Leicester City's dramatic fall from Premier League champs to League One in ten years

Leicester City will compete in League One next season after a decade of steep decline from their historic Premier League title.

Current crisis on the pitch As of April 2026, Leicester City have managed just two victories in Championship matches. A 2-2 draw with Hull City on Tuesday confirmed their relegation to League One. Ten years ago, the Foxes were days away from claiming the Premier League title. Their decline accelerated after winning the FA Cup in 2021, marking a stark reversal from their golden era. ## From glory to despair in a decade Leicester's journey includes the historic 5,000-1 title triumph that stunned the football world. Two years later, the club faced immense tragedy when owner Vichai Srivaddhanaprabha died in a helicopter crash outside the stadium. These events bookend a decade of emotional highs and crushing lows for the East Midlands club. ## Managerial carousel and instability After finishing eighth in the Premier League in 2022 and reaching the Conference League semi-finals, manager Brendan Rodgers warned the club needed to adjust expectations. A winless streak of eight matches early in the 2022-23 season led Rodgers to focus on securing 40 points. This marked a sharp shift from his earlier ambitions to disrupt the Premier League hierarchy. Leicester just missed Champions League qualification on the final day of consecutive seasons in 2020 and 2021. ## FA Cup success followed by rapid fall Under Rodgers, Leicester won the FA Cup in 2021 by defeating Chelsea, managed by Thomas Tuchel. However, a lack of high-quality investment led to a swift decline. Despite featuring internationals like Jamie Vardy, James Maddison, and Youri Tielemans, Rodgers was dismissed in April 2023 with the club in the bottom three. Former managers Dean Smith, Enzo Maresca, Steve Cooper, Ruud van Nistelrooy, and Marti Cifuentes followed, each failing to stabilize the team. ## Seven managers in three years Since Rodgers' departure in April 2023, Leicester have appointed seven managers. Dean Smith took charge but could not prevent relegation from the Premier League in 2023. Enzo Maresca guided the club to the Championship title in 2024 after a failed attempt to recruit Graham Potter. Steve Cooper and Ruud van Nistelrooy followed, with the Dutchman winning only five of 27 games. Marti Cifuentes was sacked in January 2025 after the team sat 14th, six points from the play-offs. Gary Rowett took over 24 days later and oversaw further decline despite a six-point penalty for financial breaches. ## Financial struggles and wage issues Leicester have operated with a wages-to-turnover ratio above 100% for two seasons up to 2023-24, paying out more in salaries than they earned. This dropped to 82% during their Premier League relegation season due to television income, yet several high-earning players remained. Contracts for players like Patson Daka, Ricardo Pereira, and Harry Winks will expire in summer 2026. Oliver Skipp, capped ten times by England, is contracted until 2029, while Jannik Vestergaard signed a three-year deal in 2024. ## Loan pressures and future uncertainty In September 2025, Leicester approached Macquarie Bank to bring forward installments from transfers of Tom Cannon, Kasey McAteer, and James Justin. By January 2026, another loan was rolled over to cover the final parachute payment until June 2027. Top Srivaddhanaprabha has previously written off hundreds of millions in loans. With League One television revenues far lower, future loan options may soon disappear. Starting next season, League One clubs can spend only 60% of additional football income on player-related costs. ## Owner's death casts long shadow Vichai Srivaddhanaprabha purchased Leicester for £39 million in 2010, cleared club debts, and oversaw promotion to the top flight in 2014. The 2015-16 Premier League title win became one of sport’s greatest underdog stories. Robert Huth, a key member of that squad, described Vichai as hugely influential with a 'get stuff done' attitude. His son Aiyawatt, known as 'Top,' inherited both the club and King Power business at age 33 after Vichai’s tragic death. ## Fans voice heartbreak and frustration Foxes Trust chair Lynn Wyeth expressed devastation over the club’s fall from grace. She noted the rapid, uncontrollable decline that began after Brendan Rodgers’ tenure. Wyeth acknowledged fleeting optimism about competing consistently for European spots but emphasized the stark reality of the current situation. 'It’s pretty heartbreaking after seeing us doing so well – to dare to dream and do the impossible,' she said. No one now seems certain how to reverse the damage. ## Recent performances spark fan anger Leicester’s poor form continued with a heavy defeat at Portsmouth, prompting midfielder Harry Winks to engage in a heated argument with supporters after the match. Winks was booed onto the pitch during the draw with Hull City. Large sections of the stadium were empty for Tuesday’s game against Hull, underscoring growing fan discontent. The six-point deduction for financial breaches left Leicester barely above the relegation zone on goal difference. ## Quotes from club legend Robert Huth, who transitioned from player to loans manager between 2022 and 2024, reflected on the challenges facing the club. 'I worked with Jon and I always found him very fair, reasonable and honest,' he stated. Huth added, 'They love Leicester and want the club to do well but they need some help.' He also described the immense pressure on Top Srivaddhanaprabha, who lost his father and inherited a major business at a young age. 'People overlook that. He lost his father in public surroundings and it’s going to have an effect.' ## Financial losses and wage restructuring Leicester reported a £71.1 million loss for the 2024-25 season despite competing in the Premier League. The club was deducted six points for exceeding the maximum loss threshold by £20.8 million through the 2023-24 season. Wages dropped to 82% of turnover during the relegation campaign but remained high for several star players. Contracts for big earners like Patson Daka, Ricardo Pereira, and Harry Winks expire in summer 2026, complicating financial recovery.