Leicester City is heading towards financial 'Armageddon' without fresh capital and improved results, according to prospective owner Neil Lal. The Scottish-Indian businessman, fronting the Bharat Consortium Group, has made a direct offer to buy the club as it handles a perilous period in League One.

Lal's stark warning comes with the Foxes sitting 13th in the table on eight points after six games, a position he believes could deteriorate further. "If, God forbid, Leicester ever drops down to League Two, financially, it's Armageddon. It really is," Lal said. His consortium, backed by three other investors and significant capital from India, is one of at least three groups active in a takeover process with a September 14 deadline for initial bids.

The rescue plan

Owner Aiyawatt 'Top' Srivaddhanaprabha is seeking over £200 million for the club, a price that would also require any buyer to assume significant debt. Lal believes the club's multi-cultural community and thriving Indian population are huge assets for commercial growth. He aspires to promote and commercialise Leicester in India, use the legacy of the club's remarkable 2015/16 Premier League title win and its 2021 FA Cup triumph.

His plans for governance include consulting a committee of six to eight former Leicester players on transfer decisions and being open to putting a fan representative on the board. "We are all wealthy businessmen," Lal said. "Rather than going through the bankers of Leicester City Football Club, we have contacted the board directly, which saves time. We have made an offer." He would leave player recruitment and manager selection to experts, with current boss Russell Martin under pressure after a run of poor form.

On-field struggles

The club's precarious league position shows the urgency. Leicester have won just two of their opening six matches, with a recent 4-0 home defeat to Oxford United described by Lal as "very disappointing". That result is part of a recent form line reading WLWDL, leaving the side five points behind leaders Sheffield Wednesday.

A chaotic 4-3 victory over Stockport County last time out, featuring goals from Liam Cullen, Emil Riis Jakobsen and John Lundstram, provided a badly-needed three points. But the underlying concerns remain. Several investors have reportedly walked away from the process due to debt fears, and administration-which carries an automatic 12-point deduction-is seen by some as a risk if a sale is not completed.

Lal fears results may decline further before he can influence the club's direction. The next test is a trip to face 18th-placed Barnsley on September 19, a fixture detailed on our fixtures schedule. For now, the future of a club that lifted the Premier League trophy eight years ago hinges on securing a new owner capable of steering it away from the financial abyss.

More detail at talksport.com