Owner's Death, COVID, and Managerial Failures: Leicester Face Catastrophe After Relegation to League One

In the season before their title-winning campaign, newly-promoted Leicester City spent a long time at the bottom of the table. However, an incredible late run saw them win 7 of their last 8 matches, securing their survival at the last minute. Despite this, the club surprisingly sacked manager Nigel Pearson and appointed Claudio Ranieri.

The Italian had previously managed several major clubs but had never won a league title. Pundits, including the renowned Gary Lineker, criticised the board's risky move. Leicester were once again tipped for relegation, with the odds of a sensational title win at 5000/1.

At the time, thanks to excellent scouting, Leicester managed to sign future global football stars like N'Golo Kanté and Riyad Mahrez on the cheap. Ranieri built a strong squad around captain Wes Morgan, goalkeeper Kasper Schmeichel, and club talisman Jamie Vardy.

The Foxes' incredible run captivated the entire football world. From the end of November, they were almost continuously at the top of the table. Ranieri rewarded his players with pizza for clean sheets and charmed the media. When asked about a potential title win, he replied that the goal was to reach 40 points and secure survival.

World-renowned tenor Andrea Bocelli performed during the championship celebrations. Lineker fulfilled a wild promise and presented the opening episode of the new season's Match of the Day on the BBC wearing only his underwear, branded with the Leicester logo.

VIDEO: Leicester's title celebrations with Andrea Bocelli:

Leicester's story went global. In the following season, during their debut in the Champions League, they advanced to the quarter-finals. However, in the league, they struggled against relegation, and Ranieri was dismissed in February.

The club stabilised in the following years. Over the next five seasons, they never finished lower than 9th, finishing fifth in 2021 and winning the FA Cup.

Off the pitch, however, problems began to mount. The club was brought to the pinnacle by its much-loved owner, Vichai Srivaddhanaprabha. The Thai businessman founded the successful duty-free company King Power.

In 2018, he tragically died in a helicopter crash near the stadium. His then 33-year-old son, Aiyawatt, took over. A year and a half after the owner's death, the coronavirus pandemic struck, crippling air travel and halving the company's revenue. Financial problems soon hit Leicester as well.

According to critics, the club suffered from the inexperience of its new leader after the owner's death. "He lost his father, and that must have had an impact. He had to take over the company at 33. You're a young man, you look to your father for advice, and suddenly, from one day to the next, he's not there," said Robert Huth, a member of the title-winning team, to Sky Sports.

Leicester's last successes to date came in 2022, when they finished eighth in the Premier League and reached the semi-finals of the Conference League. Then-manager Brendan Rodgers called for significant squad reinforcements. However, they never materialised, and a year later, Leicester were relegated to the Championship.

During these years, the club sold players for tens of millions but failed to reinvest the money into new signings. When they did, they made poor decisions. Although they returned to the Premier League after a year, they were relegated again 12 months later, and this time, instead of an immediate return, they dropped into the third tier.

This season, Leicester were also hit with a six-point deduction for breaching financial rules. Without it, they would still be in the fight for survival. Criticism is directed not only at the management but also at the players, as Leicester were favourites for promotion back to the Premier League at the start of the season.

"When you look at the clubs that have been relegated to the third tier in the past, I can't find any other that had the quality and experience of Leicester. This team should have been promoted back to the Premier League; relegation to League One is unprecedented!

Every single player needs to take a long, hard look in the mirror because this is unacceptable!" former England international Andy Hinchcliffe told Sky Sports.

"They have players on astronomical wages. Although they will now be reduced, they will still be astronomical for the third tier. If these players didn't want to play in the Championship, which of them will want to play in League One?

Whoever the manager is now will be glad to see many of them go. That will probably be best for them, but also for the club, so it can start over. The rebuild will be huge," added former league player Curtis Davies.

Leicester have been in the third tier before, but their current facilities and infrastructure are far beyond that level. The club's income from broadcasting rights and advertising will be significantly reduced, and it faces further drastic cuts to survive.

"I feel most sorry for the fans, the support staff, and the people who will now likely lose their jobs. Leicester has one of the best training centres in Europe. Will they even be able to afford to keep the lights on?

I am genuinely concerned about the state of the club and where it's heading. This could have catastrophic consequences," said Courtney Sweetman-Kirk, a football pundit and Leicester native, to the same source.

"Leicester's relegation raises serious financial questions. Six points were deducted after they exceeded the maximum financial loss limit by £20.8 million for the 2023/24 season.

However, for the 2024/25 season, they announced another huge loss of £71.1 million last month. In the two seasons leading up to 2023/24, Leicester spent more on wages alone than they were able to earn.

From next season, League One clubs will only be able to spend 60% of their revenue on player-related expenses. With many players still on astronomical wages for the third tier, it will be very difficult for the club to operate within these parameters," reports the BBC.