In the space of a decade, Leicester City have lived the full range of footballing emotions – from their unforgettable Premier League triumph in 2016 to the devastation of relegation and the tragedy that struck the club’s very heart.

The highs and lows have been extreme. From lifting the top-flight title in one of sport’s greatest underdog stories to mourning the loss of beloved owner Vichai Srivaddhanaprabha in a helicopter crash outside King Power Stadium just two years later.

Now, as the Foxes prepare to mark the 10-year anniversary of their title win, they find themselves back in the Championship, engulfed in uncertainty, and under threat of a points deduction for alleged breaches of financial rules. The golden era has not just ended – it has unravelled.

"It’s been an emotional rollercoaster," said lifelong supporter Kate Blakemore. "We’ve had tragedy, we’ve won the FA Cup, we’ve hit incredible highs. But now, being relegated for the second time in three seasons, it’s tough for the fans to take."

The last decade has been nothing short of historic for Leicester City. The club’s meteoric rise saw them return to the Premier League in 2014 after a 10-year absence, pull off a great escape from relegation, and then stun the footballing world by clinching the title in 2016 under Claudio Ranieri.

They followed that with a Champions League quarter-final appearance, an FA Cup triumph in 2021, and a Europa Conference League semi-final in 2022.

But the descent has been just as dramatic. Last season, they suffered their second relegation in three years, finishing 13 points adrift of safety – just a year after winning the Championship with 97 points under Enzo Maresca.

The departure of club legend Jamie Vardy, the last of the title-winning squad, and a summer of frugality in the transfer market signal the end of a remarkable chapter. The club that once looked set to establish itself as a Premier League mainstay is now grappling with identity and direction.

"You can’t predict anything with Leicester City," said Blakemore. "One minute you're beating Manchester City, the next you're bottom of the table. There’s never just one reason – it’s always a mixture of things going wrong."

Behind the scenes, Leicester have struggled to stay within the Premier League’s financial boundaries. The big-money sales of Harry Maguire (£80m to Manchester United) and Riyad Mahrez (£60m to Manchester City) once helped balance the books and fund competitive squads.

But in recent years, the club's financial health has nosedived. They posted a record £92.5m loss in 2021-22, followed by another £89.7m deficit the following year, totalling £215m in losses across three seasons.

Though they managed to avoid Premier League sanctions, they are now under investigation by the EFL. A potential points deduction looms – casting a shadow over their hopes of an immediate return to the top flight.

Former goalkeeper coach Mike Stowell, who served the club for 16 years, saw the evolution up close. "The club’s investment was minimal even after winning the league. We were turning out the same XI for both Premier League and Champions League. It just wasn’t sustainable."

"If you stand still in football, you go backwards," he added. "And unfortunately, that’s what happened."

The appointment of Martí Cifuentes as manager is the latest step in a period of transition. The Spaniard, who previously managed Queens Park Rangers, is seen as stylistically similar to Maresca – favouring high pressing and possession-based football.

Cifuentes is tasked with not only rebuilding the squad but also lifting the mood of a club weighed down by past glories and current constraints.

"I want to be at clubs where expectations are high," said Cifuentes. "That pressure comes from ambition, and I’m ready for it."

His arrival has drawn comparisons with the chaotic way Ranieri was brought in 10 years ago. Then, too, there was uncertainty. But the Italian steered Leicester to glory with a blend of clever recruitment and team unity. Replicating that success now, however, seems a far more daunting task.

So far, Cifuentes has only brought in veteran goalkeeper Asmir Begović on a free transfer. The squad remains short on depth and goals, particularly following Vardy’s exit. With Financial Fair Play restrictions still biting, significant reinforcements seem unlikely.

If there’s one glimmer of hope, it’s the club’s deep connection to its identity. Cifuentes has retained Andy King – a Premier League winner and lifelong Fox – on his coaching team, while academy graduates like Ben Nelson are part of the first-team setup.

Nelson, now 21, was a ball boy during the 2016 title-winning campaign. "I remember standing near the centre circle when Andrea Bocelli sang. Those are moments that stay with you forever."

"I was just a kid, dreaming of being on the pitch one day. Now, it's about taking things step by step and focusing on this season."

Leicester’s story is one of dizzying highs and humbling lows. They’ve shown they can rise against all odds. But the climb back to the Premier League won’t be easy this time.

Financial restrictions, a changing squad, and intense Championship competition present a formidable challenge. Yet the dream remains – to return to the top flight and perhaps, just perhaps, begin writing a new fairy tale.

"Ten years ago, we made sporting history. It’s time to reset, to rebuild, and to believe again."