Leicester City have been relegated to League One, just ten years on from their against-all-odds title-winning Premier League campaign.
It’s been a downward fall for the Foxes ever since, marred by tragedy and mismanagement. Three relegations, two of which came consecutively in 2024/25 and 2025/26, have only been masked by a rosy period under Brendan Rodgers, during which the club won the FA Cup.
Owner Khun Vichai Srivaddhanaprabha’s tragic death in October 2018 meant the handing of the baton to his son, Aiyawatt ‘Top’, who was handed huge financial responsibility in his early thirties, without his beloved father’s guidance.
Leicester’s relegation to League One was officially confirmed on Tuesday night, following a 2-2 draw with Hull City. After full-time, hundreds of fans swarmed to the King Power Stadium reception to express their anger, where several players were abused and heckled. Few acknowledged the fans at all.
When Chairman Top addressed the Leicester City fans in his first interview in 10 years in January 2026 and spoke about his plans to reshuffle how the club was run, Foxes fans hoped that Director of Football Jon Rudkin would exit.
Rudkin has come increasingly under fire. He is the football decision-maker at Leicester City. But he now feels unsafe walking around in the city, reports John Percy for The Telegraph. When a member of a club’s hierarchy has to worry about his personal safety, most would think the time to walk for both parties is then.
Maybe Rudkin desperately wants to fix the situation and leave Leicester City in a good place, but that ship appears to be sailing. It may have already left.
His promotion from Director of Football to an even higher role at the club leaves him in an even more volatile position, because Leicester just cannot afford a major overhaul.
While most teams that complete the feat of two successive relegations from the Premier League to the Championship have parachute payments to help catch their fall, it appears Leicester have already gambled the money on their future.
The club has already cashed in on future instalments from Premier League parachute payments and player sale instalments by selling those sums to MacQuarie Bank, according to football finance expert Kieran Maguire.
While the club, in theory, should have £35m of parachute payments arrive next season, this bank loan makes it all null and void. Leicester will only make £2m cash in broadcast money next season in League One.
From next season, new rules being implemented in League One mean that clubs will be restricted to spending just 60% of their extra football income, such as prize money, cup earnings or transfer fees received.
With many players still on huge wages, it will be tough for Leicester to operate in League One. They had one of the, if not the highest, wage bills in the Sky Bet Championship in 2025/26, but are still going down.
While in extreme financial difficulty, Leicester will have to sell all remaining assets before trying to rejuvenate their squad – a feat Jon Rudkin will have to lead.
Leicester now hold the record for the most expensive squad to be relegated from the Premier League and the Championship.
In February, they were docked six points for breaching the EFL’s Profit and Sustainability rules. They are still incurring huge losses and remain damned financially.
There’s nothing to say that League One will be a walk in the park. Another poor summer transfer window, and they could be in trouble yet again.
Since Enzo Maresca left the Foxes for Chelsea in 2024, Leicester have won just 17 of 82 league matches, leading them towards back-to-back relegations.
Fans have targeted a lot of the blame, rightfully, at the club’s hierarchy, but the players are in just as much hot water.
One of the Championship’s most-paid players, Harry Winks was filmed telling a Leicester fan to “f**k off” outside Fratton Park following a 1-0 loss to relegation rivals Portsmouth. Not a good look.
And the players seem to have a losing mentality – Leicester have lost 30 points from winning positions this season, more than any other team in the Championship.
Only rock-bottom team Sheffield Wednesday (83) have conceded more goals than Leicester (67) this season, too.
Quite frankly, the fanbase has never felt more disconnected from their players.
A lack of transparency from the owners, a group of players bereft of ideas and finances in the red, has all led up to this moment.
Next season will see Leicester City play at their lowest level since 2009.
It’s going to take a 2015/16 level miracle to get them out of this trouble.
