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Leicester City's fairytale chapter under the Srivaddhanaprabha family is now officially nearing its end after 16 years marked by remarkable triumphs and painful setbacks. After a disastrous double relegation that has taken the former Premier League champions down to the third tier, King Power has formally placed the club on the market for a sum in excess of £200 million.

King Power is pursuing an exit through Project Lineup.

As per BBC Sport, the Thailand-based King Power group, headed by chairman Aiyawatt 'Top' Srivaddhanaprabha, has appointed leading American investment bank Citigroup to oversee the sale of the club. An eight-page sales document named 'Project Lineup' is currently being circulated among prospective investors, outlining a package that includes the men's first team, the women's team, the 32,000-capacity King Power Stadium and the cutting-edge Seagrave training facility.

Although the brochure underlines the club's physical assets - valued at more than £200 million, including a £121 million valuation for the training ground that opened in 2020 - it does not clearly state a specific valuation for the playing squads. Instead, Citigroup presents the sale as 'a rare opportunity to acquire a club with an excellent track record of winning promotions to higher divisions.'

There are also major financial obstacles behind the move, alongside the decline of what was once a flourishing football empire.

The sales presentation projects turnover of more than £97 million for the 2026 financial year, but the underlying numbers paint a far more worrying picture about the club's recent footing. The Foxes have suffered huge financial losses amounting to more than £180 million during a turbulent spell between 2023 and 2025. In addition, the club's 2025 accounts showed a heavy debt load, including £103.6 million in bank loans.

The decision to sell also comes at a time when King Power's duty-free business in Thailand is dealing with its own economic pressures. The close link between the business group and the football club, which was so powerful during the leadership of Vichai Srivaddhanaprabha, has been tested by changes in the global market.

A proud legacy has now been clouded by recent failure.

The Srivaddhanaprabha family first bought Leicester City from Milan Mandaric in 2010 for only £35 million, turning the club from Championship hopefuls into worldwide names. But supporters' sentiment has turned sharply after successive relegations. The sales process comes after months of increasing unrest, which reached a peak with loud protests outside the stadium following their Championship exit.

Even amid the current gloom, the sales brochure points prospective buyers towards Leicester's place among the elite in the modern era. The document describes the Foxes as one of only five clubs to have won all three major English trophies - the Premier League, the FA Cup and the League Cup - since the start of the millennium.

The talent pipeline and the prospect of a fresh start are also central to the sales pitch.

One of the main pillars of the presentation is Leicester's well-regarded youth system, which Citigroup describes as a 'strong talent pipeline backed by leading scouting infrastructure, active transfer management and highly developed academy system consistently producing top players.' That reputation for developing talent was highlighted recently by the £10 million sale of academy graduate Jeremy Monga to Manchester City.

As the 'Project Lineup' document continues to circulate in financial circles, the reality of League One football is hanging heavily over the fanbase. The Foxes are preparing to start a season in the third tier for only the second time in their history, beginning with a trip to take on Notts County on Saturday.