Leicester are in financial meltdown while Coventry and Watford are the latest to ask their players to take a pay cut, as they struggle to adapt to life away from the gravy train.

We look at the prospects for six clubs who are finding life tough outside the top.

Leicester

The debt: �30m

The problem: The club have applied to go into administration in order to deal with their debts.

The final straw came after being handed a �1.5m tax bill.

The solution: Players rejected a 20% pay cut, but agreed to defer signing-on fees.

Leicester have off-loaded several of their highest earning players but due to the collapse of the market, they fetched only �8.5m.

Club chairman Greg Clarke said: "While this is a severe setback, (administration) does not mean the end of Leicester.

The future: The share price dropped from 110p to 7.75p before trading was suspended.

BBC presenter Gary Lineker is behind a consortium to take control of the club. Beyond that, their future is uncertain.

Barnsley

The debt: �3m

The problem: Relegation from Division One and the loss of the ITV Digital money have left Barnsley with a payroll of �5m a year, other costs of �2m - and income of only �4.5m.

They have been given a deadline of just eight weeks to bring a buyer in.

The solution: Administrator Matthew Dunham, who on Tuesday axed Tykes boss Steve Parkin, says, "This club needs investors to take on the expected shortfall, and we have had several expressions of interest.

"I am looking for the fans to rally round and provide the money to keep the club going, and try to avoid job cuts or renegotiations with players."

The future: "If we improve results then attendances will improve and, with that, the financial position of the club," says Dunham.

"What we are looking for is someone who will concentrate on refinancing the existing loans or take them over."

Coventry

The debt: �59.6m - at the last AGM.

The solution: The club have asked the players to take a 12% wage cut over the next two years that will be repayable if their financial situation improves.

The future: The board have a business plan that has been accepted by the bank and they hope the latest accounts will show the debt is down to �30m - �15m of which is in directors' loans.

Derby

The debt: �20m

The problem: Relegation from the Premiership proved a disaster due to the number of players on high wages and long-term deals. The club was late in paying the players' wages in August.

The future: The club appear to have got the bank on their side and have no intention of going down the administration route.

Sheffield Wednesday

The debt: �20m

The problem: The club invested heavily to stay in the Premiership and paid too many players too high wages.

They are also hoping to sell their training ground, which should raise �5-10m.

The future: The club believe they can keep a tight rein on the debt until the end of the season when they can dramatically slash their wage bill. Chief executive Alan Sykes has ruled out administration as an option.

Watford

The debt: Cleared

The problem: The club say they need to raise a �9.5m shortfall in revenue after the collapse of the ITV Digital deal.

The solution: The board will provide �6.3m, but they still need to find another �3.2m.

The players agreed to a 12% pay cut which is expected to save the club �1.3m.

The club are also hoping to release some more shares and hope to raise more money through shares and donations.

The future: The club are over the worst but administration remains a "spectre looming", according to a club spokesman.