James Maddison is key to easing Leicester financial losses

If there were any doubts about the busy summer ahead for James Maddison, four words from Leicester chief executive Susan Whelan dispelled them.

In the statement accompanying Leicester’s record £92.5m loss, Whelan said “player swap gains” would be a key part of the club’s plan.

At first glance, there’s a simple way to turn a profit this summer: he’s 26, wearing the number 10 shirt and has nine goals and five assists in the Premier League this term.

All inquiries from the Premier League’s elite were turned down in January, but make no mistake, they’ll be back.

Newcastle made two offers last summer and there is believed to be interest from Tottenham, who have been following Maddison’s progress since his Coventry days.

Arsenal took a look in the summer of 2021 but opted to sign Martin Odegaard instead, a year after Manchester United balked at a £70m asking price.

Here’s the rub, though: Maddison only has one year left on his contract. Last summer Leicester wanted over £60m for their star man.

Maddison is one of the best players in the division, but opponents know that unless he signs a new contract, he won’t cost anything in the summer of 2024.

Which is why it may be difficult for Leicester to persuade Maddison’s suitors to hit that number.

The other complication is that the playmaker has been dealing with a knee problem, which effectively ended his chances of contributing to England’s World Cup campaign and required at least one injection, as well as a scan, to keep it in the field.

Boss Brendan Rodgers admitted Maddison’s knee was “not 100 per cent” after he captained the team to a 3-0 loss to Manchester United last month.

It remains to be seen if Maddison can heal the injury for the rest of that season and if it will alter his plans for the summer.

The club would like to see Maddison sign a new contract and part of that strategy has been to make him captain for the last few games, with Jonny Evans and Youri Tielemans injured.

But Rodgers is realistic. “I won’t beg for a player to stay,” he said last month.

“This is a great club, there is great support here on the pitch, off the pitch and if you’ve been here a while you understand what the club is about and where it wants to go.

“But a player’s career is short, he always has to think about the future, but as long as that concentration and focus is here while they’re here, that’s all I ask for.”

The other problem for Leicester is that Maddison is one of the few high-value players. Harvey Barnes would dominate a market but James Justin, Leicester’s other impressive young Englishman, has been unlucky with injuries.

So Maddison is the big one. With eight players out of contract this summer, Leicester need to finance a team rebuild in a difficult financial context.

As much as they wish otherwise, the club knows that the time has come to collect.