Leicester City shares have been taken off the stock market.

The struggling football club's shares were cancelled after it failed to appoint a new banking advisor within the maximum 28-day period allowed under stock market rules.

The club would now have to re-apply to the stock market in order to regain its listing.

Trading in Leicester City shares was suspended last month after the cash-strapped club went into administration.

Rescue bid

Leicester City went into administration last month, gaining temporary protection from creditors so as to put together a restructuring plan.

Former England international Gary Lineker, who began his career at Leicester City, is putting together a consortium to bail out the club.

The consortium fronted by Mr Lineker is known to have raised �1.7m so far.

But it is thought to need �5m needed to buy the club.

Leicester City's shares are listed on the London stock market's Alternative Investment Market, an index for small firms.

Decline

The club's financial position has deteriorated since it was relegated from the elite UK Premier division in May.

Clubs in the three lower divisions that make up the Football League have been hit hard by the collapse in May of pay TV firm ITV Digital, which had bought exclusive rights to broadcast their games.

The rights to screen Football League games have since been picked up by satellite broadcaster BSkyB for a much smaller sum.

Leicester City's problems were aggravated by debts reported at �30m and a �1.5m tax bill.

The club has asked its players to take a 20% wage cut in an attempt to cut costs.