(Credit: Imago)

James Murray

Fri 10 April 2026 17:15, UK

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Leicester City are facing a “fire sale” if they are relegated from the Championship this season. 

That is according to former Everton, Aston Villa and Aberdeen chief executive Keith Wyness, who exclusively told Football Insider relegation would be “crippling” for the Foxes following their recent financial issues.

Leicester are facing back-to-back relegations after dropping out of the Premier League last season.

Gary Rowett’s side were deducted six points in February for breaching the EFL’s financial rules, while that penalty has now been upheld by an independent appeal board.

It leaves the East Midlands club sitting 22nd in the Championship table, one point behind Portsmouth, who have a game in hand. 

Why Leicester are facing financial ‘problem’

Leicester have faced significant financial issues in their bid to comply with the spending rules in recent years.

The Foxes’ revenue increased from £105million in 2023-24 to £187m last season, but their pre-tax losses surged from £19m to £71m across the same period. 

Speaking exclusively to Football Insider, Wyness discussed the financial impact on Leicester if they drop down to League One.

“It would be crippling if they are relegated,” said Wyness.

“It’s going to give them a real problem. You’re probably going to see a fire sale of players to a degree coming out of that. I don’t see any other option for them.

“They have spent a lot recently on stadium and training ground improvements as well. I would imagine they have got a very heavy burden of debt still. I haven’t got the exact number, but it’s got to be there from those improvements.

“There is no other way to finance it, so I’m afraid it’s going to be a real uphill battle to get back up through the leagues.” 

How Leicester are operating with ‘complex’ leadership structure

Wyness revealed Leicester’s leadership structure is “complex” as they look to start moving in the right direction again. 

“Obviously, the events previously with the helicopter crash are very tragic, but it does seem as though they have lost their way a little bit since that time,” said Wyness. 

“There is a complex structure just now between a lot of Thai people who are overseeing some of the executive team, and it does need to have much greater clarity and decision-making, rather than having a two-tiered decision-making situation.

“That is part of the problem that they have.”

Leicester are now preparing to take on Swansea City at the King Power Stadium on Saturday (11 April) as they look to give their survival hopes a boost.