specific valuation to the football teams themselves. In 2023 the club purchased the land surrounding the King Power Stadium with an eye on a major redevelopment scheme. The plan, which is still in its early stages, aims to raise the stadium capacity to around 40,000 seats, add a new hotel and create an entertainment precinct that could generate additional non‑matchday revenue.
Citigroup’s financial forecasts suggest that Leicester City could be generating close to £97 million in revenue by the 2026 financial year, a figure that reflects both matchday income and the projected earnings from the ancillary projects. The sales dossier, however, glosses over some of the more recent difficulties the club has faced. It makes no mention of the two relegations that occurred between 2023 and 2025, nor of the accompanying financial shortfalls. Those setbacks have seen Leicester tumble from the Premier League to League One, the third tier of English football, within a span of four seasons.
King Power, which is run by the Srivaddhanaprabha family, originally bought Leicester for £35 million from Milan Mandaric in 2010. Over the past decade the owners have undertaken a massive debt‑to‑equity conversion, writing off almost £300 million of borrowing and leaving the club essentially debt‑free apart from modest maintenance loans.
This financial restructuring has made the club’s balance sheet unusually strong for a side that is currently out of the top two divisions. According to sources close to the club, King Power does not feel any urgent pressure to complete a sale. They have pledged to continue funding the club at the highest possible level until a suitable buyer emerges. This commitment is evident in the recent activity of head coach Russell Martin, who oversaw the acquisition of nine new players during the summer transfer window – a clear sign that the owners still intend to invest in the squad despite the club’s precarious league position.
The brochure highlights Leicester’s pedigree since the turn of the millennium, claiming the Foxes are the sixth‑most successful English club over that period. It points to a series of achievements that include the fairy‑tale Premier League title in 2016, the FA Cup triumph and Community Shield victory in 2021, and a record of securing promotions to higher divisions. These accolades are used to market the club as a "rare opportunity" for investors seeking a property with a proven track record of success on the field.
While the promotional material celebrates past glories, it conspicuously omits the current reality of playing in League One. The document does, however, reference recent profitable transfers such as Ben Chilwell, Harvey Barnes and Kieran Dewsbury‑Hall, and it lists legendary former players Gary Lineker and Emile Heskey as part of the club’s illustrious heritage.
Sky Sports News reached out to Leicester City for comment on the sale, but the club declined to respond. In a statement, Rob Dorsett of Sky Sports News observed: "On the face of it, it seems bizarre that King Power would look to sell Leicester City at a time when the club is at its lowest ebb, and at one of its lowest market values, with the team in League One after three relegations in four seasons. Yet Aiyawatt Srivaddhanaprabha has been seeking fresh investment for several years – the glossy brochure simply makes that intention public." He continued, noting that the owners have already turned the club’s substantial debt into equity, leaving the Foxes virtually debt‑free and in possession of assets that many larger Premier League clubs would covet. The Seagrave training ground, for instance, is regarded as one of the finest facilities in Europe, rivaling those of top‑flight teams.
Nevertheless, Dorsett cautioned potential buyers about the challenges that come with Leicester’s current situation. The fan base, while passionate, is smaller than that of many Championship heavyweights, and the club will not benefit from parachute payments if it secures promotion from League One back to the Championship.
These factors could affect the valuation and the timeline of any transaction. He concluded that a swift sale is unlikely. "It could take years to find the right purchaser," he said, adding that King Power’s continued involvement – exemplified by the nine summer signings – indicates they intend to act as responsible custodians until a suitable new owner steps forward.
The Thai businessmen’s legacy, especially in memory of the late Vichai Srivaddhanaprabha, who tragically died in a helicopter crash at the club’s stadium car park, will likely influence the choice of buyer. The owners appear determined to hand the club to someone who can preserve and build upon the remarkable achievements of the past, rather than simply cashing in. In summary, Leicester City is being marketed as a high‑value asset with world‑class facilities, a storied history and a debt‑free balance sheet, but it also carries the baggage of recent on‑field failures and the financial realities of third‑tier football.
Prospective investors will need to weigh the upside of owning a club with a unique legacy against the challenges of restoring it to its former heights.