EFL heavyweights Leicester City have been put up for sale as they get ready for life in League One.

According to reports, Leicester City owners King Power have placed the club on the market on the eve of the new EFL season.

The Thai retail group took over the East Midlands club in 2010, and the Foxes went on to win the Premier League in 2016 and the FA Cup five years later, while also competing in the Champions League.

However, Leicester have suffered a steep decline in recent years, ending in successive relegations that mean they will play in League One this season. Their campaign begins with an opening-day visit to Notts County on Saturday lunchtime.

King Power enjoyed huge popularity among Leicester supporters during their first decade in charge, as the club regularly performed above expectations, most famously by winning the Premier League in 2016 as 5,000-1 outsiders.

But a series of poor decisions led to a surprise relegation in 2023. Although Leicester bounced back at the first attempt by winning the Championship under Enzo Maresca the following season, they were relegated again in 2025 and then suffered a second straight drop last term, with a six-point deduction for breaching EFL financial rules further damaging their situation.

The Foxes are now preparing for only the second campaign in their history outside the top two divisions, against an unsettled backdrop in which part of the fanbase has for some time been urging King Power to sell the club.

Now, the initial moves towards a possible sale have begun, with US investment bank Citigroup drawing up an eight-page sales brochure on behalf of the club, a document seen by BBC Sport.

The brochure, called 'Project Lineup', values Leicester's physical assets at more than £200m and states that the men's and women's teams, the King Power Stadium, the Foxes' £121m Seagrave training ground and Belgian sister club OH Leuven are all included in the sale.

BBC Sport reported that the booklet highlights the 2016 Premier League title, the 2021 FA Cup success and projected turnover of £97m in the 2026 financial year, but does not mention the club's double relegation or its financial difficulties.

Across the three seasons from 2022/23 to 2024/25 — the latest campaigns for which the club's accounts have been published — Leicester made combined losses of £180.2m.

Last season's six-point deduction was imposed for breaching Premier League Profit and Sustainability rules during the 2023/24 season, when Leicester were playing in the Championship. The Foxes were found to have overspent by £20.8m over a three-year period.

King Power founder Vichai Srivaddhanaprabha bought the club in 2010, but he died in a helicopter crash outside Leicester's stadium in October 2018. His son, Khun Aiyawatt 'Top' Srivaddhanaprabha, then assumed the role of chairman.

Leicester have had 10 different managers in less than three-and-a-half years, including caretaker appointments, with former Southampton and Rangers boss Russell Martin named head coach this summer.