King Power Opens Leicester City Takeover Bidding Process

Leicester City’s ownership could be approaching a major change, with King Power inviting formal takeover proposals by Friday as the Srivaddhanaprabha family consider ending their long association with the club. Citi is running the process, with prospective purchasers asked to meet the revised deadline to remain involved.

Sale process enters formal stage

King Power bought Leicester from Milan Mandaric for £35m in 2010 and has presided over the most decorated era in the Foxes’ history. The family’s decision to explore a sale was made earlier this year after the club’s decline through the divisions.

Interested groups have not been publicly identified. The timetable for offers was extended slightly before Citi set the end-of-week cut-off for bids.

• King Power acquired Leicester City in 2010 for £35m.
• Citi has been appointed to manage the proposed sale.
• Formal offers are due by Friday.
• The club is being valued at a reported £225m.

A transaction at £225m would set a new benchmark for a takeover involving a League One club, comfortably exceeding the previous level for England’s third tier.

A defining 14-year period

The proposed departure would close a remarkable chapter for Leicester. The club moved from Championship status to international prominence during King Power’s time in charge, most notably through the extraordinary Premier League triumph of 2016.

Claudio Ranieri’s side began that campaign as 5,000-1 outsiders, but went on to win the title in one of football’s most unlikely championship stories. Leicester also reached the Champions League quarter-finals in 2017 and later claimed the first FA Cup in the club’s history, beating Chelsea in the Wembley final.

League One reality

Any incoming owner would inherit a club far removed from its Premier League high point. Leicester have suffered consecutive relegations, falling from the top division through the Championship and into League One.

The Foxes currently sit 17th in the third tier and have yet to establish the consistency needed to move towards the promotion places. The ownership process now develops against that difficult sporting backdrop, with the family seeking a substantial return on the investment that reshaped the club.