Leicester City’s owner is reportedly seeking GBP 225 million for the football club, a valuation that would set a takeover record for a League One team if achieved. According to The Sun, prospective buyers have been asked to lodge formal bids by Friday as the Thai owner, the Srivaddhanaprabha Family, pursues the sale.
The asking price comes despite a sharp deterioration in Leicester’s sporting position. Two successive relegations have left the club in English football’s third division, where it currently ranks 17th. The owners nevertheless want a substantial return, with their reported valuation far exceeding the previous takeover record for a club competing at that level.
For the Srivaddhanaprabha Family, who also owns King Power, a transaction would conclude an ownership period spanning Leicester’s greatest achievements and its subsequent difficulties. The family began seeking a buyer several months ago, a decade after the club secured the Premier League championship.
King Power purchased Leicester City from Milan Mandaric for GBP 35 million back in 2010. Since then, the Thai conglomerate has developed the club from a Championship team into an internationally recognised name over the past 14 years of its ownership. That period included the 2016 league title and qualification for Europe’s leading club competition.
Citi’s investment bankers are overseeing the auction and have designated the end of this week as the deadline for serious prospective purchasers to submit offers. The Sun reported that bidders had received a little more time than initially planned. Neither the identities of those involved nor the specific parties considering an offer have been disclosed.
The bid deadline also falls in a week of regulatory developments for English football. On Tuesday, the sport’s new regulator released its first draft for the State of the Game report, ahead of Friday’s cutoff for offers for Leicester. The draft evaluates the financial health, sustainability, and structure of the top 116 clubs across the top five tiers of English men’s football.
