The EFL Championship returns for the 2025/26 season with a competitive field, a handful of favourites and the usual air of uncertainty.
Relegated clubs arrive with Premier League experience and parachute payments, while ambitious sides aim to disrupt the order. Every club faces questions - from financial pressure and managerial change to squad strength and expectations.
The path to promotion rarely runs smoothly, and this year will be no exception.
Here is a club-by-club perspective on the promotion hopefuls, focusing on summer transfers, ownership, budgets, and each club's broader expectations.
Leicester
Leicester return to the Championship under a cloud. Relegation from the Premier League was followed by managerial upheaval, with Marti Cifuentes now tasked with stabilising a squad stripped of several experienced players.
The club's ownership under Aiyawatt Srivaddhanaprabha faces open criticism from supporters after a summer with no significant signings and key departures, including Jamie Vardy.
Promotion odds remain reasonable, but with financial concerns and talk of possible points deductions, Leicester's prospects are far from straightforward.
At the time of writing this summer, Leicester have made just one confirmed incoming signing: defender Woyo Coulibaly from Parma for approximately £3 million. Meanwhile, 11 players were released, including club legends Vardy, goalkeeper Danny Ward and Daniel Iversen.
The turnaround in turnover suggests financial restraint rather than ambition.
The expectation is clear: instant promotion. Yet instability at the board and supporter level, minimal recruitment, and squad depletion make Leicester a long shot unless they solve their home scoring woes quickly.
Ipswich
Ipswich's single season in the Premier League ended in swift relegation, but faith in manager Kieran McKenna remains strong.
Last campaign Ipswich spent heavily - over £120m including commercial signings like Liam Delap (£20m) - yet still suffered relegation.
Still, the squad remains largely intact, with the addition of veterans Ashley Young and David Button on free transfers, as well as Azor Matusiwa from Rennes and defensive reinforcements like Cedric Kipre.
Ipswich's stability and collective approach make them leading favourites to return, and expectations will be high.
If they can find a regular goal threat to replace Delap, their promotion credentials look solid.
Southampton
Southampton begin another Championship campaign aiming for an immediate return to the top flight.
Will Still has been appointed to guide a club that spent most of the summer selling rather than spending, banking a net profit in the transfer market.
With a reshaped squad and parachute payments still in effect, expectation remains high, though the need for emerging players to step up is clear.
Departures have seen revenue generated, but reinvestment has been minimal.
Expectation remains that the Saints will be challenging for promotion, supported by their infrastructure and parachute income.
Still, with a reshaped squad and a reliance on youth, early adaptability will determine their success.
Sheffield United
Sheffield United have come close in recent years and enter the season with a settled group, now led by Ruben Selles.
There have been no major marquee signings at the time of writing, but also few major departures, meaning the Blades appear happy to rely on experience and continuity.
After suffering play-off heartbreak last time, automatic promotion is the stated aim, although much depends on whether the core squad can remain fit and consistent.
The roster is ageing, and thin depth poses risks over what is traditionally a demanding season.
Birmingham
Birmingham arrive on the back of a record-breaking League One title, bringing energy and confidence into the new season.
Gary Rowett's side has attacking options in abundance, with exciting forward Jay Stansfield joined by new arrivals Kyogo Furuhashi and Demarai Gray.
The Blues appear better resourced than most newly promoted clubs, thanks to their star-studded American ownership, including NFL legend Tom Brady, and could still continue to strengthen in January if needed.
Birmingham last seasonFlashscore
While bookies remain cautious, Birmingham's dominant form from last season - when they broke the Football League record for most points in a season with 111 - and squad depth could make them genuine contenders for back-to-back promotions.
Coventry
Frank Lampard's Coventry side are aiming to build on last season's unsuccessful play-off appearance.
Summer transfer activity has been somewhat limited, with just a handful of signings completed this summer, headlined by right-back Kaine Kesler-Hayden for a reported £4m from Aston Villa.
But additions such as England U21 Matt Grimes in January has already brought further quality to a team anchored by Jack Rudoni in midfield and Haji Wright in attack.
A full summer camp with a relatively settled squad could be all that's needed for Lampard's side to launch a serious promotion push.
Coventry's stability and clear direction under Lampard should see them remain in the play-off mix, at the very least.
What the bookies say
Ipswich (4/1) and Southampton (11/2) are the bookies' early favourites, with Birmingham (15/2), Sheffield United (17/2), Coventry (14/1) and Leicester (14/1) also in the mix.
Honourable mentions and teams to keep an eye on include West Brom and Watford.
At the same time, Middlesbrough, Norwich and Hollywood wildcards Wrexham complete a field that, as ever, promises more questions than answers, and could look completely different after just a handful of matches.
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