Leicester City are locked in a relegation battle and the club’s ownership, King Power, is now coming under growing scrutiny from frustrated supporters.
While manager Brendan Rodgers remains a target for fans during this alarming malaise, there are also concerns over the club’s finances and a perceived lack of leadership at board level.
Following the tragic passing of Vichai Srivaddhanaprabha in October 2018, his son Aiyawatt took over as chairman and it has largely been another memorable period in Leicester’s history with their first ever FA Cup triumph and regular excursions in Europe.
Yet this season the mood has turned, with last summer’s transfer window business heavily restricted due to fears over future Financial Fair Play punishment.
While Aiyawatt made a statement in September to insist Leicester’s financial position is “entirely secure”, there are still worries among some fans over the direction the club is heading.
Suggestions in some football circles that King Power are seeking minority investment have been continually dismissed by sources at the club.
Leicester are also working hard to back Rodgers in this month’s transfer window, with three new signings understood to be a priority.
Fiorentina winger Nico Gonzalez and Victor Kristiansen, the FC Copenhagen left-back, are two targets and there is money available to bring in players.
But the closer Leicester drop towards the relegation swamp, the more questions will be asked over what the future holds.
Towards the end of the defeat at Nottingham Forest, some fans held up a banner bearing the words: “Missing! LCFC board.”
It is understood that Aiyawatt was absent from the City Ground, and he is often unable to attend due to working on his other businesses around the world.
Leicester’s mantra has always been to judge them by actions and not words.
After all, the last time a board member was interviewed by the English press was Aiyawatt reflecting on the title win nearly seven years ago.
It could also be argued that Leicester spent over £45 million before the start of last season, and those signings have not worked out and only served to bulk up an already bloated squad.
King Power’s strategy has always been to focus on long-term investments, such as the new £100m training ground and future expansion of the club’s stadium.
Yet the time for action is now, as Leicester’s season is threatening to turn into a grim relegation scrap unless reinforcements are brought in.
Rodgers has a big injury list, including James Maddison, Jonny Evans and James Justin, and is having to play players who are either badly out of form or shouldn’t be there in the first place.
This was Leicester’s fourth league defeat in a row since the season resumption, with Forest climbing above them into 13th.
To rub salt into the wounds of Rodgers, the Forest goals came from Brennan Johnson, who was a target for Leicester last summer before the financial brakes were applied.
Steve Cooper deserves huge credit for finding a formula to make this team work, after 23 signings, and they have now secured eight home games unbeaten.