Relegation woes are still causing headaches for UK-based soccer team Leicester City, which last week announced that pressure from creditors had forced it into administration.

The football club, which has a GBP28 million privately placed securitization of media and commercial income, suffered its second blow along with UK soccer in general when ITV Digital collapsed earlier this year. According to market sources, the Soccer League signed a three-year GBP315million contract in 2000 - revenue that will now be unavailable to teams in the league. In times when players' salaries are soaring, this unprecedented cut is sure to hurt teams going forward.

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