The financial scaffolding at King Power Stadium is finally buckling under the weight of its own hubris. For years, Leicester City operated with a financial grandiosity that suggested the Champions League was a permanent residency rather than a fleeting visit. The ensuing, staggering, bloated wage bill (a monolith of unsustainable excess) did not just fail to prevent the team's eventual slide - it effectively served as the lead weights dragging the club into the abyss.
How money got Leicester City into trouble
At the heart of this collapse lies a staggering lack of foresight and a total abandonment of prudence from the hierarchy. Fingers must point directly at then-director of football Jon Rudkin (who now navigates the club's wreckage under the unnecessary title of chief football officer) as the source of this rot.
Years ago, as the club handed out extensions and lured a few fairly decent names with eye-watering figures, the basic safeguard of the relegation reduction clause was seemingly ignored. While rivals built 'trapdoors' into their contracts to protect against the drop, Leicester's leadership operated as if Profit and Sustainability parameters were mere suggestions rather than the hard borders of reality.
Consequently over the last few years, the Blue Army witnessed a collection of highly paid personnel grift through campaigns, shielded by agreements that were designed for a fantasy world. However, the impending descent into League One finally forces a day of reckoning!
"Relegation clauses in contracts should mean this doesn’t rocket back up off the back of falling into the Championship.ITV
There are further relegation clauses in place should they [LCFC] drop even lower."
While the legacy of Rudkin's dramatic oversight remains, reports suggest that current reality has mandated salary reductions of between 30 and 50 per cent to prevent total liquidation. If the maximum % cut is enforced (a necessary penance for perennial greed) the financial landscape for the remaining "stars" shifts dramatically.
50% is, hopefully, the number!
Harry Winks, the high profile midfielder who currently commands a staggering £90,000 weekly, would see his earnings slashed to £45,000. Ricardo Pereira, a remnant of the glory days and earning a questionable £80,000-p-w, would find himself on £40,000.
While Patson Daka's £75,000 would dwindle to £37,500. Although, praise the Lord, he is meant to be leaving too! Meanwhile Jannik Vestergaard's obscene £60k becomes £30k a week; Oliver Skipp's unjustifiable £50k will hopefully be halved, and so on.
Even with such dramatic slashing, these players will remain the most pampered athletes in the history of the third tier!. A final, bitter irony for a fanbase that has paid the ultimate price for the board's spectacular vanity project.
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