In 1949 the team started in the National League Division Three and moved up over the years operating in the top flight for some time until the end of 1961.

[1] The Lions saw out the decade with some disappointing seasons, failing to make the top half of the table despite the best efforts of Ila Teromaa and John Titman.

In 1980, Martin Rogers took over the promoting and Leicester attempted to change their fortunes by signing Les Collins from Belle Vue for a club record fee.

At the meeting of the Leicester City Council Planning and Development Control Committee held on 4 August 2009 the application for a speedway track at Beaumont Park[8] was approved.

The new track was constructed at Beaumont Park with the Lions returning in March 2011 as a Premier League team, with three-time cycle speedway world champion David Hemsley as promoter.

Shortly before the start of the 2017 season, the team was taken over by Sheffield Tigers promoter Damian Bates, and the track altered to take in the curb around bends 1 and 2.

[11][12] After finishing bottom of the league, the team avoided relegation with a playoff win over SGB Championship winners Sheffield Tigers.

Also for the 2019 season, for the first time the club owners decided to enter a team, Leicester Lion Cubs, into the third tier of British speedway, the National League.

The following season, was successful in terms of topping the league table and reaching the play off final in the SGB Championship 2022 before missing out on the title to Poole Pirates.

By July 2011, four of the seven riders who started the season had either left or been replaced, with only Bondarenko, Graversen and Oliver remaining, and Hemsley had handed over team management duties to Jason Attwood.

Promoter Hemsley brought in Kauko Nieminen, Henning Bager and Magnus Karlsson, with Charles Wright and Ashley Morris as reserves.

At the end of November Nieminen signed to return in 2012 and the top three in the 2012 team was completed by Danish Under-21 Champion Lasse Bjerre.

An injury for Neilsen early in the season saw Kyle Hughes drafted in as a temporary replacement and a broken femur for Nielsen later in the season led to the signing of Linus Eklöf, with Lambert leaving to accommodate the Swede's higher average, and Lewis Blackbird moving up from the National League to complete the new line-up.

[22] Despite scoring at over a point above his starting average, Blackbird was allowed to leave for Scunthorpe Scorpions in May after the signing of Robert Branford.

An injury to Hougaard led him to withdraw from British speedway, and Lions brought in Krzysztof Buczkowski and Nicolai Klindt, with Bjerre losing his place.

"[29] They eventually signed Sebastian Ułamek and Patrick Hougaard, starting the season over 4 points below the team building limit.

[36] Kelsey Dugard was injured following injuries suffered in a crash during the Leicester Press and Practice day on 15 March and was replaced by Ryan MacDonald.

On 28 October 2019, the Lion Cubs won the title after home and away victories in the play-off final against Kent Kings, and on the following evening (29 October) they completed the League and Cup double by winning the National League Knockout Cup with an aggregate victory in the final over the Belle Vue Colts.

However, Jamie Halder suffered a broken ankle in an unfortunate domestic fall prior to the first Lion Cubs meeting.