The pitch document lands on desks with a title borrowed from a football team-sheet. Eight pages, prepared by the US investment bank Citigroup, headed “Project Lineup”, and offering a package of assets valued at £224m: the men’s and women’s teams, the 32,000-seat King Power Stadium, the Seagrave training ground, and the Belgian sister club OH Leuven.

The brochure is going out to potential buyers this week, Sky Sports first reported, and the asking price sits above £200m. Sixteen years after the Srivaddhanaprabha family bought Leicester City from Milan Mandaric for £35m, King Power want out.

Assets worth £224m in the brochure

Citigroup’s pitch leans heavily on the academy. The bank describes Leicester as having “a strong talent pipeline backed by leading scouting infrastructure, active transfer management and highly developed academy system consistently producing top players”, according to the Sky Sports report.

The infrastructure is the loudest number in the brochure. Seagrave, opened in 2020, is valued on its own at £121m, Goal reports. Add the 32,000-seat stadium, the men’s and women’s squads and OH Leuven, and the physical package comes out at £224m before anyone puts a figure on the football teams themselves.

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Middle East money is understood to be the target buyer. What the brochure will not lead with is the balance sheet underneath: bank loans of £103.6m in the 2025 accounts, and cumulative losses of more than £180m across 2023, 2024 and 2025 as three relegations in four seasons tore through the wage bill.

A revenue forecast built on League One

Citigroup projects revenue of £97m for the 2026 financial year, a figure that would once have looked modest for a club with Champions League nights on its CV. It is now the top line at a third-tier club preparing to open its League One season against Notts County on 15 August 2026.

Russell Martin was hired to run that campaign. The former Rangers manager took charge in the summer, and Leicester are favourites for the title, which is a low bar for a club whose recent honours include an FA Cup in 2021 and a Premier League trophy in 2016.

Vichai’s club, Top’s decision

The man signing off on the sale is Aiyawatt ‘Top’ Srivaddhanaprabha, who inherited the chairmanship after his father Vichai was killed in a helicopter crash outside the King Power Stadium in October 2018. The Srivaddhanaprabhas made their fortune from King Power, Thailand’s dominant airport duty-free operator, and turned Leicester from a Championship side into champions of England.

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Sky Sports reports there is no urgency to sell and that the family will “not relinquish their responsibility as custodians, just because they have made the decision to sell”. Around £300m of debt has already been converted to equity in recent years, leaving the club largely debt-free at operating level even with the bank loans still on the books.

Leicester have won the Premier League, the FA Cup and reached a Champions League quarter-final under this ownership. They have also, in the space of four seasons, gone from top-flight cup-holders to League One. Both stories are in the sales pitch. Only one of them is on the front page.

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