How Leicester City summer transfer window could play out 

Transfer windows are a period of moving parts and are difficult to predict. That’s particularly the case for Leicester City this coming summer.

They don’t know what division they will be in, they don’t know if they will still be under a transfer embargo, and they don’t know the details of the sanctions they may face over potential Profit and Sustainability rules (PSR) breaches. But as things stand, whether City are in the Premier League or the Championship, it feels like it will be a transfer window of two halves.

What is undeniable is that City are, at the very least, close to breaching PSR for the three-year cycle that ends this season. If they weren’t the EFL wouldn’t have placed them under a registration embargo.

City said in response that they feel the embargo is premature because of the three months remaining before the end of this cycle on June 30. That seems fair, but it does mean they will need to act.

So when the transfer window opens in June, the focus for City will be on sales. It’s not known how much cash they need to recoup to satisfy PSR, and without that guidance, it feels like there’s the potential for the squad to be dismantled a little.

They could see a really valuable asset like Kiernan Dewsbury-Hall and make a lot of money in one swoop, but if they do not want to do that, multiple sales may be required. The whole situation is up in the air.

From July 1, the situation changes. City are in a new financial year and a new cycle that does not include the 21-22 campaign in which they made losses of £92m. The reveal of the 22-23 accounts before the month is out will give more clarity, but the hope is that the situation from July will look a little rosier.

But if they’re still in the Championship, the transfer embargo could still be in place. There’s no date set for when it will end, but it does not feel likely that it will be removed until the EFL are satisfied that City have kept within PSR limits. That means an assessment of their books following June 30 will be required before a decision is made, meaning the embargo could continue well into July, even if City do make sales in June.