RIP Leicester City Football Club

[joachim1965]

4 hours ago, OntarioFox said:

I'm from Sileby mate 

Well said.

[Vindaloo FOX]

30 minutes ago, FoxesWalk said:

Enter stage left… Mike Ashley 

 

Excited to get down the Sports Direct Arena for Leicester vs Bromley? 

I wouldn't say no, he's got a lot more experience in running a club than silly boy Top.

 

Anders Holch Povlsen is another billionaire who might be keen, he is the largest individual private landowner in the UK and owner of FC Midtjylland. He showed interest in Sheffield Wednesday also.

[Dan]

5 minutes ago, MC Prussian said:

Well, if I don't mention it, some people could come to the conclusion that I might be encouraging violence. Just had to point that out.

 

Up until now, the players live in a cuckoo land, in a parallel universe, they don't live an ordinary life and obviously have no clue what earning a living actually means.

They need a dose of reality.

Yeah true. You do get some babies on here sometimes though.

[Gamble92]

4 hours ago, Fear Of The Fox said:

When I was talking about termination of contracts and huge fines for the players because of misconduct a lot here were laughing at me. 

The situation we're in was avoidable by taking action against certain players and staff. 

But it seems this club is run like a kindergarten. Everyone from Top to bottom (fans) has an absolute immature approach. 

Quite strong words for Alex Crook from Talksport to talk about 'wrong-uns' in dressing room too. I realise they're a bit tabloid clickbait shite but he's not saying that without having heard some stories that would probably make our blood boil.

[The Doctor]

6 hours ago, foxes4life said:

He'll be more welcome then you, **** off and support a Canadian team and stop telling us Leicester born fans that actually attend games what to do.

no he won't. Any phoenix club worth it's salt will have an admission test and ban anyone who still backs king power 

[Donwebbio]

14 hours ago, wurmer said:

So given where we are, the state of the clubs finances including the huge debt and how leveraged we are, the state of the world thanks to the Orange Bafoon in Washington, the likelihood that we are down, the state of King Power and the issues they have had/are going to have, the absolute turnips in charge of the club on a sporting and corporate level, it’s looking very very grim.

 

The Brutal Truth

 

There is a lot of confusion about what happens to the club financially if we suffer back-to-back relegations. Here is the reality of our situation, stripped of all the accounting jargon:

 

1. We owe more than we own.

Yes, we have a £130m training ground and a £40m+ stadium. But our total debt is estimated to be over £200 million. If you subtract what we owe from what we own, the club is essentially in negative equity.

 

2. We owe banks, not King Power.

Top isn't the one demanding this money. King Power actually wiped out the massive loans we owed them by turning them into shares. Our current debt problem is because we’ve had to take out massive, high-interest loans from real banks (like Macquarie) just to survive the Championship. Banks don't forgive debt; they demand cash.

 

3. League One revenue is basically zero.

In the Premier League, we made £100m+ from TV. In the Championship, it's a fraction of that. In League One, total TV and league money drops to under £2 million. We absolutely cannot pay a £200m+ bank debt and a massive wage bill on £2m a year.

 

4. King Power can't really afford to save us anymore.

Because of the pandemic, changes in tourism, current world situation, King Power’s own duty-free business in Thailand has taken a massive hit. The days of Top writing £100 million blank cheques to bail out the club's mistakes are over.

 

What is one likely path?

If we go down, administration is actually quite unlikely because it would destroy the club's assets and King Power's legacy (plus it brings a massive points deduction). Instead, another option is:

 

• The Summer Fire Sale: The club will sell absolutely anyone with a heartbeat and a transfer value for pennies just to slash the wage bill and keep the banks off our backs.

 

• The £1 Sale: King Power will likely have to accept they’ve lost their infrastructure investment. They will quietly sell the club for a nominal fee (like £1) to new owners (likely an American investment group). The new owners get the stadium and Seagrave for "free," but they have to take on the massive £200m debt and the long-term rebuild.

 

 

TLDR: If we drop to League One, expect a total squad fire sale followed by King Power selling the club for £1 to whoever is willing to take on the debt.
 

The 2016 era is officially over.

 

I’m staggered that the happy clapper idiots still think that it is ok/will be ok because we will spend millions in a league one.

 

Absolute lunancy!

Brilliant summary thank you. Is the £200 million debt a genuine figure and is that info in the public domain? If so, is it all owed to Macquarie? The cost of servicing such a debt must be £15-£20 million per year.

[Rubbersoul]

#THENEXTCHAPTER 

[Brixtonfox]

16 hours ago, Foxin_Mad said:

I think this is the end. Everything is rotten to the core. There is nothing positive. The finances are a disaster. Most of the support is complicit. We have no identity, obsessed with this style. A pathetic mentality. I don’t see the club ever returning from this. We will likely be the first major city without a football club. Maybe it’s a summary of the total decline and demise of football. We maybe have one year at best but unless these clowns get lucky with a manager there will be no promotion back. 1884-2026 Leicester City FC

Most of the support are complicit? How does that work?!

[Larry_LCFC]

Just now, Brixtonfox said:

Most of the support are complicit? How does that work?!

I wouldn't say most the support, but we do have a significant portion of our fanbase who are still in love with Top and King Power. They would happily see them relegate us into non league because we once won the premier league.

[Le Renard]

1 hour ago, CL Fox said:

It happened over three years ago, if there was a competent football director or some accountability we could have seen it through. See many other Premier league clubs who held onto a manager for too long and signed crap players - this sort of scenario happens at every club (Villa, Forest, Everton, Leeds). And some of what youve written isn't true, Rudkin said in 22/23 he'd make the club 100m in sales and then didn't hence why they'd lined up Colwill and Johnson.

Et voilà you've come up with a counterargument, putting across how you see it, rather than labelling people thick because they see it slightly different to you.  I don't disagree with your main point that Laurel & Hardy in charge have screwed our club, but some of us see Rodgers as partly to blame.  

[reynard]

12 hours ago, kingfox said:

Some excellent posts in here, in particular @Swarles Barkley and @Sampson

 

It’s personally reached the point for me where I don’t allow Leicester to ruin my weekend. Apathy started to set in years ago, now it’s reached boiling point. After seeing us go 1-0 down today, I just laughed and shrugged, and got back to concentrating on other sports.

 

For the first time as a Leicester fan, I literally cba and fail to care.

 

What is sad though, is plenty of fans feel that exact same way. There’s been plenty of posters on here in recent months, who have been supporting Leicester and have been on this forum longer than I have, stating that they just don’t care and won’t bother renewing their season tickets. 
 

This club has become so rotten, it’s turning away fans who have been going since the 70’s-80’s.

 

We’ve seen some big clubs get destroyed in recent years, we’re well on course to be the next one.

 

Bolton, Wigan to name a few, I can easily see us going through what they went through.

Sums it up perfectly for me too. I'm now far less stressed, enjoy my weekends more and can watch football without my heart rate getting to dangerous levels.

Most eras come to an end and our recent one now has. It all feels different to the last time we were relegated to the third division. 

 

 If we are relegated, as now looks likely, I can see us being away from the top flight for a decade at least. The whole club is just toxic. A winning mentality has been replaced by a losing one. A new owner is really required but, if Top won't sell, he needs to sack Rudkin, appoint someone to run the club and take a step back away from the running of the club. Trust people to do the job better than he can. Just about everything needs to change. We need a young progressive management team that embraces all modern training techniques. I'd head this with an experienced older head who can make sure that certain standards are maintained at all times. The recruitment team have failed. Glover needs replacing and do we really need a set piece coach in the third tier of football?

I've no idea who these people might be and I've no confidence in Rudkin to find them.

 

I'm sad and angry at the same time. Quite how so much incompetence can be allowed to continue without any consequences is mind boggling.

 

Fans want to see success but even more the true fan wants to see effort, commitment and a pride in playing for the club they love and support. Right now we're not seeing any of those from the current squad.

[reynard]

1 hour ago, Gamble92 said:

Quite strong words for Alex Crook from Talksport to talk about 'wrong-uns' in dressing room too. I realise they're a bit tabloid clickbait shite but he's not saying that without having heard some stories that would probably make our blood boil.

I though the same. I don't think he would just make up comments like that without at least something that backs it up even he can't reveal a source. 

[Clogger_]

7 hours ago, foxes4life said:

He'll be more welcome then you, **** off and support a Canadian team and stop telling us Leicester born fans that actually attend games what to do.

Proud to stand alongside you, soldier

[Tommy G]

Oh my days the amount of times people say Top must sack Rudkin, this isn’t going to happen?? How thick can you be, he’s just promoted him!! 
 

Rudkin retires here unless Top sells the club, just face it 

[Wymsey]

Who's the chief Accountant?

[Fear Of The Fox]

Some excellent posts here. I genuinely believe that if members from this forum were in crucial positions within the club everything would have been better. 

And ofc this leads to another issue. We're just consumption machines for the football clubs. Buying, clapping, buying, clapping. You're not allowed to even raise your voice because you'll upset the primadonnas millionaires. 

Bring back the sport to its roots, to the fans. 51% fans ownership rule now. Otherwise my apathy not only for Leicester but also for football will keep on growing. 

Edited 12 April by Fear Of The Fox

[Brizzle Fox]

1 hour ago, Clogger_ said:

Proud to stand alongside you, soldier

In the trenches....

[LinekersLugs]

16 hours ago, wurmer said:

So given where we are, the state of the clubs finances including the huge debt and how leveraged we are, the state of the world thanks to the Orange Bafoon in Washington, the likelihood that we are down, the state of King Power and the issues they have had/are going to have, the absolute turnips in charge of the club on a sporting and corporate level, it’s looking very very grim.

 

The Brutal Truth

 

There is a lot of confusion about what happens to the club financially if we suffer back-to-back relegations. Here is the reality of our situation, stripped of all the accounting jargon:

 

1. We owe more than we own.

Yes, we have a £130m training ground and a £40m+ stadium. But our total debt is estimated to be over £200 million. If you subtract what we owe from what we own, the club is essentially in negative equity.

 

2. We owe banks, not King Power.

Top isn't the one demanding this money. King Power actually wiped out the massive loans we owed them by turning them into shares. Our current debt problem is because we’ve had to take out massive, high-interest loans from real banks (like Macquarie) just to survive the Championship. Banks don't forgive debt; they demand cash.

 

3. League One revenue is basically zero.

In the Premier League, we made £100m+ from TV. In the Championship, it's a fraction of that. In League One, total TV and league money drops to under £2 million. We absolutely cannot pay a £200m+ bank debt and a massive wage bill on £2m a year.

 

4. King Power can't really afford to save us anymore.

Because of the pandemic, changes in tourism, current world situation, King Power’s own duty-free business in Thailand has taken a massive hit. The days of Top writing £100 million blank cheques to bail out the club's mistakes are over.

 

What is one likely path?

If we go down, administration is actually quite unlikely because it would destroy the club's assets and King Power's legacy (plus it brings a massive points deduction). Instead, another option is:

 

• The Summer Fire Sale: The club will sell absolutely anyone with a heartbeat and a transfer value for pennies just to slash the wage bill and keep the banks off our backs.

 

• The £1 Sale: King Power will likely have to accept they’ve lost their infrastructure investment. They will quietly sell the club for a nominal fee (like £1) to new owners (likely an American investment group). The new owners get the stadium and Seagrave for "free," but they have to take on the massive £200m debt and the long-term rebuild.

 

 

TLDR: If we drop to League One, expect a total squad fire sale followed by King Power selling the club for £1 to whoever is willing to take on the debt.
 

The 2016 era is officially over.

 

I’m staggered that the happy clapper idiots still think that it is ok/will be ok because we will spend millions in a league one.

 

Absolute lunancy!

If Sheffield Wednesday cannot be sold for £40m, no Americans or anyone are paying £200m for the debt to own us 

 

the rest of your point is very well made but the training ground is a field and it has a very limited market 

 

genuinely Administration is inevitable UNLESS KP write another cheque for £200m  And I cannot see that happening 

 

But I agree on nearly all the piece 

[The Year Of The Fox]

1 hour ago, Wymsey said:

Who's the chief Accountant?

Dianne Abbott

[Gamble92]

I punched a carton of orange juice this morning 

[Jattdogg]

9 hours ago, OntarioFox said:

I'm from Sileby mate 

Wait until he finds out i'm from Westcotes but raised in Ontario lol.

[Fear Of The Fox]

45 minutes ago, Gamble92 said:

I punched a carton of orange juice this morning 

Are you at A&E now? 

[mod hero]

1 hour ago, The Year Of The Fox said:

Dianne Abbott

Fray Bentos

[Foxin_Mad]

4 hours ago, Brixtonfox said:

Most of the support are complicit? How does that work?!

By sitting there and letting it happen, clapping politely. Supporting king power.,

 

4 hours ago, Larry_LCFC said:

I wouldn't say most the support, but we do have a significant portion of our fanbase who are still in love with Top and King Power. They would happily see them relegate us into non league because we once won the premier league.

I would say most of the support. If the whole stadium is against them it’s uncomfortable, if it’s a minority they can just say it’s those rebels, most people are backing king power or just non plussed

[Paninistickers]

5 hours ago, Donwebbio said:

Brilliant summary thank you. Is the £200 million debt a genuine figure and is that info in the public domain? If so, is it all owed to Macquarie? The cost of servicing such a debt must be £15-£20 million per year.

I don't think @wurmer is correct here. 

 

I've followed the Macquirie finance for the last 6/7 years we've used them..

 

They are due the parachute money, KDH instalments Barnes Hermansen instalments etc. So that amount of debt we owe them is basically a guarantee. The money is on its way to Macquirie. 

 

Any other debt is to KP - which was converted to equity..

 

The problem is cashflow. Unless we shift 50m or so this summer (I don't think we will) or KP lend us the 50m (I don't think they can) we are out. Gone. Game over. 

 

KP will cling onto the stadium and Seagrave and attempt to use them as leverage for an administrator or newly formed club