The King Power group is selling Leicester City Football Club. They’ve owned it for 16 years. The owners are looking for over 200 million pounds.
Citigroup, an investment bank, is handling the sale. They’ve sent out a sales document called “Project Lineup” to potential investors.
The sale includes the men’s and women’s teams, the 32,000-seat stadium, and the club’s training facility, which cost 121 million pounds to build. Leicester’s sister club in Belgium, OH Leuven, is also part of the deal.
King Power bought the club in 2010 for about 35 million pounds. During their ownership, Leicester had an amazing run. They were promoted to the Premier League in 2014, won the league title in 2016 against all odds, and won the FA Cup in 2021.
However, things have been tough since the pandemic. The club has faced financial problems and a drop in performance. They’ve been relegated twice and are now playing in EFL League One, the third division of English football.
Citigroup expects the club to make over 97 million pounds in revenue by 2026. But, any new owner will need to deal with the club’s debts. Leicester has lost over 180 million pounds in recent seasons and owes 103.6 million pounds in bank loans.
Sky Sports reports that King Power isn’t desperate to sell quickly. They will keep funding the club’s operations while they look for a buyer who can take the club forward.
