Where’s the money gone?

[Katy]

Just now, Rubbersoul said:

I’m genuinely starting to fear for this clubs existence now. 

As we all should 😕

[Rubbersoul]

15 minutes ago, Katy said:

As we all should 😕

I’ve been trying to explain it to non Leicester fans I know who are quite aware just how bad things are. 
 

I do think the wider footballer world is  catching on now. 
 

Aiyawatt is a very delusional man and we should all be terrified. 

[Katy]

Just now, Rubbersoul said:

I’ve been trying to explain it to non Leicester fans I know who are quite aware just how bad things are. 
 

I do think the wider footballer world is  catching on now. 
 

Aiyawatt is a very delusional man and we should all be terrified. 

It’s taken too long but yes, people outside of supporters of the club and the media have realised the severity of our situation now and are maybe realising we’re not entitled and spoilt - like they were before.

[Rubbersoul]

1 minute ago, Katy said:

It’s taken too long but yes, people outside of supporters of the club and the media have realised the severity of our situation now and are maybe realising we’re not entitled and spoilt - like they were before.

“What do Leicester fans expect?” 
 

I don’t think we’ll be hearing that anymore. Even crazier our own fans were saying it. 

[murphy]

6 hours ago, Globalfox said:

And Bournemouth and Brighton have won exactly what? Nothing and that’s the difference we reached for the stars, grabbed a couple but the cost to sustain is too high. Yes the clubs mentioned survive but fall short of real success. Leicester were not prepared for the cost of the elevated oxygen at the top. And not prepared means management at all levels. Look at Forest last season to this. Clubs with 30000 grounds just do not generate the revenues and after 2016 the corrupt top clubs pushed through anti competing rules to make sure it never happens again. It’s sad that clubs like Villa and Newcastle could do it but are now curtailed.

This is a myth.  When we won the league it surprised us as much as everyone else, we certainly did t overspend to get there.  That whole team cost £25m

 

The ambition came later, but the price wasn't the spending, the problem was not selling and letting players walk for free along with buying utter rubbish and putting them on huge contracts. 

[LichesterRedSoxSoccerBall]

It's not Tops fault when he sees the wage bill he thinks it's in Thai Baht so he's dividing it by 42 not multiplying. Simple maths error 

[Bluefoxsam]

This video needs to be sent to Leicester Fan TV and the KPFC Facebook cult. If the club goes bust, they’ll have just as much blood on their hands

Edited 12 February by Bluefoxsam

[Dan]

9 minutes ago, Bluefoxsam said:

This video needs to be sent to Leicester Fan TV and the KPFC Facebook cult. If the club goes bust, they’ll have just as much blood on their hands

The ones who actively cheer it on, and in numerous instances this season have actually fought for them - it's just beyond belief to be honest. I'd be interested in seeing their bank statements.

[DJ Barry Hammond]

3 hours ago, murphy said:

This is a myth.  When we won the league it surprised us as much as everyone else, we certainly did t overspend to get there.  That whole team cost £25m

 

The ambition came later, but the price wasn't the spending, the problem was not selling and letting players walk for free along with buying utter rubbish and putting them on huge contracts. 

This isn’t correct based on what you were responding to.

 

Even with our title winning side our wages to Turnover levels were in the 90% range - and we hadn’t really begun the ‘selling an asset’ phase either - that came afterwards with Kante, Mahrez, Drinkwater and Maguire as the main ones.

 

That title winning side also got bumper new contracts - with this being under Top Senior - to start the trend of even higher wages to turnover.

This means in reality, the PSR problems were already baked in prior to Vichai’s death - and then exacerbated by Covid.

 

 

[RonnieTodger]

The worst thing about all of this, is how easily avoidable it all has been. 

[murphy]

53 minutes ago, DJ Barry Hammond said:

This isn’t correct based on what you were responding to.

 

Even with our title winning side our wages to Turnover levels were in the 90% range - and we hadn’t really begun the ‘selling an asset’ phase either - that came afterwards with Kante, Mahrez, Drinkwater and Maguire as the main ones.

 

That title winning side also got bumper new contracts - with this being under Top Senior - to start the trend of even higher wages to turnover.

This means in reality, the PSR problems were already baked in prior to Vichai’s death - and then exacerbated by Covid.

 

 

I'm just saying that we didn't win the title or 'grab a star' by over-stretching with a £25m team.  Regards wages, I will take your word for it against turnover but I can't imagine that by  PL standards we were over-paying at that point and PSR didn't exist then anyway.  What happened afterwards, happened afterwards.

[DJ Barry Hammond]

1 minute ago, murphy said:

I'm just saying that we didn't win the title or 'grab a star' by over-stretching with a £25m team.  Regards wages, I will take your word for it against turnover but I can't imagine that by  PL standards we were over-paying at that point and PSR didn't exist then anyway.  What happened afterwards, happened afterwards.

PSR was introduced in the 2013/14 season.

 

And we were overpaying on wages compared to what the club could normally afford based on its turnover even back then.

 

We were doing it in the Championship too.

 

Remember the Sven era? 
 

But even under Pearson - our wage/turnover ratio was incredibly high.

 

However - the majority of this over-spending has been underwritten by King Power via debt to equity swaps.

 

Squad Cost Ratio (SCR) will replace PSR in the Premier League next season. I think we’d have struggled to comply with that too! 

 

 

[Pita]

2 minutes ago, DJ Barry Hammond said:

PSR was introduced in the 2013/14 season.

 

And we were overpaying on wages compared to what the club could normally afford based on its turnover even back then.

 

We were doing it in the Championship too.

 

Remember the Sven era? 
 

But even under Pearson - our wage/turnover ratio was incredibly high.

 

However - the majority of this over-spending has been underwritten by King Power via debt to equity swaps.

 

Squad Cost Ratio (SCR) will replace PSR in the Premier League next season. I think we’d have struggled to comply with that too! 

 

 

Wonder how clubs with small grounds will manage 

[Pita]

5 hours ago, Rubbersoul said:

I’m genuinely starting to fear for this clubs existence now. 

It’s probably too late it’s been going on for years. Going to take someone with a lot of business skills to put it right. Top and Rudkin don’t have any skills in business 

[murphy]

10 minutes ago, DJ Barry Hammond said:

PSR was introduced in the 2013/14 season.

 

And we were overpaying on wages compared to what the club could normally afford based on its turnover even back then.

 

We were doing it in the Championship too.

 

Remember the Sven era? 
 

But even under Pearson - our wage/turnover ratio was incredibly high.

 

However - the majority of this over-spending has been underwritten by King Power via debt to equity swaps.

 

Squad Cost Ratio (SCR) will replace PSR in the Premier League next season. I think we’d have struggled to comply with that too! 

 

 

I stand corrected. 

[adejo92]

Any fans here secret millionaires for when we go under?

[RizLCFC]

 

[Blue-fox]

A fan led consortium could well end up being needed, especially if we go down. I can’t see it being too difficult to run the finances of a club, it would be the same for any business just varying levels of turnover/profit/expenditure. 

[wurmer]

Yeah, basically we’re fvcked.

 

[OntarioFox]

A few people have mentioned the concept of saving face in Thai Culture when discussing protests, and the idea of trying to expose the piss-poor running of the club to people and authorities in Thailand in some way or form. Worth remembering that it's something that extends to everyone in Thailand, from the King down to some dude selling duck eggs on a street market. 

In the case of King Power's administration (and we should really be calling it that), Methven mentioned them being deemed "too big to fail" by the authorities, which is why they were railroaded into their rescue package with the Airport Authority. It's likely that the optics of one of Thailand's biggest companies collapsing in on itself, and one with a footprint on the global stage through airports and ourselves, would have been a major embarrasment to the country and authorities as a whole. A less publicly-visible company with less intricate ties to the authorities and Thailand's public image abroad would most likely have been left to go to the wall.

I'd love to know what the folks pulling the strings in government and the royal family really think of Top's stewardship. That they've essentially forced him to be sidelined from the main business speaks volumes.

Edited 13 February by OntarioFox

[DJ Barry Hammond]

1 hour ago, Blue-fox said:

A fan led consortium could well end up being needed, especially if we go down. I can’t see it being too difficult to run the finances of a club, it would be the same for any business just varying levels of turnover/profit/expenditure. 

I don’t think that’s realistic.

 

For one, I think the suggestion of administration / liquidation is over stated.

 

King Power might not be willing to put the sort of sums into the club that they have previously to cover the clubs overspend, but I don’t see any prospect of them completely pulling funding in the short term - medium term. It’d make little sense for them to do that for such a high profile asset; especially one that could be sold.

 

But anyway - say if administration was to happen - even then, your suggestion is unlikely because any consortium would probably need to show available funds of around at least £100 million to convince an administrator the bid was backed by sufficient available capital to sustain the club for a significant period of time.

[Golden Fox]

That Charlie Methven really is a pompous posh t**t who loves the sound of his own voice, and quite happy to talk himself up and call others as idoits based on sweeping generalisations.

 

But he clearly knows his stuff, and has been through a similar scenario at Sunderland. He knows the detail on the bigger bicture in Thailand, knows the PSR rules, and how these change in League One and knows Leicester's finances, so well worth a listen.

 

And yet, when you boil down his comments, there is nothing complicated:

- we are losing money as we are paying out more than we are getting in, and this is not sustainable and it will end up in bankrupcy.

- the three ways out are to get promoted to increase income, to cut costs or to have someone come in and overpay for the club to effectively prop it up again (such as at Derby).

Promotion wasn't even mentioned, as it was a case of "if we can hang onto Championship status", and Top has clearly stated he is not selling, so we are left with having to cut costs. Ideally wages, but if you are stuck with players in League One on Championship or Premier League wages and there is nothing you can do contractually, it makes it more important to it cut costs in other areas where you can. And this needs doing across the business as a whole, and goes right through from cutting staff to the ridiculous costs we incur by running Seagrave as a 5 Star hotel and maintaining that many pitches.

So the priority is to start cutting these costs now, and that needs a strong Chief Exec to do this, even if they are very unpopular as a result. But the fact we don't actually have one at all is scarcely believable, and you can't conclude anything other than that Top is an idiot!

 

I think Top needs to listen to this and start to understand how out of his depth he is, that he has effectively lost control of the family business in Thailand and that his football club hasn't got a Chief Exec, a Director of Football or a Manager, and perhaps realise that it is time to pass on stewardship of this club while it still has some value. Let's face it, everybody loves and underdog, and we are the most famous underdog club in the world, so we should still be a very marketable asset. Promotion next year? Get your bl**dy head out of the sand, Top. If we go down to League One, it could all be over. 

[Mr.Bingles]

More doom and gloom.... Sixteen minutes on
 

 

[Blue.Fox84]

How can anyone watch the video from OP and not become hugely concerned and angered in the direction and leadership of this club!? 
 

I’ve said for years we are going down the same route as Sunderland - mainly based around the high wages and deadwood at the club rinsing it dry but it’s evident the issues go deeper 

 

Nobody wanted KP out and I think even despite the first relegation (there were concerns) but everyone was still on board with KP. They said there would be internal investigations and we were lead to believe that lessons would be learnt and relevant changes would be made. 
 

We clearly didnt learn our lessons by overspending and as we know, nothing has come from the internal investigations. Arguably we are in a weaker position with Susan Whelan leaving the club. Players are still on high wages, we’ve recouped money (KDH sale) to then effectively waste it all again and have seen no respectable or adequate changes at the top to bring in what’s needed to understand our situation and to guide us back in the right direction. 
 

We won previous appeals and effectively ‘got away with it’ under Enzo getting promoted under 1 season. The whole thing feels like it’s ran by cowboys who have no understanding and putting everything down to chance - I think our luck is beginning to run out. 
 

Whether we stay up or not, I cannot see how this club moves forward under the current regime. We are in a huge mess with what seems to be no understanding of how to get out of it. 
 

It’s not 1 bad season, this is now 4-5 years of pure mismanagement. 
 

KP needs to be ran out of our club, people responsible at the top needs to be hounded out and players stealing a living pushing this club into debt need to be made aware they are no longer welcomed or wanted here. 
 

This isn’t just about putting in a good performance/result or putting a relegation survival on the CV, this is literally the future of the club. Clap along and say support the lads/frown on the ones booing players like Winks etc but there is serious concerns that this club will no longer be around in the next few years in the state that it is. Yes it’s going to be toxic and people aren’t going to like it, but I’d rather have a Leicester City to follow in a few years time than none at all. 

[Paninistickers]

On 12/02/2026 at 20:12, DJ Barry Hammond said:

This isn’t correct based on what you were responding to.

 

Even with our title winning side our wages to Turnover levels were in the 90% range - and we hadn’t really begun the ‘selling an asset’ phase either - that came afterwards with Kante, Mahrez, Drinkwater and Maguire as the main ones.

 

That title winning side also got bumper new contracts - with this being under Top Senior - to start the trend of even higher wages to turnover.

This means in reality, the PSR problems were already baked in prior to Vichai’s death - and then exacerbated by Covid.

 

 

Additionally, most of the team was bought to get us out of the championship. Our wages to turnover there was as bad as it is now. 

 

KP was well prepared to spend vastly and unsustainably from the get go. It worked, for a while. But as you say, the MO was baked in well before The Khunt.