By Martin Graham
A decade ago, City of Leicester they were on the verge of completing one of the most remarkable achievements in football history. Their 5,000-1 win in the Premier League 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 intelligent leadership.
However, the following years brought a mix of success and disruption. Winning the FA Cup in 2021 showed that Leicester could still compete at a high level, but cracks were starting 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. Although stability was maintained for a time, the long-term effects of this loss, combined with wider financial challenges, gradually began to affect decision-making and management.
The optimism that once surrounded Leicester slowly gave way to uncertainty, setting the stage for a decline that few could have predicted.
Descent into the pitch and missed opportunities
Leicester remained competitive in the early 2020s, narrowly missing out on Champions League qualification in back-to-back seasons and finishing eighth in 2022 while reaching a European semi-final. Still, even then, concerns arose about the need to invest in the team and evolving ambitions.
Manager Brendan Rodgers warned that expectations had 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 sacked 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 could not avoid relegation, and what followed was a period of instability. In just three years, Leicester went 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.
Infighting and growing disconnection
Off the pitch, problems within the club compounded the problems on the pitch. The reports suggested a culture of complacency, with the belief that results would improve without significant change. This mentality had already been evident during their relegation to the Premier League and seemed to persist afterwards.
Decisions at the executive level also came under scrutiny, with concerns about reliance on long-standing figures and the absence of fresh perspectives. At the same time, delays in the appointment of substitutes and controversial dismissals – 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 fans became more visible. Incidents such as Harry Winks being booed by fans and involved in fights highlighted the growing disconnect between the team and the fan base.
As results worsened, confidence drained both in the dressing room and in the stands, leaving the club on a downward spiral that proved difficult to stop.
Financial pressure and uncertain future
Leicester’s decline has also been driven by significant financial difficulties. A six-point deduction for breaching EFL financial rules added to their problems, while heavy losses, including £71.1m in a single season, highlighted the scale of the problem.
The club had spent beyond its means, with wages exceeding total revenue for several seasons. Even after relegation from the Premier League reduced revenues, Leicester continued to have one of the highest wage bills in the Championship.
Several high-earning players remain under contract, and moving them won’t be easy. At the same time, the club has relied on loans and advanced financing, including deals with an investment bank that will effectively bring in future income.
With the relegation to League One, income will decrease further, while new financial regulations will limit spending on player wages. This creates a difficult balance, especially given the existing financial commitments.
What was once a model of smart growth and success now faces a difficult rebuild, with uncertainty over how quickly and whether the club can recover.
