From Premier League champions to League One: The story of Leicester City’s decline | OneFootball

Leicester City completed arguably the most unlikely title triumph in football history ten years ago.

The 5000/1 outsiders defied expectations to lift the Premier League trophy. It was a story that transcended sport.

That same club is now fighting to avoid relegation to League One with only four games remaining.

The speed of the collapse is genuinely staggering. Just five years after winning the FA Cup and competing in the Europa League, Leicester are on the cusp of back-to-back relegations.

In 2024-25, their return to the Premier League lasted just one season. They conceded 80 goals – the most in the club’s top-flight history.

The Foxes kept just three home clean sheets across the campaign, and collected only 25 points from 38 games. By every measure, it was a complete capitulation.

The causes are financial and structural. In the three years leading up to June 2024, Leicester incurred losses of more than £200 million, far exceeding the permitted £81m limit over a rolling three-year period.

The result was a six-point deduction in February 2026, which dropped them into the Championship relegation zone.

Their appeal against the penalty was rejected on April 8, leaving them one point from safety with five games remaining.

Boardroom chaos has been equally damning. Since the 2021 FA Cup win, Leicester have cycled through Brendan Rodgers, Dean Smith, Steve Cooper, Enzo Maresca, Ruud van Nistelrooy, Marti Cifuentes, Andy King and Gary Rowett.

Each managerial change has reflected deeper institutional instability – a club consistently making short-term decisions while long-term foundations crumbled.

Even relegation to League One would not guarantee a swift return, given increasingly stringent financial rules in the lower divisions.

Leicester’s estimated annual wage bill remains the highest in the Championship at around £42.6m.

The 2016 title feels like ancient history now. What remains is something sadder – a club that had everything, spent everything, planned for nothing, and is now paying a heavy price.