'It's the best source' - Keith Wyness drops Leicester City takeover update
Leicester City's best chances of a takeover this summer may come in the form of American investors.
That is according to former Everton chief executive Keith Wyness, speaking exclusively to Football Insider, who believes that involvement from the US is a far more likely option than the rumoured Middle Eastern consortium.
There is reportedly interest in the Foxes from a Middle East-based investment group, but they are yet to make any concrete moves towards potentially buying the club.
Wyness has warned that finding any sort of buyer will be difficult for King Power, as prospective owners are unlikely to be able to meet the valuation that they would want.
The Leicester ownership have been trying to sell the East Midlands outfit for several seasons, but are now actively working to try and find a buyer.
They have even recruited help from American investment bank Citigroup, in order to help drum up interest from businessmen around the world.
'Dramatic drop' complicates Leicester sale
Everton’s former chief Wyness – who served as CEO at Goodison Park between 2004 and 2009 and now runs a football consultancy advising elite clubs – believes that Leicester's "dramatic drop" from the Premier League adds a huge complication when it comes to trying to sell the club.
The Scottish businessman outlined that back-to-back relegations have left a "financial mess" behind the scenes, while the current owners are likely to still hold a high valuation.
Speaking on the latest edition of Football Insider's Inside Track podcast, Wyness warned that even if American interest came to the table, it still wouldn't be easy to get a deal done.
"I still think if there's going to be anything it would probably come from the States. They've got Citigroup, who are a big US bank involved in trying to do this deal," he said.
"A strange choice in my opinion because they haven't really got a lot of experience that I've seen in terms of football transactions, so it's probably just linked to the King Power financial structure at the moment, but I don't necessarily think they're the best broker for this deal.
"I think America's still going to be the best source, and I don't think it's going to be a quick deal. I think there's a bit of a mess there at Leicester.
"When you start doing due diligence, it's going to be difficult for buyers to come anywhere near the price King Power think they can get for the club.
"They've had a very dramatic drop, and as I say, along with that there are some financial issues that have got to be resolved."
Keith Wyness concerned by Middle Eastern consortium
Wyness told Football Insider earlier this week that the Middle Eastern consortium that have been linked with Leicester are highly unlikely to actually mak a move.
The former boardroom man made it clear that a group of that ilk are always somewhere on the "periphery" when it comes to takeover deals, and rarely materialise their interest.
He believes that most top Middle Eastern investment funds want to buy into the "finished article," rather than oversee a "turnaround" like the one that is needed at Leicester.
With that in mind, he does not expect the interested party to genuinely be a viable option for Leicester in the coming months.