Leicester City’s financial problems have remained a major talking point since their relegation from the Premier League at the end of the 2024–25 campaign, with the threat of a points deduction still looming due to potential PSR breaches.
January offers clubs a chance to adjust their squads for the run-in, and for Leicester the need for change goes beyond performances on the pitch. While results this season have not matched expectations, there are clear economic pressures forcing the club to act quickly.
The Foxes began the campaign in reasonable shape, losing just once in their first ten league matches, but momentum has faded. The side has since struggled for consistency, particularly in midfield, a worrying return given one of the Championship’s largest wage bills.
Reducing that wage bill has become a priority, both this month and beyond.
Harry Winks singled out for exit
Football League World spoke with Foxes fan pundit Louchlainn Martin to discuss which player Leicester should look to move on in January. His answer was immediate. With Wout Faes already leaving on loan for Monaco, Martin believes Harry Winks should be next out the door.
In his view, there is little justification for keeping the former Tottenham midfielder at the King Power Stadium. He feels Winks no longer wants to be at the club, pointing to his absence from recent matchday squads and suggesting issues behind the scenes. Martin also claims similar tensions surfaced last season under Ruud van Nistelrooy and appear to have resurfaced this year.
Winks’ salary only adds to the frustration. Martin highlighted that the midfielder is the Championship’s highest earner, which he sees as unjustifiable even for a standout performer in the division. In Winks’ case, he is not playing regularly and is believed to be training away from the first-team group.
Many supporters share that feeling. While Winks impressed during Leicester’s promotion-winning season under Enzo Maresca, his time since has been marred by inconsistency and off-field concerns. Performances have dipped, and patience among fans has worn thin.
An expensive problem for Leicester
Winks arrived from Tottenham Hotspur in July 2023 for a fee reported to be around £10 million. His first year at the club was successful, as Leicester won promotion back to the Premier League and he featured in 45 of their 46 league games.
Since then, his influence has sharply declined. Across more than a season and a half following the 2023–24 campaign, he has made just 39 league appearances, with his last outing coming in November when he played 45 minutes against Sheffield United.
According to Capology, Winks earns around £90,000 per week, equating to over £4.5 million per year. For a club already under financial scrutiny, that is a heavy burden, particularly for a player not contributing on the pitch.
Moving him on this month may prove difficult. Winks is under no obligation to leave, and any transfer could still leave Leicester covering part of his wages. His contract does expire in the summer, which would remove him from the payroll, but that also raises the possibility he simply sees out his deal.
When he joined, Winks was meant to symbolise Leicester’s ambition to return to the Premier League. That goal has been achieved, but the relationship now appears strained. Whether in January or at the end of the season, his spell at the King Power looks close to its conclusion, and few Leicester supporters are likely to mourn his departure.