How much Leicester City will be saving in wages as Jamie Vardy departs | OneFootball

Leicester City have confirmed that Jamie Vardy will leave the club at the end of the season.

Leicester City have confirmed that Jamie Vardy will leave the club at the end of the season, ending his 13-year stay at the King Power Stadium.

During that time, the striker has established himself as the best player in Leicester’s history, contributing massively to their Premier League title win and FA Cup success, after joining from non-league Fleetwood Town for just £1m.

So, it will be a sad day for all connected to the Foxes when Vardy pulls on the blue shirt for the last time, with the ex-England international now entering his final five games for Leicester after announcing his exit.

Jamie Vardy will be missed at Leicester City

Vardy’s time at Leicester isn’t ending the way he would’ve wanted, as their relegation to the Championship has been confirmed.

Even though it has been a forgettable campaign, the 38-year-old is once again Leicester’s top scorer this season, having found the net seven times.

It’s not just the goals that made Vardy such a popular figure, with his relentless work-rate and willingness to wind-up opposition fans all part of what made him such a favourite of Leicester fans. That personality would also have made him a key figure in the dressing room.

Leicester City must prepare for new financial reality after relegation

Vardy’s announcement does at least mean Leicester can look ahead to next season, and the reality is that some tough decisions have to be made.

The fact Vardy isn’t retiring from the game shows this will be a club decision, and you can be sure finances played a big part.

Whilst we must stress that this is only an estimate, Capology states that Vardy has been earning £140,000 a week this season.

That may seem a lot, but Vardy would expect to be the top earner at the club given his performances over the years, and he was hugely influential during their promotion last season.

The striker is set to be out of contract in the summer, so his wages were coming off the books anyway unless fresh terms were agreed, but relegation means that Leicester must cut their cloth accordingly.

It’s no secret that they have had PSR issues, and recent reports claim that the EFL will ‘impose sanctions’ on the club ahead of next season.

So, the club will need to raise funds in the summer, and some high-profile sales seem inevitable.

Another aspect will be reducing the wage bill, and whilst that will be helped by the squad having cuts of up to 50% due to relegation, more action will be required.

Clearly, getting Vardy’s salary out of the club will help massively, as Capology’s estimate has it eating up over £7m a year. Even if that dropped to £3.5m in the Championship, it’s a massive sum for one player.

Ultimately, Leicester are set for a huge summer, and the immediate priority has to be sorting the manager situation. Then, it’s about reshaping the squad and complying with the financial rules, and Vardy’s exit could be the start of things.