Leicester City transfer budget 'revealed' as Sheffield Wednesday given League One boost
Leicester City will be among the favourites to earn promotion from League One next season - but news of Sheffield Wednesday being free of a points deduction has boosted their own hopes.
Following confirmation that Sheffield Wednesday will not face a 15-point deduction next season, everyone will be hoping the club can assemble a squad this summer that is capable of pushing for an immediate return to the Championship.
New Wednesday chairman David Storch, who completed Arise Capital Partners LLC’s takeover of the club on Friday, was introduced to the Owls faithful for the first time on Saturday ahead of the 2-1 win over West Bromwich Albion, and his maiden speech as owner came to an end with it being revealed the club will start the 2026/27 campaign on a level playing field.
It seemed inevitable that Wednesday would start next term on -15 due to not fulfilling the EFL’s minimum dividend rule. However, the EFL exercised its discretion, as provided by the Insolvency Policy, and concluded that it would not be appropriate to impose a 15-point deduction against the Owls ahead of next season.
The club will remain subject to restrictions on their spending this summer, but the finer details are yet to be clarified. Nevertheless, the news that Wednesday will start next season with a clean slate will provide supporters with encouragement that a promotion push can become a realistic goal.
There is no underestimating the size of the rebuild required in S6 this summer, meaning plenty of work needs to be done between now and August, but Wednesday, without a 15-point deduction hanging over their heads, will be among the favourites with the bookmakers to push for promotion.
Another leading promotion contender next season is expected to be Leicester City, who are still coming to terms with a second relegation in as many seasons. The Foxes went straight through the Championship this term, mirroring the decline Luton Town experienced after dropping out of the Premier League two seasons ago.
Winning the Premier League title ten years ago and the FA Cup as recently as 2021, Leicester will be the overwhelming favourites to win the League One crown next term - and some may argue at a canter.
According to journalist Alan Nixon on Patreon, the Foxes are eyeing an immediate return to the second tier by leaning on a £10million transfer budget. A summer of change is expected at the King Power Stadium amid the Foxes’ need to slash the wage bill and offload several of their high earners.
However, reports of a £10m budget being available as a starting point ought to give the Foxes a big advantage in their quest to make an immediate return to the second tier.
Leicester, who are set to be on the hunt for a new manager, are said to have identified the addition of a striker as their top priority. Plymouth Argyle ace Lorent Tolaj is a player who has been linked with them recently.