Leicester City have extended the deadline for a takeover of the club to Friday, October 16, talkSPORT understands.The Foxes had initially given prospective buyers until September 14 to complete a deal to buy the club.Prospective buyers have until Friday to wrap up a deal to buy the Foxes after the initial deadline was extended by over a monthGettyHowever, an extension has been made due to interested parties seeking more time to conclude their purchase.At least one American consortium are showing interest in buying Leicester.Meanwhile, Scottish-Indian businessman Neil Lal claims to be in the race.Lal has yet to enter the process of a takeover with the relevant stakeholders, though.But Leicester’s current asking price could still prove to be a stumbling block for any prospective buyer.The owners’ valuation of over £200million, plus inherited debt, is being viewed as steep by those who have enquired about a deal so far.King Power’s Leicester reignKing Power have owned the Foxes for 16 years after purchasing the club back in August 2010.Chairman Aiyawatt Srivaddhanaprabha has been in the role since 2018 after taking over from his late father, Vichai.Vichai Srivaddhanaprabha bought the club from Milan Mandaric and remained chairman until his tragic death in a helicopter crash eight years later.Under King Power’s ownership, Leicester clinched promotion back to the Premier League in 2014 following a 10-year absence from the top-flight.King Power and Aiyawatt Srivaddhanaprabha are looking to sell Leicester, but prosepective buyers have doubts over his valuationGettyThe club went on to win the title two years later under Claudio Ranieri despite being 5000-1 outsiders.Leicester also won the FA Cup for the first time in their history in 2021.However, recent seasons have seen the club struggle on the pitch, suffering two relegations from the Premier League in three years.Last term saw the Foxes drop into the third-tier for the first time in 17 years after a second-successive relegation at the end of last season.Russell Martin’s side currently sit 17th in League One after winning just two of their opening eight matches.Their latest defeat to Peterborough United on Saturday has left the Leicester boss under mounting pressure.Martin’s side have made a slow start in League One this seasonGettyMartin has been warned his days in charge are numbered following the 3-1 home loss.The Foxes boss was appointed this summer on a three-year deal through to 2029.