What makes this feat all the more surprising is that up until now just five clubs have won the competition since its inception in 1992. Added to that, Leicester narrowly avoided relegation in the season before and its record signing is just £9 million ($13 million) for the Croatian Andrej Kramaric, whereas the record for the league stands at £60 million.
Audit firm Deloitte calculated that Leicester's wage costs in the 2014/15 season were £57 million, telling CNBC that "this ranks fairly low in comparison to other clubs."
Thai billionaire and chairman Vichai Srivaddhanaprabha - owner of travel retail group King Power - is not short of cash but is a mere minnow compared to some bank balances in the league. A recent tie against former champions Manchester City saw a team worth £22 million in total take on a £230 million squad of superstars.
"It's like a Rocky movie, we had been written off and continued to be written off at every point during the season," Rob Tanner, an author and sportswriter for the local Leicester Mercury newspaper told CNBC via telephone.