'Two blokes in a house in Manchester submitted Everton takeover bids'

Leicester City's King Power ownership are likely to be "wasting their time" with their £222million valuation of the club.

That is according to former Everton chief executive and ex-Premier League board member Keith Wyness, speaking exclusively to Football Insider, who believes that the Foxes' hierarchy need to be more realistic if they are to successfully sell the club.

Leicester's current valuation is for their entire portfolio, including the King Power Stadium and their state-of-the-art training ground.

However, Wyness believes that there is a "naivety" behind the way that their owners are trying to sell the club, including their use of Citi Bank to help broker a deal.

The League One outfit finally secured their first win of the new campaign when they beat Plymouth Argyle 2-0 on Tuesday night.

However, the uncertainty behind the scenes continues, and Wyness expects the club to be subject to bids from some suspect sources in the coming weeks.

Keith Wyness issues warning to Leicester owners

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 opportunities to buy clubs like Leicester are always likely to attract shady characters.

The Scottish businessman explained that he expects numerous "strange bids" to come in before the club is ultimately sold.

Speaking on Football Insider's Inside Track podcast, he explained that King Power have a responsibility to ensure that the club doesn't fall into the wrong hands.

"Citi Bank is handling the transaction, and to my knowledge, they haven't done many football club transactions before. So there's a bit of naivety, I think, in the way this is being valued and marketed," Wyness said.

"When clubs are up for sale, everybody comes out of the woodwork. The famous story I had when I was at Everton, Bill Kenwright and I were looking to sell Everton at one stage.

"We had a group purporting to be very big in the chemical situation in the Far East, and they were making bids for Everton. Turns out they were two blokes in a house in Manchester. 

"You've got to be very careful as to who comes out of the woodwork, and Leicester will be getting their full share because it's at this level in League One where you're going to see a lot of strange bids coming in. 

"I think they are wasting their time at £222m. That's my opinion."

Wyness explains chances of Neil Lal takeover

Wyness previously told Football Insider that prospective Leicester buyer Neil Lal effectively has "zero chance" of avtually being able to buy the club.

He outlined that the Scottish-Indian businessman would likely need the support of one of the "very wealth Indian families" for him to be able to come close to meeting the valuation.

Wyness also suggested £150m as a far more realistic valuation for the East Midlands outfit, given that they are now in the third tier.

He is adamant that they will not be sold at the £222m mark, and must act accordingly to lower their asking price.