“Looking at the most recent accounts from the 2021/22, on the face of it Leicester City have the most to fear, because they had by far the largest operating loss of £83m, the highest wage bill of £182m, the highest wages to turnover ratio of 85%, the highest debt of £346m and the highest interest payable of £19m”
Turnover will be expected to be 178m if you correlate the broadcasting losses -35m for European football/finishing bottom 3 in line with Southampton and Leeds
even with the reduction in salary and bonuses as you state above the wages to turnover ratio will stay high because of the loss of broadcasting turnover.
what about the rise in interest rates?