adminLeicester City’s future could be heading towards a dramatic turning point as the club’s Thai owners prepare to sell after 16 years in charge, with reports linking Qatari billionaire Sheikh Jassim to a huge £288 million bid to take over the Foxes.
According to Sky News, holding company King Power has set a deadline of this Friday for potential buyers to submit their final bids for the club. The current owners intend to sell the team outright after more than a decade and a half at the helm.
Investment bank Citi is advising on the sale process, with King Power reportedly hoping to receive around £225 million for the club.
The potential takeover comes at a difficult time for Leicester City. The Foxes, who famously won the Premier League title in 2016, have suffered back-to-back relegations and are now playing in League One, the third tier of English football.
However, a change of ownership could offer a fresh start, with prospective investors set to acquire not only the playing squad but also the club’s established infrastructure, including its training ground and stadium.
King Power purchased Leicester City from Milan Mandarić in 2010 for approximately £35 million. During their 16 years in charge, the Thai investors have reportedly put more than £420 million into the club.
According to reports, Qatari billionaire Sheikh Jassim has tabled a £288 million bid in an attempt to secure ownership of the club. If confirmed, the reported offer would represent a significant development in Leicester’s search for new investors, although the details and status of the alleged bid remain unclear.
Sheikh Jassim is best known for his high-profile attempt to buy Manchester United in 2023 through his Nine Two Foundation. Despite multiple rounds of negotiations, his proposed takeover ultimately failed to materialise.
He could now emerge as a major name in discussions surrounding Leicester City, but there is no confirmed agreement establishing him as the club’s next owner.
Meanwhile, Scottish-Indian businessman Neil Lal has publicly confirmed his interest in Leicester City and submitted a proposal. His bid reportedly involves a four-way ownership structure, with each member holding a 25% stake and financial backing coming from India.
However, Lal’s reported valuation is below King Power’s £225 million asking price, partly because of concerns surrounding the club’s debts and financial liabilities.
The sale has already proved challenging, with at least two prospective bidders reportedly withdrawing during due diligence after assessing the club’s financial commitments alongside the initial purchase price.
The identities of other serious bidders remain largely undisclosed. The deadline was also pushed back from September into October to allow further negotiations and additional reviews of the club’s financial liabilities.
With King Power seeking a buyer and Leicester facing an uncertain future in League One, the coming days could prove crucial in determining who takes control of the former Premier League champions.
For now, supporters will be waiting for official confirmation of any successful bid, with Sheikh Jassim’s reported interest adding another intriguing twist to Leicester City’s ownership saga.
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Abdulhafiz Teslim
