How Leicester City fell from champions to League One in just 10 years
Ten years ago, Leicester City were closing in on one of the most improbable title wins in sporting history. Today, the club is preparing for life in League One after a 2-2 draw with Hull City confirmed their relegation to England’s third tier.
The contrast is stark. From 5,000-1 Premier League champions in 2016 to the brink of the third division a decade later, Leicester’s trajectory has become a case study in how quickly success can fade.
A decline that gathered pace
As recently as 2022, Leicester appeared stable. They finished eighth in the Premier League and reached the Europa Conference League semi-finals. But even then, warning signs were emerging.
Former manager Brendan Rodgers cautioned that expectations needed to be reset, with the club facing financial pressure linked to the pandemic’s impact on owner King Power’s duty-free business, according to BBC Sport.
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An eight-game winless start to the following season forced a shift in priorities. Talk of European qualification gave way to a basic target: survival. Within months, Leicester were relegated from the Premier League in 2023.
In hindsight, the warning signs had been building. Despite winning the FA Cup in 2021 and narrowly missing out on Champions League qualification in consecutive seasons, investment in the squad failed to keep pace with rivals.
Instability and lost direction
Since that relegation, instability has defined Leicester’s attempts to recover. The club has cycled through multiple managers in quick succession, including Enzo Maresca who guided them back to the Championship title and Ruud van Nistelrooy, who struggled to produce consistent results.
Frequent changes in leadership have left the team without a clear identity or long-term direction, a problem noted in BBC Sport’s reporting, which cited concerns from within the club about decision-making and strategy.
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The shadow of 2018
Off the pitch, one moment continues to loom large. The death of owner Vichai Srivaddhanaprabha in a helicopter crash outside the King Power Stadium in 2018 marked a turning point.
Vichai had overseen Leicester’s transformation after buying the club in 2010, clearing debts and helping deliver their historic title. Former defender Robert Huth told BBC Sport: “He was so influential. He had a ‘get stuff done’ attitude.”
His son, Aiyawatt Srivaddhanaprabha, inherited both the club and the wider business at a young age. Huth added: “He lost his father in public surroundings and it's going to have an effect.”
BBC Sport reports that some within the club believe leadership has since leaned heavily on long-serving executive Jon Rudkin, while issues such as internal complacency have gone unaddressed.
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Frustration in the stands
For supporters, the speed of the سقوط has been difficult to process. What once felt like a club capable of challenging for European places has instead slipped into sustained decline.
Foxes Trust chair Lynn Wyeth described the downturn to BBC Sport as “absolutely hurtling in freefall,” reflecting a broader sense of disillusionment among fans.
Attendances have shown signs of strain, and tensions have occasionally spilled over, including visible frustration directed at players during recent matches.
Financial reality bites
Relegation to League One brings serious financial consequences. According to BBC Sport, Leicester recorded losses of £71.1m for the 2024–25 season, following an earlier breach of financial regulations that resulted in a points deduction.
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The club has operated with high wage costs relative to income and has relied on loans and advances against future revenue. That model becomes far harder to sustain outside the top divisions.
New spending rules in League One will further restrict how much can be allocated to player wages, complicating efforts to retain or move on high-earning players already under contract.
With revenues set to fall sharply, Leicester now face a difficult rebuild one that will test both their financial resilience and leadership.
Sources: BBC Sport
