Relegated clubs are entitled to parachute money of over £5 million a year for each of the first two years outside the top flight. But the parachute payments stopped in October, when Leicester went into administration.

At least one Premiership chairman is demanding that it still be witheld.

Holmes said: "What do these Premiership chairmen want? Do they want us to go bust? If our club had folded, then there would have been a lot of others from the first division that would have gone the same way.

"If these Premiership people want to gang up against us, we'll deal with it.We've got nothing to hide."

A Premier League spokesman confirmed that it is considering whether the club is entitled to the remaining payments.

"We are deciding whether Leicester will get the money back and expect to reach a decision before the end of the season," he said.

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