Kieran Maguire: Leicester City already making Premier League plans after new £31.3m Harvey Barnes windfall
Kieran Maguire has moved to put Leicester City fans at ease by claiming loans taken out against future fees for Harvey Barnes and Timothy Castagne “make a lot of sense”.
The finance expert, speaking exclusively to Football Insider, insisted the Foxes are “odds-on” to return to the Premier League – and these loans will help them be “competitive” if they do so.
As per Leicestershire Live (1 November), Leicester have bolstered their finances by bringing in £31.3million in transfer fees from the sales of Barnes and Castagne to Newcastle and Fulham respectively.
They have turned to long-term partner Macquarie, an Australian bank who have paid the Foxes the outstanding balance for the deals in advance.
The Championship side have done similar deals in the past, bringing in instalments for the sales of James Maddison, Riyad Mahrez and Wesley Fofana in advance.
Leicester sit top of the second tier following their relegation last season and are already some 11 points clear of third-place Leeds United.
Maguire told Football Insider’s Sean Fisher: “Leicester have a history of this.
“They did the same with Fofana and Maddison.
“From a cash flow point of view, you can certainly see the benefits.
“They’re thinking: ‘What’s the use for the club to have a load of IOUs?’
“The club need the cash now to potentially expand the stadium, and it certainly looks like they are shooting back to the Premier League.
“And when they come back to the top flight, which certainly looks odds-on, they want to be in a position to be competitive.
“It makes a lot of sense from a cash flow perspective.
“Looking at it from the point of view of the owners, their duty-free business has been hit post-pandemic – so this deal has some logic.”
In other news, Leicester City plotting to sign midfield sensation.