Leicester City and the great £34m reset

Leicester City are the runaway favourites to win League One before a ball has been kicked. No one at the club needs reminding how little that means. Last season the Foxes started with Marti Cifuentes in the dugout and hopes of an immediate return to the Premier League. They ended it with Gary Rowett as manager and relegation to the third tier. A six-point deduction proved crucial given they finished five points off safety, and after breaching financial rules, this summer has been one of upheaval – and more importantly, goodbyes. Clearout: every expensive player must go Rowett is gone. He was only appointed on a short-term basis and the club have instead turned to Russell Martin, Leicester’s seventh permanent manager since Brendan Rodgers left in 2023. Martin guided Southampton to the Premier League in 2024 before an ill-fated 123-day spell at Rangers last season, and Leicester have overlooked that tumultuous reign and put faith in the 40-year-old overseeing a vital rebuild. Russell Martin is the new head coach at Leicester (Photo: Getty) Crucial to this overhaul has been a vast number of departures, players signed when Leicester City were a Premier League side with lofty ambitions. That made for the biggest wage bill in the Championship last season, and has resulted in Harry Winks being sold to Italian side Cagliari, while captain Ricardo Pereira, Jordan Ayew, Patson Daka and Jamaal Lascelles were all released. Leicester then terminated Jannik Vestergaard’s contract by mutual agreement last week. Winks, Pereira, Daka, Lascelles and Vestergaard were five of Leicester’s six biggest earners last season, per Capology, with Boubakary Soumare the sixth on that list before leaving for Qatari side Al-Duhail in January. Combined, their salaries along with Ayew’s makes for £24.2m in yearly wages – more than 50 per cent of Leicester’s overall bill last term. The Foxes have also sold teenager Jeremy Monga to Manchester City for an initial £10m, offloading promising talent in return for greater stability. And: reset. Leicester’s search for a bargain continues Leicester City unveiled new signing Conor Chaplin last week (Photo: Getty) After being stuck with players on top-tier wages in the Championship, now Leicester are after players with second-tier experience for their go in League One. No surprises either that their two signings so far have been free agents. Former Ipswich Town forward Conor Chaplin joined, with goalkeeper Alex McCarthy following suit last week after being released by Southampton. Further incomings are expected soon, but Danny Ings’ move is reportedly off. Leicester’s need for forwards is evident after Ayew, Daka and Monga all left, and their Ings pursuit suggests another bargain will be sought out. Change higher up at Leicester? The biggest change this season could come away from the pitch for Leicester. Leicester’s Thai owners are exploring a possible sale of the club, The Financial Times reported on Wednesday, with King Power International Group having held the keys since 2010. In that time Leicester achieved the fairy tale Premier League win in 2016, as well as FA Cup glory in 2021 and three European campaigns, but fans turned on the club’s hierarchy as they slipped down the football ladder and financial problems piled up. Read more Michael Hincks: Leicester City face a fate worse than relegation Where are they now? Leicester’s Premier League-winning XI 10 years on Leicester were deducted six points for breaches in February, while supporters feared for the team’s future and repeatedly protested against their owners last season, calling for chief football officer Jon Rudkin to leave and owner Khun Aiyawatt “Top” Srivaddhanaprabha to sell the club. Khun Top’s interest has drifted, visibly in terms of his scarce appearances at King Power Stadium. “Maybe it’s my fault, I used to talk to the fans and the media, but I have responsibilities here in Thailand a lot,” he acknowledged last November. Now in the shop window as a club, a strong start and promise of a swift Championship return would surely entice potential buyers.