Leicester face immediate financial trouble

[JoBeck]

As reported by several sources,

-Leicester City owe £1.5 million to Inland Revenue by this weekend. The club does not have the money to meet this debt.

-Today, sale of club shares on the stock market was suspended.

-By this weekend, Leicester City could go under administration.

-Leicester City are looking to cut their wage bill by 20% and have asked their players to take a pay cut. Early rumors indicate that the players have refused.

I'll try my best to keep you updated on any new developments.

[JoBeck]

-Reports are that the club will go into administration today or tomorrow.

-Leicester City fans are preparing to set up a supporter's trust.

-The club will release a statement on Monday.

[JoBeck]

-Sky Sports reports that the statement regarding administration that the club was supposed to make today is there is no statement to be made today.

[JoBeck]

-ForFoxSake (http://www.forfoxsake.com/news/archive/2002/1002/141002a.htm): City in desperate discussions to avoid administration

-Soccernet (http://www.soccernet.com/england/news/2002/1014/leicester_20021014_foxesshouldtakepaycutfans.html): Fans demand players' pay cut

-The Fox (http://leicestercity.rivals.net/default.asp?sid=889&p=2&stid=8280344): Fans beginning to organize

[JoBeck]

-Leicester City released a statement to the stock market today which said that they are currently in discussions with their creditors (the American firm that gave them the loan for the stadium) to reach an agreement on a plan to pay off their debt. Leicester City will also meet with the PFA to discuss cost-cutting options. Leicester City will then try to raise revenue from its shareholders. The club claims that all of these actions are necessary to avoid going into administration, and if positive agreements are reached, the club will avoid administration. We'll just have to wait and see...