Leicester news: Kieran Maguire on ‘errors made’ in past seasons

Football finance expert Kieran Maguire believes Leicester City “thought relegation was impossible” when they most recently went down in 2023, having enjoyed enormous success in previous seasons.

The Foxes posted a pre-tax loss of £19.4m for the period ending June 2024, during which time they were promoted back to the top flight – but they look almost certain to be relegated again this season.

“Leicester have got themselves into a pickle,” Maguire told a special BBC Radio 5 Live phone-in on life at the bottom of the Premier League.

“They seem to have budgeted to finish eighth in the Premier League each season. In the year they were relegated, they didn’t appear to have relegation clauses embedded into contracts.

“Based on my figures, the average salary that year was £91,000 per week – that is not possible to deal with.

“They are the only club in the history of the Premier League to have paid more money out in wages than they have brought in in revenue, which is not a trophy that you want to keep.

“On a qualitative basis there were errors made and I think there was a complacency and arrogance about the club, in the sense that they thought that relegation was impossible. If you go around with that mentality then that becomes a risk which can become a self-fulfilling prophecy.”

Listen to the full programme on BBC Sounds