Leicester City could be heading for a change of ownership as King Power International reportedly begins testing the market for potential buyers.
The Thai duty-free company, which took control of the club more than 15 years ago, has enlisted Citigroup to approach prospective investors and assess whether a sale is feasible, the Financial Times reported, citing people with knowledge of the discussions.
An unidentified business from the Middle East is understood to be the first group to demonstrate firm interest, according to Sky Sports.
A deal could place a significant value on the club’s property and infrastructure. External assessments estimate that the King Power Stadium, Leicester’s Seagrave training base and its other assets could be worth a combined £410 million to £530 million, or roughly 18.4 billion to 23.8 billion baht.
King Power’s involvement with Leicester began in 2010, when company founder Vichai Srivaddhanaprabha purchased a side competing in the middle of the Championship table.
Within four years, Leicester had secured promotion to the Premier League. The club then stunned the football world in 2016 by winning the title under Claudio Ranieri, overcoming overwhelming odds to complete one of the sport’s most celebrated achievements.
European success followed, with Leicester reaching the Champions League quarter-finals during the next campaign.
The club’s fortunes changed dramatically in October 2018, when Vichai and four others were killed in a helicopter crash shortly after taking off from outside the stadium. His son, Aiyawatt Srivaddhanaprabha, subsequently assumed control.
Leicester remained competitive in the following years, narrowly missing out on Champions League qualification after finishing fifth in 2020 and claiming its first FA Cup trophy in 2021.
That period of success was followed by a sharp downturn. The club dropped out of the Premier League in 2023, returned as Championship winners one year later and was relegated again at the end of the 2024–25 campaign.
Financial concerns have since compounded the team’s problems. A six-point penalty imposed in February for breaking spending regulations contributed to another relegation, leaving Leicester in League One.
Sheffield Wednesday was also relegated to the third tier after enduring a separate crisis under Thai ownership. The Yorkshire club later entered administration and was taken over by an American consortium in May.
According to financial statements cited by the Financial Times, Leicester recorded a £71.1 million loss in 2024–25 despite receiving the greater television and commercial income associated with Premier League football.
King Power also converted £124 million in shareholder loans into equity last year, removing the amount from the club’s outstanding debt.
