When unexpectedly slipped through the relegation trapdoor last May, they had a long way to fall, arguably further than any relegated team before them. After a decade in the , becoming champions of , winning the and Community Shield and competing for two seasons in Europe along the way, they found themselves unceremoniously back in the Championship. It was inevitable that profit and sustainability rules were going to be a big issue.
Theoretically, the Premier League could still sanction Leicester this season if it finds they are in breach of PSR for their last three seasons in that division. Previously, though, it has not found Leicester in breach, despite some hefty losses over that previous three-season cycle, due mainly to allowable losses, including due to Covid-19 — 2022-23 is the final year that pandemic-related losses will be allowable in the accounts.
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