From 5,000-1 Premiership miracle to League One misery. King Power is reportedly exploring a sale of Leicester City as Citigroup seeks potential buyers amid consecutive relegations, mounting losses and growing pressure on the Thai owners.
King Power is reportedly exploring the sale of Leicester City after consecutive relegations, a £71.1 million loss and mounting pressure on its Thai duty-free empire. Citigroup has been approached to assess potential buyers, placing one of football’s greatest ownership stories at a decisive point. The Srivaddhanaprabha family transformed Leicester into Premier League champions, FA Cup winners and Champions League quarter-finalists. However, Vichai Srivaddhanaprabha’s death, the pandemic, weaker airport spending and costly football commitments have since reshaped both businesses. No sale is certain, but the review could end a remarkable 15-year era that has linked Thailand and the United Kingdom.
King Power is reportedly considering selling Leicester City after 15 years of ownership, bringing one of football’s most celebrated investment stories to a critical point.
The club has fallen from Premier League champions to League One, England’s third tier. Financial losses, declining revenues and mounting supporter frustration have added pressure on the Thai owners.
The Leicester Mercury reported that the Srivaddhanaprabha family is examining a possible sale after several difficult seasons. Separately, the Financial Times reported that King Power has approached US investment bank Citigroup.
The bank’s investment division has reportedly been asked to identify potential buyers. However, the process remains exploratory and no transaction is certain.
Citigroup review signals King Power’s most serious examination yet of Leicester City’s ownership
No asking price has been disclosed. Equally, no formal bidding process has been announced. Leicester City has not commented publicly on the reports. Even so, the appointment of Citigroup signals the most serious review yet of the club’s ownership.
The reported move comes as both Leicester City and King Power face growing commercial challenges. Leicester is preparing for third-tier football after consecutive relegations. At the same time, King Power is contending with a weaker airport retail market in Thailand. The pressures have emerged simultaneously after years of success on both fronts.
King Power acquired Leicester City from Milan Mandarić in 2010. At that stage, Leicester were competing in the Championship. The club possessed a loyal fan base but lacked the financial strength of England’s elite. The Thai takeover quickly changed those circumstances.
The acquisition was led by billionaire founder Vichai Srivaddhanaprabha. His family had built King Power into Thailand’s dominant duty-free retailer. The company controlled major concessions at Suvarnabhumi and Don Mueang airports. It also operated duty-free businesses at several regional airports. As a result, King Power became closely tied to Thailand’s international tourism industry.
King Power’s Thai duty-free empire provided the financial base for its Leicester City takeover bid
Vichai immediately began investing in Leicester’s long-term future. Money flowed into players, facilities and football operations.
In parallel, King Power invested heavily in the local community. Free beer and doughnuts became familiar matchday gestures. The family also supported hospitals, charities and community organisations throughout Leicester.
The ownership quickly earned widespread goodwill. More importantly, it transformed the club’s fortunes on the pitch. Leicester entered the 2015-16 season as relegation candidates. Bookmakers priced them at 5,000-1 to win the Premier League. Instead, they delivered one of football’s greatest upsets.
Under Claudio Ranieri, Leicester won the Premier League title against every expectation. Jamie Vardy, Riyad Mahrez, N’Golo Kanté and Kasper Schmeichel became central figures in the campaign. Their success stunned English football. Notably, the achievement also elevated King Power onto the global stage.
Vichai’s investment delivered the Premier League title and transformed King Power’s global profile
Leicester suddenly became an international sporting brand. Meanwhile, King Power received worldwide exposure beyond the travel retail industry.
The company’s name appeared across global television broadcasts every week. The club’s stadium also carried the King Power name. Consequently, the Srivaddhanaprabha family became closely identified with Leicester’s modern success.
Success continued into the following season. Leicester reached the UEFA Champions League quarter-finals. In fact, they advanced further than every other English club that year. The achievements appeared to confirm a stable future under Thai ownership.
That trajectory changed abruptly on October 27, 2018. Leicester had just defeated West Ham United at the King Power Stadium. Shortly afterwards, Vichai boarded his helicopter beside the pitch. Moments later, the aircraft crashed shortly after take-off. Vichai and four others were killed.
The accident sent shockwaves through football and Thailand. Thousands of supporters gathered outside the stadium. They left flowers, shirts, scarves and personal messages. Across football, clubs and players paid tribute to the Leicester chairman.
Leicester’s rise ended in tragedy as Vichai and four others died after the stadium helicopter crash
Leadership then passed to Vichai’s son, Aiyawatt Srivaddhanaprabha. Widely known as “Top”, he assumed control of both Leicester City and King Power.
He inherited a successful football club and one of Thailand’s largest private companies. Before long, both businesses faced challenges few had anticipated.
Leicester initially remained successful. The club finished fifth in the Premier League during the 2020-21 season. It also won the FA Cup for the first time after defeating Chelsea at Wembley. Shortly afterwards, Leicester lifted the Community Shield. Those victories extended the club’s most successful era.
Behind the scenes, however, financial pressure was increasing. Leicester had invested heavily in Premier League players and salaries. The club also committed substantial resources to its new training complex at Seagrave. The facility reflected ambitions of remaining among England’s leading clubs. Instead, it became another significant long-term cost.
On another front, the Covid-19 pandemic struck King Power’s core business. International travel collapsed almost overnight. Passenger numbers through Thailand’s airports fell sharply. Duty-free sales also dropped dramatically across King Power’s airport network.
Aiyawatt inherited both businesses before football costs and the pandemic impacted them
Before the pandemic, Chinese visitors formed Thailand’s largest inbound tourism market. They were also among the country’s highest airport spenders.
Consequently, King Power’s revenues depended heavily on international passenger traffic. When travel stopped, that business model came under unprecedented strain.
Although tourism later recovered, spending patterns changed significantly. Chinese visitor numbers remained below earlier peaks. Many travellers also became more cautious with discretionary purchases. In addition, consumers increasingly bought luxury goods online or in their home countries. Airport retailers therefore faced a more competitive market.
Those changes weakened the financial engine that had supported Leicester’s rise. In response, Airports of Thailand agreed to renegotiate elements of King Power’s concession arrangements. The discussions reflected lower passenger spending and reduced retail income. Nevertheless, commercial conditions remained more difficult than before the pandemic.
Leicester’s football finances also deteriorated. The club retained expensive Premier League contracts while performances declined. Key players departed over several seasons. Their replacements failed to produce similar results. Recruitment decisions also became less effective.
Chinese visitor losses and changing shopping habits weakened King Power’s airport sales
Leicester were relegated from the Premier League in 2023 after nine consecutive seasons. They returned immediately by winning promotion from the Championship. That recovery lasted only one season. The club was relegated again after struggling throughout the campaign.
The decline accelerated during the 2025-26 season. Leicester suffered a second successive relegation and dropped into League One. Only ten years earlier, the club had lifted the Premier League trophy. Now it faced football’s third tier for the first time in decades.
Relegation brought another sharp reduction in income. Premier League television revenue had already disappeared. Championship earnings were substantially lower. League One income will fall further still. Accordingly, the gap between revenue and expenditure widened.
The financial consequences became increasingly severe. Leicester reportedly recorded a £71.1 million loss during the 2024-25 Premier League season. The club also received penalties relating to breaches of football’s financial regulations. High wages continued weighing heavily on the accounts. Matchday and commercial income also declined.
Multiple relegations, falling revenues and a £71.1 million loss deepened Leicester City’s crisis
The owners attempted to strengthen the balance sheet. As part of this, the Srivaddhanaprabha family converted £124 million of shareholder loans into equity. The move reduced debt owed directly to the owners. Even so, it could not reverse Leicester’s sporting decline.
Plans to expand the King Power Stadium were also shelved. The proposal would have increased capacity and added commercial facilities. Instead, deteriorating finances forced the project onto the sidelines. Capital priorities had shifted elsewhere.
Supporter sentiment also changed. King Power had previously enjoyed almost universal admiration in Leicester. The Premier League title, FA Cup triumph and community investment generated lasting goodwill. More recently, sections of the fan base staged protests over recruitment, leadership and strategy.
King Power’s challenges were not confined to football. Tourist arrivals gradually recovered in Thailand, but spending patterns shifted. High-spending visitors remained below earlier levels. Retail competition also intensified. Airport shopping no longer delivered the same growth experienced before Covid-19.
Debt conversion, shelved stadium plans and supporter protests exposed pressure on King Power
The football club therefore required greater financial support precisely as King Power’s core business weakened. Both operations demanded investment at the same time. That combination placed increasing pressure on the family business.
Against that backdrop, the reported Citigroup appointment carries significant importance. The Financial Times cited people familiar with the discussions.
According to the newspaper, the bank has begun exploring buyer interest. Reports also suggested potential investors from the Middle East have been approached.
No buyer has been identified publicly. Likewise, no valuation has been confirmed. King Power could still retain full ownership or pursue another financial structure. Nonetheless, appointing a global investment bank marks a significant development.
Citigroup’s buyers quest comes as Leicester and King Power both need substantial new funding
A sale would end one of Thailand’s highest-profile overseas investments. King Power transformed Leicester from a Championship club into Premier League champions.
The family also funded Champions League football, an FA Cup victory and one of England’s finest training facilities. Few foreign owners have delivered comparable success.
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Today, however, the picture is very different. Leicester faces League One football, reduced revenues and substantial losses. King Power is navigating a changed tourism market and weaker duty-free spending. Those pressures have now converged after years of remarkable success.
For now, King Power remains Leicester City’s owner. No agreement has been announced and no sale has been confirmed. Still, the reported review marks a decisive moment. Fifteen years after the takeover, one of football’s most successful ownership stories may be approaching its final chapter.
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