Leicester City for sale: 5 football-loving Nigerian billionaires who could afford 2016 EPL champions

Leicester City are officially on the market with a change in ownership expected in the coming weeks, Afrik-Foot reports.

A decade after their unforgettable Premier League title triumph in 2016, the Foxes are searching for new owners following a dramatic decline that has taken them from England’s top flight to League One.

King Power International, the Thai company that has owned Leicester since 2010, has appointed global investment bank Citigroup to oversee the sale process and identify serious buyers, according to Forbes. The move comes after several difficult years on and off the pitch.

Independent estimates value Leicester’s assets – including the King Power Stadium, the Seagrave training complex, and the football club itself – at between £410 million and £530 million. Reports have already linked a Middle Eastern investment group with early interest, while a local property-backed consortium has also been mentioned.

King Power’s decision follows mounting financial pressure. Leicester suffered relegation from the Premier League in 2023, won promotion back to the top flight, but were relegated again in 2025. After a disappointing campaign that was made even worse by a six-point deduction for financial rule breaches, the club later dropped into League One.

Financially, the numbers have been equally worrying. Leicester recorded a £71.1 million pre-tax loss for the 2024-25 financial year after previously losing almost £202 million over a three-year period. At the same time, King Power’s duty-free retail business has continued to feel the effects of reduced airport spending and wider economic challenges across Asia.

Despite those setbacks, Leicester remain an attractive investment. Any buyer would inherit a modern 32,000-seat King Power Stadium, one of Europe’s finest training facilities at Seagrave, and a healthier balance sheet after chairman Aiyawatt Srivaddhanaprabha converted £124 million of shareholder loans into equity to reduce the club’s debt burden.

With the asking price within reach of several global billionaires, Nigeria also have business leaders who possess both the financial strength and a genuine love for football.

Nigerian billionaires who can buy Leicester City

Aliko Dangote: Africa’s richest football dreamer

Aliko Dangote is the first name that comes to mind whenever discussions about wealthy African football investors begin.

With an estimated fortune of more than $30 billion, the founder of the Dangote Group has repeatedly spoken about his ambition to own an English football club. For years, he publicly admitted that buying Arsenal was one of his long-term dreams, especially after completing the multi-billion-dollar Dangote Refinery project in Lagos.

Although Arsenal’s value has risen far beyond Leicester City’s current asking price, the Foxes represent a far more realistic opportunity. Spending around half a billion pounds would account for only a small portion of Dangote’s wealth.

Owning Leicester would also give him an established club with excellent facilities and a rich Premier League history, providing the perfect platform to build another success story.

Mike Adenuga: A football sponsor with decades of experience

Mike Adenuga has spent years investing in football without owning a club. Through Globacom, Nigeria’s telecommunications giant, Adenuga became one of the biggest financial supporters of Nigerian football. His company sponsored the Super Eagles, backed the Nigeria Premier Football League, and funded several editions of the CAF Awards, helping raise the profile of African football.

With an estimated net worth above $6 billion, Adenuga has more than enough financial power to complete a Leicester takeover if he ever chooses to move from sponsorship into club ownership.

Known for making calculated business decisions, he could view Leicester as a long-term investment capable of returning to the Premier League under the right leadership.

Femi Otedola: A businessman with strong football ties

Femi Otedola has built a reputation as one of Nigeria’s most successful businessmen through investments in power generation, finance, and real estate.

While he has never owned a football club, Otedola has shown consistent support for Nigerian football figures. He has funded medical treatment for former Super Eagles stars, including Christian Chukwu and Peter Fregene, earning praise across the country’s sporting community.

His family’s connection to English football is also well known. His daughter, Florence Otedola, popularly known as DJ Cuppy, has regularly attended Premier League matches and remains one of the most recognizable Nigerian personalities within English football circles. Rather than buying Leicester alone, Otedola could become part of an investment consortium looking to revive the club.

Tony Elumelu: Building football through business

Tony Elumelu has consistently argued that sport can create jobs, empower young people, and stimulate economic growth across Africa.

The chairman of Heirs Holdings and United Bank for Africa has frequently supported conversations around sports investment and has welcomed international football figures through various business and leadership initiatives.

With a fortune estimated at around $2 billion, Elumelu’s strength lies in bringing investors together. His Africapitalism philosophy focuses on creating sustainable businesses that deliver long-term value.

That approach could suit Leicester perfectly, allowing him to lead a consortium that rebuilds the club commercially while investing in youth development and community projects.

Abdulsamad Rabiu: The fast-rising billionaire

Abdulsamad Rabiu has become one of Africa’s fastest-growing billionaires thanks to the rapid expansion of BUA Group. His interests span cement, infrastructure, manufacturing, and agriculture, while his companies have supported sporting competitions and grassroots football programmes across Nigeria.

With an estimated net worth approaching $10 billion, Rabiu has the financial resources needed to meet Leicester’s valuation without overstretching his business empire. The club’s modern stadium, world-class training ground, and strong global brand could appeal to an investor looking to expand into international sports. If Leicester’s owners receive serious offers in the coming months, Rabiu would certainly have the financial capacity to compete alongside international bidders.

For now, Leicester City’s sale remains in its early stages. Interest from the Middle East has already emerged, but until a buyer is confirmed, the possibility remains that one of Nigeria’s football-loving billionaires could make history by becoming the first Nigerian owner of the 2016 Premier League champions.