It's the stuff of sporting fairy tale.

Leicester City Football Club has won one of the most coveted championships in the world of soccer.

This, despite bookmakers offering odds of 5,000-to-one of it happening back at the beginning of the season. That's less likely than Elvis still being alive or Simon Cowell becoming the next U.K. prime minister.

Analysts, pundits, fans and players have been incredulous as unfancied Leicester City - pronounced "Lester" and nicknamed The Foxes - has clung to the top spot through the last eight months. The club - based in a city in the East Midlands of England with a population of 330,000 - has won the Premiership.

It was a nail-biting race to the finish. On Sunday, Leicester faced off against footballing giants Manchester United in a tense game which ended 1-1. Both teams gained a point but it was not enough for The Foxes to clinch the title. It was only on Monday night, when Tottenham drew 2-2 against Chelsea, that Leicester secured its lead over other Premiership clubs.

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.

A number of reasons have been given for the club's rise to the top, including its deployment of "moneyball" tactics made famous by Billy Beane's Oakland Athletics baseball team in the early part of the last decade.

Assistant manager and scout Steve Walsh - who famously found soccer superstar Didier Drogba for Chelsea - has foraged the foreign leagues for players for Leicester and found prized gems in the form of Algeria's Riyad Mahrez - who signed for a reported £400,000 in January 2014 and has 18 goals to his name so far this season.