The perils of mismanagement at the highest level

Leicester City's loss of identity

For the traditional Premier League supporter, Leicester City is the club that defied belief during the competition's 24th season - overcoming an assault from the perennial powerhouses to achieve the unthinkable. 

The title of domestic champions during that unforgettable 2015 -16 campaign is undoubtedly the pinnacle of their 140-year history, with Claudio Ranieri's crew etching their place in footballing legend. 

Those outside the club witnessed the growth of a remarkable team from a tale of rags to riches, with Vichai Srivaddhanaprabha spearheading a dream following his £39 Million purchase in August 2010.

However, as we approach the start of the latest chapter in English football's top tier, the outlook at the home of The Foxes is an entirely different dynamic, with discontent in the stands and financial irregularities casting an unavoidable shadow.

From a failed attempt at domestic recognition to questionable boardroom decisions, theirs is a remarkable fall from grace - one many of the league's supporters are unaware of.

An inability to achieve an ambitious project

It seems almost incomprehensible that the champions of England would endure relegation seven seasons after their crowning moment. 

But, for Aiyawatt Srivaddhanaprabha and Dean Smith, that was the reality after an 18th-place finish following a 2-1 victory against West Ham on 28 May 2023.

Two years prior, Leicester had enjoyed back-to-back fifth-place finishes with a brand of expressive attacking football built on a sound foundation of financially stable decision-making. 

The model within the club was based on maximum profit with the sale of a marketable asset annually. Funds received bolstered the playing squad and enhanced various areas across the board.

In short, the football club used their brains to punch above their weight.

However, following a brace of seasons with the prospect of Champions League football a genuine reality, the business dynamic shifted, and the transfer philosophies halted.  

The Foxes decided that now was the time to stand side-by-side with the big boys, opting to solidify their status as a top team and fortify a squad with costly acquisitions.

Outgoings ceased, and Patson Daka, Boubakary Soumare and Jannik Vestergaard arrived for large transfer fees and wage packets. With Brendan Rodgers at the helm, this was a public show of intent towards an assault on the Premier League's top four.

Unfortunately, this ambition did not materialise on the field, with an eight-placed finish seeing a 14-point decline at the King Power Stadium. 

Although the club managed to offset a host of summer arrivals with the sale of Wesley Fofana to Chelsea for £70m, the Irishman’s side continued to struggle for continuity, with the former Liverpool chief relieved of his duties on 2 April 2023. 

Relegation inevitably followed, with the club crashing into the second tier of English football with the seventh-highest wage bill of any team in the Country.

Similar to the rise and fall of Leeds United in 2004, a tactical gamble ultimately failed, and the ramifications of financial mismanagement rocked the very core of the loyal fanbase. 

James Maddison, Harvey Barnes and Timothy Castagne departed for significant fees, with supporters unaware of the extent of the transfer philosophy over the past 24 months. 

What followed was an extensive battle with the football league that shook the foundations of the entire establishment. 

Profit and Sustainability

Upon demotion to the Championship, the English Football League (EFL) sought to request a comprehensive business plan, allowing Leicester to demonstrate its capacity to comply with Financial Fair Play (FFP).

The one-time FA Cup winners declined, stating that as they were not participating in the division, the request for information between 2021-2023 was outside their jurisdiction.

Expectedly, a legal battle ensued, and The Foxes eventually prevailed. However, this merely enticed the EFL and Premier League to enhance their efforts towards a collaborated assault.

Despite storming out of the blocks and winning 13 of their opening 14 league fixtures, the financial inquest was unavoidable, with the club subsequently charged for allegedly breaching the Profit and Sustainability Rules (PSR).

The ruling came regarding spending during their three previous Premier League seasons - with a referral to an independent commission for their PSR breach and failure to submit audited finances.

Additionally, the one-time FA Cup winners were the subject of a separate financial probe by the EFL.

Leicester chiefs opted to defend themselves against the ruling, stating they were "surprised" and "disappointed" by the timing of the actions when the club were not participating in the top flight.

They reported a pre-tax loss of £33.1m for the 2020-21 campaign and lost a club record £92.5m in the 12 months up to May 2022.

A refusal to make 22-23 accounts public was a telling sight - with Premier League rules permitting clubs to endure losses of £105m over three years, or £35m per campaign, before facing any sanctions.

Eventually, a declaration of a deficit of £89.7m for the 2022/23 campaign meant a combined £182.2m loss in the past two seasons alone.

With the independent commission ruling on the side of the league, Leicester remains in dispute over the alleged breaches today, with sporadic claims the club may receive a record punishment for their actions throughout the period. 

The damage caused internally

On the field, the side endured a strange campaign, seeing a 17-point lead deteriorate from Christmas and eventually seal promotion and the Championship title by a solitary point.

Enzo Maresca arrived on 16 June 2023 and immediately captivated the crowd with an attractive brand of possession-based football. 

A return of 39 points from a possible 42 was a staggering introduction, with the Italian earning Manager of the Month awards in August, October and December. 

However, the endless off-the-field noise penetrated the dressing room, with results taking a turn in 2024. Furthermore, an inability to bolster the squad in January, and injuries to key players, added to the growing discontent in the stands.

The side eventually overcame a manager unwilling to compromise on his tactical philosophies alongside a jaded squad, avoiding the unthinkable ramifications of a second season without Premier League finances.

Maresca has since departed for Chelsea, and Steve Cooper has stepped into the hot seat, teaming up alongside Director of Football Jon Rudkin.

Rudkin, for many, is responsible for the precarious situation the club finds itself in today. He is held accountable for overseeing general operational management - from a barrage of underwhelming acquisitions to the regrettable wage packages supplied. 

Furthermore, the former caretaker is held responsible for an inability to offload Rodgers sooner and sever ties with many underperforming first-team players - essentially culpable for nothing more than foolish loyalty. 

Having spoken with several lifelong supporters, a series of questionable decisions regarding ticket sales and the general matchday atmosphere compounded many emotions throughout the campaign. 

One conversation stuck with me - a man in his 60s who has asked to remain nameless.

"It's hard to describe what this football club means to me," he said. "I remember relegation in '77 under Frankie McLintock. I don't know why it stays with me - maybe it was fond memories with my father, who knows. 

"Even though we stomached relegation, we did it with a smile because we knew we'd be back fighting. 

"I'm not greedy - I've lived through some of the finest moments that I could never have dreamed about. But the feeling around the ground today - it's not normal. 

"I know the chaps haven't dealt us this blow on purpose - with the spending - but it's the fact that we had to find out about it second-hand - that hurt. 

"We are a proud club and people, and we have grown through simple principles. I just feel like we have lost ourselves. That's what hurt me the most."

Leicester City, previously the pinnacle of an example of premium operations for a side attempting to live within its means, is fighting to reclaim its identity. 

Many sections of the supporter base began calling for change during the season, and despite the promotion, believes that undeniable damage requires rectifying at the top.

Like any side, a new season offers a blank canvas with endless possibilities - The Foxes are the benchmark for this. 

However, with uncertainty looming and the possibility of a record-point deduction to come, it is difficult for the loyal King Power contingent to embrace optimism. 

Despite all, a chorus of ‘Vichai had a dream’ will continue to echo on matchdays, recognising the ambition of their late owner and the dreams he made reality. 

One can only wonder what could have been.