Leicester say that improving their financial position is “a priority” and have appointed Kevin Davies, the club’s former finance director, as their new chief executive.
When the Championship club were deducted six points in February, it emerged that they avoided a harsher sanction as the independent commission accepted a “clear downtrend in losses”.
Leicester have appealed against the initial decision, with a hearing expected in the next few weeks. There is the threat of another point being added, after the Premier League appealed against the decision not to sanction Leicester for filing their accounts late.
On the field, Leicester are locked in a grim relegation battle. While there are financial provisions in place for League One, it would still represent a stunning fall from grace. Ten years ago they secured one of the most memorable sporting triumphs in football history as the 5,000-1 shots who pulled off a footballing miracle.
Leicester are third bottom and one point adrift of safety. They return to Championship action at home against Preston on April 3.
Gary Rowett was appointed as head coach in February and has drawn four of his seven matches in charge, losing two of them.
Leicester had not managed a clean sheet since September before his arrival but have now secured two shut-outs in the last three matches.
Rowett has been direct and clear in his approach, simplifying tactics, and offering a clean slate to players previously frozen out by his predecessor Marti Cifuentes. Jannik Vestergaard, Asmir Begovic, Aaron Ramsey and Harry Souttar will all be available following the international break after injuries. Wales international Jordan James is having a scan after being taken off in the World Cup play-off semi-final against Bosnia and Herzegovina on Thursday night, but the initial diagnosis is not thought to be serious.
Despite the clear improvement in performance, Leicester remain in trouble. It appears to be a straight fight between Leicester, Oxford, Portsmouth, West Brom and Blackburn over who joins Sheffield Wednesday in the third tier next season.