Leicester City’s owners are considering a sale of the club after years of sporting and financial setbacks.

People familiar with the matter said King Power International Group has hired Citigroup Inc. to manage a potential sale process. King Power is Thailand’s largest duty-free retailer and has owned Leicester City since 2010.

The Financial Times first reported the development.

Representatives of Citigroup and Leicester City declined to comment. A spokesperson for King Power could not be reached.

Club’s Fortunes Decline

Leicester enjoyed one of football’s greatest achievements when it won the Premier League title a decade ago. The club also lifted the FA Cup five years ago.

Since then, results have worsened. Leicester suffered relegation in two consecutive seasons and will start the new campaign in England’s third tier.

The club also faced tragedy in 2018 when owner Vichai Srivaddhanaprabha died in a helicopter crash outside the stadium. His son, Aiyawatt Srivaddhanaprabha, later took over the business and the club.

Financial Pressure Mounts

Leicester’s latest accounts show the scale of its financial challenges.

For the year ending June 2025, the club recorded a loss of £71.1 million ($95.2 million). Revenue stood at £186.5 million during the season that ended in relegation from the Premier League.

The English Football League also deducted six points from Leicester for breaching financial rules. The club challenged the punishment but lost its appeal in April.

Revenue Hit After Relegation

Relegation from the Premier League often leads to a sharp fall in income.

Top-flight clubs earn at least £110 million more each year from broadcasting than teams in the Championship. Relegated clubs receive parachute payments to soften the blow, but the financial impact remains significant.

Despite the difficulties, Leicester has continued to invest in its future. The club has built new training facilities and operates a stadium with a capacity of about 32,000.

Leicester recently announced it had sold around 23,500 season tickets ahead of the new season.