by Chris Allen

Created on: September 11, 2010

Hard as it may be to believe for younger football fans, Leicester were once extremely capable and competent competitors in the top tier of English football. Even as recently as 8 years ago they were competing in the Premier League. But Leicester City serve as one of the best examples as to how unpredictable and unstable professional football is. They have oscillated between the leagues in recent years more than most, for a variety of reasons, and that fluctuation should serve as a reminder to the teams in the top tier (and in any of the leagues for that matter) to be careful with finances, not to be too ambitious and prepare for the worst so when it hits, you can cope with it.

Leicester are no strangers to success. They came second in the top tier in the 1928-29 season, have won the second division 6 times, the League Cup three times and have been runners up in the FA cup four times. Their most recent successful stint in the Premier league began in 1996-97, following a play-off final victory over Crystal Palace. They then consolidated their Premier league status, with four successive top ten finishes in the top flight, spear headed by their manager Martin O'Neill. He took them to 3 League cup finals in four seasons, winning it twice. As a result, the club qualified for Europe in 1998 and 2001,  but never really made an impression.

The start of the decline could be rightly attributed to the departure of Martin O'Neill. In June 2000, he left the club to join Celtic, and Leicester slid down the table rapidly. Peter Taylor, Dave Bassett and Micky Adams couldn't keep the club in the league and so in 2002, they were relegated to the second tier of English football. In that summer, they moved to their new stadium, the Walkers Stadium, but things turned bleak from there on in. The club had no choice but to enter administration as the club assumed debts of £30 million. The cost of the new stadium, the collapse of ITV digital, a high wage bill and lower than expected transfer fees all contributed to their administration but in the subsequent season, they finished second in the Championship, winning a place in the Premier league once more. Unfortunately however, they couldn't make an impact and were relegated after just one season. This time they really were in trouble.

After a series of unsuccessful managerial appointments, made by chairman Milan Mandaric, the club were relegated from the Football League Championship, and would feature outside the top two tiers of English football for the first time in their history. The lowest point in Leicester's history had struck. Just 8 years previously, they had qualified for Europe. Yet here they were, manager-less, debt-ridden, ashamed and in the third tier of English football. The club won the League one title easily, and then almost got promoted to the Premiership in their first season back in the Championship, but the club still goes to show how unpredictable football is, and how carefully managed a club must be at all levels to avoid sliding down the football league pyramid.

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