Should Leicester fans be worried about no transfer expenditure?

Leicester City have ended the January transfer window without a single senior addition to the playing squad. The lack of activity has led to some fans questioning the owners for a lack of investment in the club as rivals such as Aston Villa have spent significant sums of money. As Leicester now enter a hectic second half of the season, should fans see this as a worrying trend of things to come?

It is a time of panic for Leicester City, or is it?

The immediate concern for Leicester must be the second half of the season. With the injury issues that the Foxes have suffered and looming fixture congestion, LCFC will continue to struggle to rotate effectively. Without sufficient quality depth especially at centre-back, it looks like the defensive issues will continue to plague Brendan Rodgers’ men.

Leicester City’s owners have been exceptional for the club ever since they took over in 2011. In the 10 years under King Power, the Foxes have risen to unthinkable heights. Nevertheless, the COVID-19 pandemic has affected the owners more than most. Given that King Power are a duty-free company that specialise in airport retail, it’s unsurprising that there is a lack of income.

After all, 2020 saw their turnover fall by a staggering 50%. Therefore this may be one reason that extra transfer spending is restricted at present. Whilst understandable, it could be worrying if the tourist industry continues to struggle to recover from the effects of the pandemic.

Everything will work out

One thing that must be taken into account is Leicester’s summer transfer business which saw the Foxes accumulate a net spend of £60million, amongst the top six in the league. Considering they did not sell any stars as is the custom, Leicester City may have had to sacrifice any January signings due to the unusually high net spend.

This links into the issue of Financial Fair Play which according to finance expert Kieran Maguire has been another consideration of the King Power hierarchy. The lack of expenditure in January may also be a knock-on effect of the failure to reach the Champions League. According to Maguire, Leicester lost out on a £30m minimum windfall that is gained from qualification. This meant that spending large sums of money that the club didn’t have would further restrict future spending.

The January market is also extremely unkind to potential buyers, as Newcastle United have found to their detriment. As Brendan Rodgers said, the market is a seller’s market with clubs unwilling to part with their prized players unless at a premium price. Therefore, it does make sense not to waste money in January that could otherwise be saved for what will likely be a significant rebuild.

Leicester fans therefore must brace themselves for a turbulent second half of the season. After this Leicester City will hopefully raise funds through the sales of Youri Tielemans and other fringe players, which will hopefully enable reinvestment in all areas of the squad.