Leicester City’s Thai owners are reportedly exploring the possibility of selling the football club that achieved one of the most remarkable success stories in recent English football history. King Power, a travel and retail group owned by billionaire Vichai Srivaddhanaprabha’s family, has engaged Citigroup to gauge buyer interest, according to sources familiar with the matter.
King Power acquired Leicester City in 2010 when the club was positioned mid-table in the Championship, England’s second tier. The club’s rise was swift and notable, reaching the Premier League in 2014 before securing an unlikely title win in 2016 under Italian head coach Claudio Ranieri. The squad, featuring players like striker Jamie Vardy and midfielder N’Golo Kanté, captured global attention for disrupting the established hierarchy of English football. Their success continued into European competition, with Leicester reaching the Champions League quarter-finals the following season.
Tragedy struck the club in 2018 when Vichai Srivaddhanaprabha died in a helicopter crash outside the King Power Stadium. Since then, ownership and operational control have passed to his son, Aiyawatt Srivaddhanaprabha. Despite initial continued successes—including Premier League top-five finishes in 2020 and 2021 and the club’s first FA Cup victory—Leicester’s on-field fortunes declined following the COVID-19 pandemic.
The club was relegated from the Premier League to the Championship in 2023, briefly returned for one season, then faced another demotion to the Championship in 2025. Further difficulties arose off the pitch with financial and regulatory challenges. In February 2025, the club was penalized with a six-point deduction for exceeding spending limits under English football’s financial regulations, contributing to relegation to League One, the third tier of English football.
Financial disclosures released this year showed Leicester City posted a £71.1 million loss during the 2024-25 season despite competing in the Premier League. In 2024, the owners converted £124 million in shareholder loans into equity to alleviate some financial pressures. The club’s previously planned expansion of the King Power Stadium to increase its capacity to 40,000 seats has been suspended amid current uncertainties.
King Power’s core business has also been affected by wider economic disruptions, including a decline in tourism to Thailand following the pandemic. Airports of Thailand confirmed in October that it was renegotiating retail concession agreements, reflecting the broader challenges facing the parent company.
The potential sale of Leicester City aligns with a cooling market for Premier League club takeovers following a period of aggressive acquisition activity in 2022. Investors have increasingly targeted lower-division clubs or sought minority stakes rather than full ownership. This development comes shortly after reports emerged of investor discussions to acquire a stake in Liverpool Football Club at a valuation exceeding $6 billion.
Citigroup, Leicester City, and King Power declined to comment on the reported sale discussions.