The staggering record losses of nearly £100million posted by Leicester on Tuesday show how little margin for error there is for Premier League clubs operating outside the financial elite.
For much of the time since they won the title in 2016, Leicester have been presented as a model for other clubs to follow. Smart work in the boardroom and transfer market matched by impressive performances on the pitch.
No longer. Leicester recorded losses of £92.5m for the 12 months ending May 31, 2022 and are struggling badly this season, with Brendan Rodgers’ team only two points above the relegation zone, and the financial position means they will likely sell star man James Maddison this summer to fund a squad rebuilding job.