By Martin Graham
A decade ago, Leicester City were on the brink of completing one of the most remarkable achievements in football history. Their 5,000-1 Premier League triumph in 2016 stunned the sport, and just a year later they were competing with Atletico Madrid in a Champions League quarter-final. That extraordinary rise symbolized a club built on belief, unity, and smart leadership.
However, the years that followed brought a mix of success and disruption. The FA Cup victory in 2021 showed Leicester could still compete at a high level, but cracks were beginning to appear. The death of owner Vichai Srivaddhanaprabha in a helicopter crash in 2018 marked a turning point, both emotionally and structurally, leaving a void that proved difficult to fill.
His son, Aiyawatt, took over under immense pressure, balancing responsibilities at both the club and the family business. While stability was maintained for a time, the long-term effects of that loss, combined with wider financial challenges, gradually began to impact decision-making and direction.
The optimism that once surrounded Leicester slowly gave way to uncertainty, setting the stage for a decline few could have predicted.
Decline on the pitch and missed opportunities
Leicester remained competitive in the early 2020s, narrowly missing out on Champions League qualification in consecutive seasons and finishing eighth in 2022 while also reaching a European semi-final. Yet even then, concerns were emerging about the need for squad investment and evolving ambitions.
Manager Brendan Rodgers warned that expectations needed to be adjusted, especially as financial pressures linked to the pandemic affected the club’s ownership. A poor start to the 2022-23 season left Leicester struggling, and Rodgers was dismissed with the team in the relegation zone.
Despite having experienced players like Jamie Vardy, James Maddison, and Youri Tielemans, the team could not recover. Dean Smith was unable to prevent relegation, and what followed was a period of instability. In just three years, Leicester cycled through seven different managers, each bringing a different style but failing to establish consistency or identity.
Although Enzo Maresca briefly revived fortunes by winning the Championship title in 2024, subsequent appointments—including Steve Cooper, Ruud van Nistelrooy, and Marti Cifuentes—failed to halt the slide. Frequent managerial changes and questionable decisions contributed to a lack of direction that ultimately deepened the crisis.
Internal struggles and growing disconnect
Off the pitch, issues within the club compounded the problems seen on it. Reports suggested a culture of complacency, with a belief that results would improve without significant change. This mindset had already been evident during their Premier League relegation and appeared to persist afterward.
Decisions at the executive level also came under scrutiny, with concerns raised about reliance on long-serving figures and the absence of fresh perspectives. At the same time, delays in appointing replacements and controversial sackings—such as that of Cifuentes while the team was still within reach of the play-offs—further destabilized the club.
Performances deteriorated, and tensions between players and supporters became more visible. Incidents like Harry Winks being booed by fans and involved in confrontations highlighted the growing disconnect between the squad and the fanbase.
As results worsened, confidence drained from both the dressing room and the stands, leaving the club in a downward spiral that proved difficult to stop.
Financial pressure and an uncertain future
Leicester’s fall has also been driven by significant financial difficulties. A six-point deduction for breaching EFL financial rules added to their troubles, while heavy losses—including £71.1 million in a single season—highlighted the scale of the problem.
The club had been spending beyond its means, with wages exceeding total revenue for multiple seasons. Even after relegation from the Premier League reduced income, Leicester continued to carry one of the highest wage bills in the Championship.
Several high-earning players remain under contract, and moving them on will not be straightforward. At the same time, the club has relied on loans and advanced funding, including arrangements with an investment bank that effectively brings forward future income.
With the drop to League One, revenue will decrease even further, while new financial regulations will limit spending on player wages. This creates a difficult balancing act, especially given the existing financial commitments.
What was once a model of smart growth and success now faces a challenging rebuild, with uncertainty surrounding how quickly—and whether—the club can recover.