On May 2, 2016, Leicester City completed one of football’s most improbable stories, winning the Premier League at odds of 5,000/1. The title was confirmed by other results, and five days later Claudio Ranieri and his players celebrated with fans at the King Power Stadium, a surreal moment that included a pre-match serenade by Andrea Bocelli.
A decade on, Leicester’s fortunes have reversed dramatically. On a Tuesday night, 3,642 days after that title, the club were relegated from the Sky Bet Championship after a 2-2 draw with Hull City, Oli McBurnie’s 63rd-minute equaliser killing their final hopes. Only a win would have kept them up.
While other former champions have fallen to the third tier in the past—Portsmouth (First Division winners in 1950, Third Division by 1961), Leeds (1992 winners, down two divisions by 2007) and Derby (shortest interval: champions in 1975, third tier by 1984)—nothing in the modern era matches Leicester’s rapid decline from the top of English football to League One in such a short span.
Down, up and down again
Leicester’s immediate seasons after the title were mixed. They finished 12th in 2016/17, burdened by Champions League demands (they reached the quarter-finals). Subsequent seasons produced mid-table finishes, two fifth-place finishes, and a first FA Cup triumph in 2020/21. In 2021/22 they finished eighth and reached the Europa Conference League semi-finals.
However, instability followed. In 2022/23 they were relegated from the Premier League on the final day. They bounced immediately, winning the Championship in 2023/24 under Enzo Maresca with 97 points—Jamie Vardy scored 18 league goals—but Maresca left for Chelsea in the summer. The 2024/25 Premier League campaign collapsed: Steve Cooper was sacked in November 2024, Ruud van Nistelrooy took charge but presided over a catastrophic run—between December 14 and April 7 they lost 15 of 16 league games—and Leicester were relegated with five games to spare.
Back in the Championship, more upheaval followed. Van Nistelrooy left and Marti Cifuentes was appointed but sacked within months. Leicester were fourth at the start of the September international break but form nosedived thereafter. By 2026 they had won only two of their 20 Championship matches to date. Gary Rowett was appointed on February 18 but could not halt the slump.
A six-point deduction for breaching Premier League Profit and Sustainability Rules (PSR) in 2023/24—upheld on appeal—proved decisive. Without the deduction they would have been one point behind safety; with it they finished seven points adrift with only six points available.
Defining stats from a disastrous season
– Leicester have won one of their last 18 Championship games (D8 L9).
– They have lost six of their last nine home Championship games (W1 D2).
– The side are the top scorers in 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 the top four divisions.
– Overall, Leicester have surrendered 30 points from winning positions this season—more than any other team.
– They opened the scoring in 13 of 21 home games but won only six of those matches.
Ownership and legacy questions
Many supporters and commentators point to the long-term impact of the helicopter crash that killed owner Vichai Srivaddhanaprabha in 2018. Voices around the club have suggested his absence changed the club’s trajectory. Jordan Halford of the Big Strong Leicester Boys podcast said Vichai’s son Aiyawatt “Top” Srivaddhanaprabha is not as present or connected to the club, describing comments by Top as out of touch and blaming a lack of sustainable stewardship compared with clubs like Brentford, Bournemouth and Brighton.
Top Srivaddhanaprabha spoke publicly in February about his father’s legacy and the club’s struggles, his first extended comments in a decade.
Financial fallout and squad implications
Relegation to League One will hit Leicester hard financially. Estimates suggest revenues could fall from about £187m in the Premier League to just over £100m by the end of this Championship season, and potentially to around £60m in League One. Even so, Leicester would remain by far the richest club in League One—average revenues in the division are roughly £10m.
Parachute payments from the Premier League will provide a buffer but diminish over time (roughly 55% of entitlement in year one after relegation, 45% in year two, 20% in year three). That means even a prompt return to the Championship would not restore previous income levels, and payments will continue to decline.
Leicester’s wage bill must be cut by an estimated 30–40%. Many players have relegation release clauses or will be deemed unaffordable or unwilling to play in the third tier, prompting large squad turnover. Players who once generated significant transfer interest, such as Abdul Fatawu—who could have fetched around £35m when Leicester were relegated from the Premier League—will likely command much lower fees now, perhaps £10–15m less, shrinking potential income from sales.
Reaction and the road ahead
Supporters describe the season as humiliating given the club’s recent heights—Premier League champions in 2016, FA Cup winners in 2021 and regular European participants. Some fans call this the most embarrassing season in Leicester’s history and fear it could mark the start of a deeper decline, pointing out the scale of the club’s infrastructure, wage commitments and recent spending make sustained League One competition a major challenge.
Leicester last played in England’s third tier in 2008/09. The immediate priorities now are financial restructuring, major squad rebuilding, and stabilising the club’s identity and leadership—on and off the pitch—if they are to avoid further decline and rebuild toward former glories.