Leicester City’s relegation from the Premier League last year had a significant impact on the club, and they are still feeling the financial effects. Despite their immediate return to the top flight, Leicester is facing challenges in conforming to profit and sustainability rules while building a squad capable of avoiding relegation and rebuilding in the Premier League.
The club does have money, and there is no financial crisis. However, they cannot afford to carry too many players, so it is crucial for Leicester to spend funds sensibly and sustainably. They are currently fighting a Premier League charge for a breach of profit and sustainability rules, which further complicates their situation.
After the previous financial year ended, Leicester made some quick deals in the transfer market. They secured the permanent signing of Abdul Fatawu, who had an impressive loan spell in the Championship, and added experienced free agent Bobby De Cordova-Reid, as well as young talents Caleb Okoli and Michael Golding. More recently, they brought in Facundo Buonanotte on loan from Brighton.
However, pre-season performances have exposed deficiencies in Leicester’s squad, particularly in terms of Premier League experience and quality in attacking positions. New manager Steve Cooper has emphasized the need to address these issues urgently, but the club has been frustrated in their attempts to secure solutions. They have made enquiries for players like Reiss Nelson, Fabio Carvalho, and Steven Bergwijn, but no offers have materialized.
Leicester has also been actively pursuing experienced players like Jordan Ayew and Wilfried Zaha. However, the financial cost and tax implications have proven problematic, and Zaha has returned to training with his Turkish side. The move for Ayew is looking more likely, but there is still work to be done to agree on a deal.
Leicester has made approaches to sign Adam Hlozek on loan with a view to buy, as well as Fotis Ioannidis. These potential signings would require a significant investment, and the club must weigh the viability of such moves. They face competition for Ioannidis from Sporting Lisbon, who can offer Champions League football.
In contrast to Leicester’s struggles, clubs like Southampton and Ipswich Town, who were also promoted to the Premier League, have been more active in the transfer market. They have made several signings, focusing on strengthening their squads to avoid relegation.
Leicester’s fall from grace serves as a cautionary tale about the risks of excessive spending in the Premier League. They have had to regroup and reset after relegation, building their squad prudently. In the past, Leicester made smart signings, including the influential Esteban Cambiasso, to achieve success.
With two weeks remaining in the transfer window, there is still time for Leicester to find solutions and reinforce their squad. While there is concern among fans, the club remains calm internally. They believe the window could explode towards the end as other clubs look to offload players for financial reasons.
Leicester hopes to be active in the transfer market and must be proactive in finding the right signings to strengthen their squad. The clock is ticking, and they need to make moves to ensure a successful season in the Premier League.