adminLeicester City’s Thai owners have asked potential buyers to submit offers this week as they prepare to sell the club they purchased in 2010.
Bankers at Citi, who are advising King Power on the sale process, have told interested parties to submit their bids by Friday, according to Sky News.
The development comes as Leicester continue to struggle following their remarkable Premier League triumph in 2016, with the club now facing the reality of life in English football’s third tier after back-to-back relegations.
Rudkin on Top
‘He’s very focused, regularly in contact with us and wants to see the club progress and get promoted and see us back playing in the Premier League.’
Via @MarkKleinmanSky
The Srivaddhanaprabha family, which bought Leicester City in 2010, launched a sale process months ago. However, the latest report reveals that potential bidders have now been given a deadline to make their offers.
The identity of any serious bidders remained unclear on Monday, although one football insider indicated that the deadline had been pushed back to accommodate other interested parties.
Leicester’s decline has been difficult for supporters to accept. After winning the Premier League title in 2016 and qualifying for Europe’s most prestigious club competition, the Foxes have endured a series of crises, including the tragic death of former owner Vichai Srivaddhanaprabha in a helicopter crash near the King Power Stadium in 2018.
The club have since suffered consecutive relegations and currently sit in 17th place in League One, leaving supporters questioning how a team that once reached the top of English football has fallen so far.
Reports suggest King Power could be seeking as much as £225 million for the club, which boasts training facilities regarded as among the best in the country. However, a sale at anything close to that valuation would represent a record for a club at that level.
The news is likely to intensify scrutiny of the club’s leadership, particularly as supporters continue to demand answers over Leicester’s dramatic decline and the decisions that have contributed to their current situation.
Meanwhile, the latest development comes during a crucial week for English football, with the sport’s new regulator due to publish its inaugural State of the Game report on Tuesday.
Sky News reported last week that the document would conclude that 94% of professional clubs are loss-making, while 97% have operating costs exceeding their turnover.
Leicester City declined to comment on the sale process.
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Abdulhafiz Teslim