I posted this a few months ago on the Leicester board when they were expecting big things from Beckford....
Its all meant tongue in cheek but I would say they are at stage 7 (hire ex manager).
I expect stage 8 shortly and stage 9 panic showing signs... i.e. "there is always next year"
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As Leicester are so keen on emulating Leeds,
Just remember this order and it will make the next 2 years less painfull:
1st. Sell cheap (Done - ps. thanks for Gradel),
2nd. Build Debts (Done),
3rd. Buy Big (Done),
4th. Fail to deliver (In Progress),
5th. Panic (Due Xmas 2011),
6th. Sack Manager & pay him off (Early 2012),
7th. Hire Ex England Manager (Done once repeat if required),
8th. Sell cheap again (Summer 2012),
9th. Panic as debts too high (Winter 2012),
10th. Buyout (Summer 2013),
11th. Administration (Winter 2013),
12th. Find a fall guy - Goldfish are always useful!!!
13th. Relegation (Summer 2014).
14th. Raise from the flames, wiser and able to see next club making same mistakes.
15th. Post ironic message on their website - You will find it funny - but they won't realise your right....