Once the story of the greatest miracle in football history, Leicester City has today become no more than an "investment opportunity" in an eight-page brochure being pitched to investors by an American bank.
BBC Sport has revealed that the historic Premier League champions are up for sale for more than £200 million. The move paves the way for their Thai owners, King Power, to walk away after 16 years in control of the club.
Citigroup, a leading American investment bank, has prepared a promotional brochure titled "Project Line-up" to market the sale. It covers the club, the women's team and their main assets, chiefly the 32,000-capacity King Power Stadium and the Seagrave training centre, which opened in 2020 at a cost of £121 million. Belgian sister club OH Leuven is also part of the package.
The document values the physical assets alone at more than £200 million without setting a final price for the sale of the struggling side, describing the deal as "a rare opportunity to acquire a club with a strong track record of promotion".
Keen to embellish the picture, the brochure trumpets the Foxes' achievements, chiefly the 2016 Premier League title and the FA Cup lifted five years later. It completely ignores the fact that the team suffered back-to-back relegations from the Premier League to the Championship between 2023 and 2025.
Revenues would top £97 million for the 2026 financial year, the brochure also predicted. Yet it omits any mention of years of severe financial losses and the club's accumulated debts. The 2025 accounts told a bleaker story: bank loans worth £103.6 million and losses exceeding £180 million across the years the club bounced between the two divisions.
King Power, owned by the Srivaddhanaprabha family, had bought Leicester City for just £35 million from Milan Mandaric in 2010. Aiyawatt "Top" Srivaddhanaprabha now chairs the club, having taken over following the death of his father Vichai in the helicopter crash outside the stadium in 2019.