Leicester City put up for sale - King Power set £225m asking price with Friday takeover deadline looming
King Power sets firm takeover deadline
The landscape of Leicester City is set for a seismic shift as the club's current ownership prepares to end a tenure that lasted well over a decade. King Power, the Thai conglomerate that has overseen the most successful period in the club's history, has reportedly instructed interested parties to submit their formal offers by this coming Friday.
Investment bankers at Citi are currently managing the sale process and have set the end of the week as the cutoff point for serious bidders to enter the fray. While the identities of the specific parties involved remain under wraps, it is understood that the original timeline was extended slightly, as reported by The Sun.
The decision to sell was initially made earlier this year as the Srivaddhanaprabha family evaluated their position following Leicester's disappointing slide down the English football pyramid. Despite the club's current status in League One, the owners are holding out for a significant return on their investment.
A record-breaking valuation for League One
Should a buyer meet the reported £225m valuation, it would represent a historic moment for the third tier of the English game. A deal at that price point would comfortably shatter the existing record for a takeover involving a club playing in League One.
The potential sale marks the end of an era that began when King Power purchased the club from Milan Mandaric for a relatively modest £35m back in 2010. Over the next 14 years, the owners transformed the Foxes from a Championship side into a global brand. This journey was punctuated by one of the greatest sporting achievements of all time.
Reflecting on a historic tenure
Under the guidance of the Srivaddhanaprabha family, Leicester City achieved the impossible by winning the Premier League title in 2016. Entering the season as 5,000-1 outsiders, the Foxes stunned the sporting world by lifting the trophy under Claudio Ranieri.
The trophy cabinet was further bolstered during a golden era that also featured a run to the Champions League quarter-finals in 2017, culminating when the club secured their first-ever FA Cup triumph by defeating Chelsea in the final at Wembley.
A difficult fall from grace
The current reality for Leicester City is a far cry from their Premier League peak. The club has endured a nightmare period characterized by back-to-back relegations, which saw them plummet from the top flight straight through the Championship and into League One.
As it stands, the Foxes find themselves languishing in 17th place in the third tier, struggling to find the consistency required to climb back up the table.
