Leicester City has been relegated from the Sky Bet Championship following a 2-2 draw against Hull, marking a significant decline for the team just 10 years after their historic Premier League win. Prior to the match, Gary Rowett's side was in 23rd place, eight points from safety, and desperately needed a victory to stay in the running. Despite a strong comeback in the second half, Oli McBurnie's goal sealed their fate. This relegation to the third tier comes as a shock, given the team's remarkable Premier League title win under Claudio Ranieri in 2016.
The Foxes will now play in the third tier of English football for only the second time in their 142-year history. The team's downfall was largely self-inflicted, with goalkeeper Asmir Begovic's mistake leading to Hull's opening goal in the 17th minute. However, they showed significant improvement in the second half, with James converting a penalty and Thomas scoring to take the lead. Unfortunately, their lead was short-lived, as Hull leveled the score in the 64th minute.
The relegation has sparked strong reactions from commentators, with Andy Hinchcliffe expressing his disbelief at the team's quality and experience, stating that 'this is unacceptable.' Courtney Sweetman-Kirk shared her concerns for the team's future, worrying about the potential loss of jobs and the impact on the fans. Leicester boss Gary Rowett acknowledged the team's frustrations, citing their inability to match the urgency and importance of the game.
The financial implications of the relegation will be significant, with the team's income predicted to fall by around 50% compared to the Championship, and a potential drop to £60m per year in League One. Despite this, the team will still be the biggest earners in the division, with the average revenues of a League One club being around £10m. The parachute payments from the Premier League will provide some financial cushion, but these will reduce over time. The team's wage bill will need to be significantly reduced, with a potential 30-40% decrease, and a large churn in the squad is expected as players become unaffordable for a League One club.