Leicester 'face £70m black hole' after disastrous football-on-credit-card gamble

Leicester 'face £70m black hole' after disastrous football-on-credit-card gambleImage source, Getty ImagesImage caption, Leicester City fans have been protesting against the club's owners throughout the seasonByDale JohnsonFootball issues correspondentPublished4 minutes agoCommentsLeicester City enjoyed the good times, now they are going to have to endure the bad - and there are signs they may not have hit rock bottom.The drop to League One was confirmed after Tuesday's 2-2 draw at home to Hull City. Many fans stayed away from the King Power Stadium as Leicester become only the fifth club to suffer back-to-back relegations to the third tier.Those who did turn up made their feelings known to the misfiring squad of highly paid players Supporters also protested against the owners, with 'King Power Out' banners dotted around the sparsely populated stands. With much of the club's future income effectively mortgaged off at high interest rates, the owners must finance a rebuild.But if the noises coming out of Thailand are anything to go by, the King Power Group may not have the resources to do it. Where do Leicester go from here? Could it get worse before it gets better?How an Australian investment bank has financed LeicesterFrom the outside it might seem difficult to understand quite how the Foxes got here.Leicester have been relegated despite having several of the highest-paid players in the Championship.Even the six-point deduction for failing financial rules in 2023-24 may not mathematically send them down, after just two wins from 19 league games in 2026.Just last month Leicester reported a deficit of £71.1m for the 2024-25 season, when they were last in the Premier League. There is no indication of another potential points penalty for this period.Accumulated losses since 2019 have reached £375m, and in recent years future finances have been cashed in to keep the club running.Loans worth at least £100m have been taken out with Macqua...