Leicester City receive warning as King Power presented with £1.5 billion proposal

Leicester City and fellow EFL clubs have been warned they could face a wait of up to two years if they trigger the Independent Football Regulator's backstop powers regarding a financial settlement. The Premier League presented details of its proposed 'New Deal' to 72 EFL clubs, offering an increase in solidarity funding of more than £1.5 billion over the next 10 years.

The proposal includes reducing parachute payments by five percent across six years, creating a £20 million lifeboat fund for clubs in administration, and requiring 15 percent of funding to go toward infrastructure. EFL clubs are scheduled to meet over the next fortnight to continue discussions on the settlement.