This is a big moment and a big test for Leicester City, writes Sky Sports News' Rob Dorsett...
Leicester are once again down in the Championship. It's their first season of the post-Jamie Vardy era, there's a threat of a points deduction hanging over the club and they have a new manager at the helm.
Despite that, Leicester harbour ambitions to bounce straight back up to the Premier League. However, the truth is there is still a lot of uncertainty at the club, and a lot of rebuilding to be done.
The positive: It is equally true that Leicester have one of the strongest squads in England's second tier, and they will fancy their promotion chances.
Much depends on what happens in the remainder of this transfer window and how boss Marti Cifuentes can rejuvenate and motivate a depressed squad.
There is (as is always the case) no indication about when Leicester will hear the outcome of the independent commission's investigation into their alleged breach of Profit and Sustainability Rules for 2023/24, but it means Leicester go into their first game at home to Sheffield Wednesday on Sunday with the clear possibility of a points deduction looming later in the season.
That makes it tough for Cifuentes and his players, who could be looking at nine points or more being chalked off their tally in the weeks to come.
Of equal concern is the parlous state of Leicester's finances.
Their loyal and committed owners, King Power, have their own business battle being waged in Thailand. Profits are down and the exclusivity of their duty free business is being challenged.
That shows no sign of directly impacting the football club's revenue streams, and there is no doubt about the commitment of chairman Aiyawatt Srivaddhanaprabha (or 'Khun Top') to his father's footballing legacy. But what is very clear is that Leicester have repeatedly tested the limits of the PSR rules, and they are still sailing close to that waring wind right now.
They will have to navigate a careful course from here.
The fact that the team look set to start the season without a shirt sponsor is a worrying sign. That will get sorted in time, but the fact is Leicester in the second tier simply doesn't have the same commercial clout as Leicester in the Premier League.
The upshot? Leicester need to sell more members of their bloated squad before they can contemplate bringing in some new recruits. They took 32 players to their summer training camp in Austria, with several more back in the East Midlands nursing injuries.
Leicester will sell no one on the cheap.
Look at the £2m they got for 32-year-old Conor Coady, who only had one year left on his contract, from Wrexham. Coady thought he would be allowed to walk away for free, with Leicester saving his not-inconsiderable wages, but Leicester dug their heels in and said no to a free transfer to Rangers.
The club are keen to move on a number of players who are either peripheral to their plans, or way outside them. But they will also have to sell some of their biggest assets, to balance the books.
Mads Hermansen, Bilal El Khannouss and Abdul Fatawu are all being courted by Premier League clubs, but Leicester will hold out for big money.
Leicester's squad is unbalanced for sure. Just look at their midfield options - Wilfred Ndidi, Harry Winks, Hamza Choudhury, Boubakary Soumare, and Oliver Skipp are all in the mix. And yet they are desperate for a new striker following Vardy's departure, with Jordan Ayew and Patson Daka their only real centre-forward options.
But they have some exciting young talent coming through too.
The jewel in the crown is winger Jeremy Monga, who turned 16 last month, and who is creating a real buzz among the fans. He is one of the most exciting prospects to come through Leicester's academy, and after making his Premier League debut last season, this could be a big season for him in the Championship. Similarly, defender Ben Nelson, who turned 21 in June, and forward Jake Evans, who is only 16.
And so it is a season which starts with much uncertainty for the 2016 Premier League champions.
How quickly can the squad shake off the disappointment of relegation, and rejuvenate for a promotion push? What will the mood be like in the stands at King Power Stadium? How will the new manager do? Which players will be in his squad come September 2? How heavily will Leicester be affected by their PSR charge?
The answers to those questions will only become clear as the season progresses.
Watch Leicester vs Sheffield Wednesday Birmingham, live on Sky Sports on Sunday; kick-off 4.30pm
Friday August 8
Birmingham vs Ipswich, kick-off 8pm - Live on Sky Sports Football and Sky Sports+
Saturday August 9
Southampton vs Wrexham, kick-off 12:30pm - Live on Sky Sports Football and Sky Sports+
Charlton vs Watford, kick-off 12:30pm - Live on Sky Sports+
Coventry vs Hull, kick-off 12:30pm - Live on Sky Sports+
Middlesbrough vs Swansea, kick-off 3pm - Live on Sky Sports+
Norwich vs Millwall, kick-off 3pm - Live on Sky Sports+
Oxford vs Portsmouth, kick-off 3pm - Live on Sky Sports+
QPR vs Preston, kick-off 3pm - Live on Sky Sports+
Stoke vs Derby, kick-off 3pm - Live on Sky Sports+
West Brom vs Blackburn, kick-off 3pm - Live on Sky Sports+
Sheffield United vs Bristol City, kick-off 5:30pm - Live on Sky Sports Football and Sky Sports+
Sunday August 10
Leicester vs Sheffield Wednesday, kick-off 4.30pm - Live on Sky Sports Football and Sky Sports+
