Leicester City News - Dec '02

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.. The Price Of Failure (17/12/02)

According to leaked documents that have surfaced in a local newspaper, the price of spending more than one season in the first division has become painfully clear.

Saint Lineker's consortium believes that they will need to sell four top players PLUS Muzzy Izzet if the team stays in Division One.

The document was sent to the Administrators to outline and project City's financial situation until the 2005/06 season if they were to stay in the first division.

The key pints of the document are:

That the top four contracts to expire over the summer will not be renewed and that Izzet will be sold.

That the consortium believes they will make a £1million profit on the sale of Izzet incorporating a payment to former club Chelsea.

That certain players will face a salary cut when contracts come up for renewal.

Consortium member Jon Holmes said that losing players was inevitable if the club failed to win promotion.

"What we have to prove is that the financial decisions that got the club into trouble will not be repeated,'' he said.

"The alternative would be that the club goes out of business. There would be no way back.

"If the club gets promoted we have to provide for the fact the squad needs to be strengthened.

"If the club does not get promoted a number of contracts will come to an end and they will probably be released.

"Had the transfer market been better in the summer Izzet would have gone anyway. The fact is no-one came in.

"Because he's playing so well we believe he would want to move anyway."

Cliff Ginnetta, chairman of the City Supporters' Club told the Mercury "I think the fans are confident we will go up.

"If we don't go up we would want changes anyway."

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