The Thai-owned business has commissioned Citigroup to prepare an eight-page sales document, titled Project Lineup, that has been circulated to prospective investors and seen by BBC Sport.
It lists Leicester's men's and women's teams, the 32,000-seat King Power Stadium, the Seagrave training ground — opened in 2020 and valued at £121m — and Belgian sister club OH Leuven among the assets for sale. Citigroup values the physical assets at more than £200m, though reports differ on whether a precise figure has been attached: Sky Sports has reported a specific valuation of £224m, while BBC Sport and other outlets describe the pitch simply as "more than £200m" with no fixed sum given.
The document leans heavily on history to obscure the club's current reality. There is no reference anywhere to the back-to-back relegations that have dropped Leicester into League One for a first campaign in 17 years; instead, potential buyers are told they have "a rare opportunity to acquire a club with an excellent track record of winning promotions to higher divisions," a pitch built around the 5,000-1 title of 2016 and the FA Cup triumph that followed five years later.
Financially, the brochure is similarly selective. Citigroup's £97m turnover projection for the 2026 season features prominently, but there is no reference to the £180m in losses racked up across Leicester's two relegation campaigns since 2023, nor to the £103.6m in bank loans disclosed in the club's most recent accounts.
Leicester's academy is presented as a central selling point, described in the brochure as a "strong talent pipeline backed by leading scouting infrastructure, active transfer management and highly developed academy system consistently producing top players" — a claim bolstered by last month's £10m sale of graduate Jeremy Monga to Manchester City.
King Power, the business empire of the Srivaddhanaprabha family, bought Leicester for £35m from Milan Mandaric in 2010 and delivered the club's only major honours before Khun Vichai Srivaddhanaprabha passed away in a helicopter crash outside the stadium in 2019. His son, Khun Aiyawatt "Top" Srivaddhanaprabha, has run the club since and said as recently as eight months ago that he was shouldering the blame for its decline. Efforts to find a buyer were first reported by the Financial Times in July, and the sales brochure now circulating is the clearest public confirmation yet that King Power intend to sell.
Anger among supporters has been building for some time, with the most visible show of frustration coming outside King Power Stadium after relegation from the Championship was confirmed last season. That discontent has coincided with financial strain at King Power's Thailand-based duty-free business, which has been closely tied to the club's finances since the family's takeover. Leicester remain one of only five clubs to have won the Premier League, FA Cup and League Cup since 2000, a fact the brochure makes full use of despite the club's present circumstances.
Leicester begin their League One campaign away at Notts County on Saturday under new head coach Russell Martin, who guided Southampton to Premier League promotion two seasons ago before a brief spell at Rangers, and now faces the task of steering Leicester straight back out of the third tier. The club declined to comment when contacted by BBC Sport about the sale process.