The document being circulated to prospective buyers of Leicester City runs to eight pages, and it is a good deal more cheerful than the football club it describes. It is titled 'Project Lineup'. It speaks of "a rare opportunity to acquire a club with an excellent track record of winning promotions to higher divisions". It notes that Leicester are one of only five clubs to have won the Premier League, the FA Cup and the League Cup since 2000. It carries a revenue forecast of more than £97m for the 2026 financial year, and it praises a "strong talent pipeline backed by leading scouting infrastructure, active transfer management and highly developed academy system consistently producing top players".
The words League One do not appear in it. Neither do the back-to-back relegations that put the club there, nor the £103.6m of bank loans set out in the 2025 accounts, nor the £180m and more lost across the years of moving between the top two divisions. On Saturday lunchtime the team the brochure is selling kicks off at Notts County.
King Power are asking for more than £200m after 16 years. The physical assets alone are valued at £224m: the 32,000-seat King Power Stadium, the Seagrave training ground opened in 2020 and valued at £121m, and OH Leuven, the club's Belgian sister club. The family bought Leicester from Milan Mandaric in 2010 for £35m. Efforts to find a buyer were reported in July, and the brochure now doing the rounds is the public confirmation.
The season the brochure leaves out