The Decline from Premier League Champions to League One
Leicester City have managed only two Championship victories in 2026. A decade ago, the club was on the verge of winning the Premier League, yet next season they will compete in League One, the third tier of English football.
The Foxes have endured a steep decline since their FA Cup triumph in 2021. Their relegation to the third tier was confirmed following a 2-2 draw with Hull City on Tuesday.
From the unprecedented 5,000-1 odds title win that stunned the football world to the tragic loss of owner Vichai Srivaddhanaprabha in a helicopter crash two years later, Leicester City have experienced a wide range of emotions over the past decade.
In the 2016-17 season, Leicester reached the Champions League quarter-finals, facing Atletico Madrid. Now, ten years later, they will compete in a league alongside Bromley, a team that has spent 132 of its 134 years in non-league football.
The Rapid Decline Takes Hold
After finishing eighth in the Premier League in 2022 and reaching the Conference League semi-finals, then-manager Brendan Rodgers cautioned that the club needed to adjust its ambitions.
The Covid-19 pandemic significantly impacted King Power, the duty-free retailer owned by Vichai Srivaddhanaprabha, as airline travel came to a halt. The effects were still being felt, and after an eight-game winless start to the 2022-23 season, Rodgers stated that Leicester needed to focus on achieving 40 points.
This marked a stark contrast to previous statements from the former Liverpool manager, who had often spoken about disrupting the established Premier League hierarchy.
Leicester had come close to qualifying for the Champions League, narrowly missing out on the final day in consecutive seasons in 2020 and 2021. Under Rodgers, they also secured the FA Cup by defeating Thomas Tuchel's Chelsea. However, the decline accelerated amid insufficient investment in quality players.
While attempting to maintain their position, Leicester ultimately regressed. Their squad still included internationals such as Jamie Vardy, James Maddison, and Youri Tielemans, but Rodgers was dismissed in April 2023 with the club in the relegation zone. Dean Smith, formerly of Aston Villa and Norwich, was appointed but could not prevent relegation.
Since Rodgers' departure, Leicester have appointed seven managers in three years, with sources criticizing the club's decision-making as it shifted between styles without establishing a clear identity.
The managerial succession included Smith, Enzo Maresca—who led them to the Championship title in 2024—Steve Cooper, a failed pursuit of Graham Potter, and Ruud van Nistelrooy, who won only five of 27 games.
Marti Cifuentes was appointed in July after Van Nistelrooy was sacked following the start of a new financial year. Cifuentes was expected to stabilize the squad but was dismissed in January while the team was 14th and six points from the play-offs.
This decision has been increasingly questioned, especially due to the delay in appointing his successor. Former Foxes defender Gary Rowett was named manager 24 days later, having been sacked by relegation rivals Oxford in December.
Under Rowett, Leicester's situation worsened. A six-point deduction for breaching EFL financial regulations in February left them outside the relegation zone only on goal difference.
Sources have indicated a prevailing 'we will be fine' mentality within the club, a mindset that was evident during their Premier League relegation in 2023.
Insiders expressed shock at the poor performance in a recent defeat at Portsmouth, after which midfielder Harry Winks was involved in a confrontation with fans while boarding the team coach. Winks was booed when he entered as a second-half substitute against Hull.
There were huge blocks of empty seats for Tuesday's game against Hull.
The Impact of the Owner's Death
The death of Vichai Srivaddhanaprabha in a helicopter crash outside Leicester's stadium following a draw with West Ham has had a profound and lasting effect on the club.
Vichai purchased Leicester City for £39 million in 2010, cleared the club's debts, and oversaw their promotion to the Premier League four years later. The 2015-16 Premier League title win against all odds remains one of the greatest stories in sports history.
"He was so influential," said defender Robert Huth, a key member of the title-winning squad. "He had a 'get stuff done' attitude."
After Vichai's passing, his son Aiyawatt, known as 'Top,' assumed control of the club and his father's business interests.
"Top is younger than me," Huth added. "He lost his dad, he now has to run King Power. The spotlight is on him. It's very easy to criticise.
"He lost his father in public surroundings and it's going to have an effect. People overlook that. He had to take over the company when he was 33. You're a young man, you look at your dad for guidance, and it was taken away from him overnight."
Leicester have taken measures to halt their decline, but some sources have cited a culture of blame and a lack of accountability both within the squad and the club's management.
There have also been suggestions that the owner relies heavily on Jon Rudkin, the newly promoted chief football officer who has been with the club for 30 years and was director of football during their Premier League triumph.
"I worked with Jon and I always found him very fair, reasonable and honest," said Huth, who served as Leicester's loans manager between 2022 and 2024.
"They love Leicester and want the club to do well but they need some help."
The Fans' Perspective
"It's pretty heartbreaking after seeing us doing so well - to dare to dream and do the impossible," Foxes Trust chair Lynn Wyeth told .
"I don't think anybody ever really, truly, thought we would compete for the Premier League every season. We're not that deluded but there was a real optimism we might be able to start being up there for European spots quite often.
"It hasn't been a gradual decline. It's been absolutely hurtling in freefall - pretty much from Brendan Rodgers onwards.
"It's all gone horribly wrong really quickly. It's all very much out of control and no-one now knows how to fix it."
Financial Consequences of Relegation
Leicester's relegation raises serious financial concerns. The club was deducted six points for exceeding the maximum loss threshold by £20.8 million through the 2023-24 season. Last month, they reported a substantial loss of £71.1 million for the 2024-25 season, which was still during their time in the Premier League.
Leicester operated with a wages-to-turnover ratio exceeding 100% for the two seasons leading up to 2023-24, meaning salary expenditures surpassed revenue. Wages decreased to 82% during their Premier League relegation season, mainly due to television income, but several high earners remained.
Although player contracts included clauses reducing wages upon relegation, Leicester still retained some of the highest-paid players in the Championship this season.
Many high earners, such as Patson Daka, Ricardo Pereira, and Harry Winks, will be out of contract in the summer. However, Oliver Skipp, who has earned 10 England caps, is contracted until 2029, and Jannik Vestergaard remains under contract after signing a three-year deal shortly before his 31st birthday in 2024. Finding new clubs for these players will be challenging.
Additionally, Leicester face issues with a loan from Australian investment bank Macquarie. In September, they approached Macquarie to bring forward instalments due from the transfers of Tom Cannon, Kasey McAteer, and James Justin. In January, they rolled over another loan to include their last parachute payment, extending it to June 2027.
'Top' Srivaddhanaprabha has previously written off hundreds of millions of pounds in loans, but it appears Macquarie has been advancing funds based on future transfer monies. With significantly reduced television revenues in League One, the club will soon have limited assets to secure further loans against.
From next season, League One clubs will be restricted to spending 60% of their additional football income—such as prize money, cup earnings, or transfer fees—on player-related expenses. Given Leicester's current wage commitments, operating within these financial parameters will be difficult.
