Leicester Owners King Power Reportedly Looking to Sell Club for Over £200 Million
According to reports from the BBC, King Power, the owners of Leicester City, have made the decision to put the club up for sale, seeking offers exceeding £200 million. This announcement comes after a series of turbulent seasons for the club that saw it drop from the Premier League to League One.
The backdrop for this decision traces back to King Power’s ownership, which began in 2010 when Vichai Srivaddhanaprabha, the founder of the Thai travel retail group, acquired the club from Milan Mandaric. Under King Power’s stewardship, Leicester achieved an extraordinary feat by winning the Premier League in 2016, a victory that resonated deeply within the football world as one of the sport’s greatest underdog stories.
However, the recent season has been marked by a decline; Leicester finished second from the bottom in the Championship, ultimately leading to relegation. The pressure mounted further as the club faced financial difficulties, resulting in a six-point deduction last season for breaching EFL spending regulations.
Leicester City, established in 1884, experienced its first promotion to the Premier League in 2014, culminating in their first-ever top-flight title just two years later. The club also celebrated its sole FA Cup victory in 2021. Tragically, Vichai Srivaddhanaprabha passed away in 2018 following a helicopter crash near the King Power Stadium, leaving behind a significant legacy.
As the situation develops, Reuters has reached out to Leicester City for official comments regarding the sale, highlighting the uncertainty surrounding the club’s future amidst ongoing financial challenges and operational changes.
