Leicester City recorded an £89.7 million deficit for the 2022-23 season, despite a £74.8 million profit from player sales.
The Premier League penalized the team last month for allegedly violating the competition’s profitability and sustainability rules (PSR) in regard to the recently published numbers. The Foxes are now attempting to gain promotion back to the top division on their first attempt.
Leicester chief executive Susan Whelan said: “After a decade of consistent expansion and achievement for the club, the 2022-23 season was a severe setback, the ramifications of which will be felt for some time. We must now focus on rebuilding and returning to the Premier League.
“Having finished fifth, sixth, and eighth in the Premier League in the previous three seasons, our aims and budgets for 2022-23 were quite acceptable. However, for a club like ours, whose consistent sporting achievements have justified the levels of investment required to compete with the most established clubs and pursue our ambition, a season of such significant underperformance on the pitch presents financial challenges, particularly in light of the game’s current profitability and sustainability rules.
“The long-term and ongoing financial security and commitment provided by Khun Aiyawatt, the Srivaddhanaprabha family and King Power International enables the club to rebuild with certainty and confidence. We’re infinitely grateful for the faith and support of our fans, whose commitment and loyalty continue to inspire our mission to restore Leicester City to the level at which we all want it to compete.”
As well as being charged by the Premier League, Leicester were placed under a transfer embargo by the EFL and responded by issuing “urgent legal proceedings” against the governing bodies.
Premier League PSR charges against Everton and Nottingham Forest have led in points sanctions for both clubs. In reporting their financial figures, Leicester claimed the club “continues to engage in a confidential process with the Premier League and the English Football League regarding the club’s profitability and sustainability calculations.”
“The club is determined to ensure that any charges against it are properly and proportionately resolved, in accordance with the applicable rules, by the right bodies and at the right time.”
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