Leicester City stung by ‘£30m blow’ that led to Premier League charges – Kieran Maguire
Leicester City budgeted for a ‘top eight finish’ in the 2022-23 season and suffered a £30million blow when relegated.
That is the view of finance expert Kieran Maguire, who exclusively told Football Insider that the £30million blow to Leicester’s budget contributed to their Profit and Sustainability charges.
The Foxes have been charged by the Premier League for breaching financial rules and failing to submit their accounts on time.
They now face a points deduction if they return to the top flight next season or a transfer embargo if they remain in the EFL.
Leicester were relegated in the 2022-23 season and Uefa’s financial report shows they had a wage bill of £149million – the seventh biggest in the Premier League.
Leicester City faced £149m wage problem after shock relegation
Maguire explained that Leicester’s shock relegation will have inflicted a £30million blow and also left them with a huge wage bill to clear in the Championship.
“My concern would be that Leicester probably budgeted for a top-eight finish in the Premier League in 2022-23,” Maguire told Football Insider’s Sean Fisher.
“That’s where they committed their costs.
“That obviously didn’t materialise and every position in the table is now worth £3million.
“So with Leicester finishing 10 places below expectations – that’s a £30million blow to their budget.
“We don’t know whether there were wage implications for being relegated as their wage bill was at the top end of the clubs in the ‘other 14’.
“I don’t think Leicester ever thought that they were going to get relegated so they likely relaxed their contracts with players.“
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