On May 2, 2016, Leicester City completed one of football’s most improbable achievements, clinching the Premier League title at odds of 5,000/1. The trophy was confirmed by other results and, five days later, Claudio Ranieri and his players celebrated with supporters at the King Power Stadium in a surreal, unforgettable occasion.
A decade later, the club’s fortunes have reversed. On a Tuesday night — 3,642 days after that title — Leicester were relegated from the Sky Bet Championship after a 2-2 draw with Hull City, Oli McBurnie’s 63rd-minute equaliser extinguishing the final hope: only a win would have kept them up.
Few stories in modern English football mirror this rapid fall from the very top to the third tier. Other former champions have dropped to the third division in the past — Portsmouth, Leeds and Derby among them — but Leicester’s descent from Premier League champions in 2016 to League One in 2026 is unusually swift.
A turbulent decade
The seasons immediately after the title were mixed: Leicester finished 12th in 2016/17 while juggling Champions League football (they reached the quarter-finals), then had a variety of mid-table and top-six finishes, and secured their first FA Cup in 2020/21. In 2021/22 they reached the Europa Conference League semi-finals and finished eighth in the league.
Instability followed. Relegation from the Premier League came on the final day of 2022/23, but the club bounced straight back by winning the Championship in 2023/24 with 97 points under Enzo Maresca — Jamie Vardy scoring 18 league goals — only for Maresca to leave for Chelsea that summer.
The 2024/25 Premier League campaign collapsed. Steve Cooper was sacked in November 2024 and Ruud van Nistelrooy took over, presiding over a catastrophic run: between December 14 and April 7 the side lost 15 of 16 league games, and relegation was confirmed with five matches remaining.
Back in the Championship more upheaval followed. Van Nistelrooy departed, Marti Cifuentes was appointed and then sacked within months. A promising start — fourth at the September international break — gave way to a dramatic loss of form. By 2026 Leicester had won just two of their first 20 Championship matches. Gary Rowett was appointed on February 18 but could not arrest the slump.
A six-point deduction for breaching Premier League Profit and Sustainability Rules (PSR) in 2023/24, which was upheld on appeal, proved decisive. Without that deduction Leicester would have finished one point behind safety; with it they ended seven points short with only six points available in the run-in.
Key statistics from a disastrous campaign
– Leicester have won one of their last 18 Championship games (D8 L9).
– They have lost six of their last nine home Championship matches (W1 D2).
– The side are top scorers among the Championship’s bottom half with 56 goals, but only Sheffield Wednesday have conceded more.
– They have dropped 19 points from winning positions in home league games — the most across England’s top four divisions.
– Overall, Leicester surrendered 30 points from winning positions this season, more than any other club.
– They opened the scoring in 13 of 21 home games but converted just six of those leads into wins.
Ownership, leadership and legacy
Many supporters and analysts point to the long-term impact of the October 2018 helicopter crash that killed owner Vichai Srivaddhanaprabha. Voices around the club have suggested his absence changed Leicester’s trajectory; critics argue his son Aiyawatt “Top” Srivaddhanaprabha has not been as visibly connected to day-to-day life at the club and that the stewardship since 2018 has lacked the sustained, community-orientated approach some other clubs adopted. Top spoke publicly in February about his father’s legacy and the club’s struggles — his most extended comments in years.
Financial hit and squad consequences
Relegation to League One will impose a severe financial squeeze. Revenues that were around £187m in the Premier League are projected to fall to just over £100m by the end of this Championship season and could drop toward £60m in League One. Even at that reduced income Leicester would still be by far the wealthiest club in League One, where average revenues are roughly £10m.
Parachute payments from the Premier League provide a temporary buffer but taper off over three years (roughly 55% of entitlement in year one after relegation, 45% in year two, 20% in year three). The club will therefore face immediate pressure to cut costs: estimates suggest the wage bill must be trimmed by 30–40%. Many players have relegation release clauses or will be unaffordable or unwilling to play in the third tier, prompting substantial squad turnover.
Potential transfer income is also reduced: players who would have commanded large fees while Leicester were in the Premier League — for example Abdul Fatawu, who might once have attracted offers near £35m — will now likely fetch considerably less, shrinking the possible proceeds from sales.
Reaction and the path ahead
Supporters have described the season as humiliating given the club’s recent peaks: a Premier League title in 2016, an FA Cup in 2021 and regular European nights. Some fans call this Leicester’s most embarrassing season and fear the relegation could mark the start of a deeper decline because of the club’s infrastructure and wage commitments.
Leicester last played in England’s third tier in 2008/09. The immediate priorities now are clear: financial restructuring to balance the books, major squad rebuilding to create a competitive and sustainable team, and stabilising leadership and identity both on and off the pitch. Only by addressing those areas can Leicester hope to stop the slide and begin rebuilding toward the heights of recent memory.