Chief executive Paul Aldridge believes Leicester's relegation from the Championship is more disappointing from a sporting perspective than a financial point of view.

The Foxes' goalless draw at Stoke combined with Southampton's 3-2 home victory over Sheffield United on Sunday saw the club slip out of the top two divisions for the first time in its history.

"From the sporting side, for our dream and goal to get back into the Premier League, it is a big dent in it. It is more of a sporting blow than a financial one," said Aldridge. "We are a football club that have never been in this division (League One), that is the biggest blow.

"It is a financial blow, no doubt about it, but it is not the catastrophic one of falling out of the Premier League because we do have incomes and we do have a reduction in our costs."

Aldridge stated that City's fall into League One would be cushioned by the fact the majority of the club's players will see their wages reduced.

He added: "Players have got a contract where all basics and bonuses are reduced in the lower division. So the overall amount for the same number of players will be less in this division than the Championship."