The Thai owners of Leicester City are exploring a sale of the club, a decade after its remarkable Premier League title win became one of the greatest underdog stories in sporting history.

King Power, the travel retail and duty-free group that has owned the English club for more than 15 years, has appointed Citigroup to gauge market interest, according to the Financial Times.

Leicester City was acquired by King Power founder Vichai Srivaddhanaprabha in 2010, when the club was a mid-table side in the Championship.

The Foxes earned promotion to the Premier League in 2014 and, just two years later, stunned the football world by winning the English top flight under Italian manager Claudio Ranieri. The title-winning squad featured the likes of Jamie Vardy, N’Golo Kanté and Riyad Mahrez.

The following season, Leicester reached the UEFA Champions League quarter-finals before tragedy struck in 2018, when Srivaddhanaprabha was killed in a helicopter crash outside the King Power Stadium. Control of the club subsequently passed to his son, Aiyawatt Srivaddhanaprabha.

Leicester continued to enjoy periods of success, finishing fifth in the Premier League in both 2020 and 2021, while also lifting the FA Cup for the first time in the club’s history.

However, fortunes have since declined. The club was relegated from the Premier League in 2023, bounced straight back the following season, but suffered another relegation to the Championship after just one year in the top flight.

Off the pitch, Leicester has also faced mounting financial challenges. In February, the club was docked six points for breaching financial regulations after exceeding permitted spending limits. The sanction contributed to its relegation.

Leicester City reported a pre-tax loss of £71.1 million for the 2024/25 season despite competing in the Premier League.