Leicester City announce £89.7m loss after Premier League charge

Leicester City have confirmed losses of £89.7m for the 2022-23 season, just weeks after they were charged by the Premier League for allegedly breaching profit and sustainability rules.

Following their relegation from the Premier League last year, the Foxes have seen a drastic fall in their revenue which, combined with their high wage bill, contributed to the losses despite the high-profile sale of James Maddison to Tottenham.

Last month the Championship side, who currently sit third in the table, were charged by the Premier League and referred to an independent commission over an alleged breach of financial rules during the 2022-23 season.

In the previous season, Leicester reported losses of £92.5m and the latest confirmed figures could see them struggle to comply with financial regulations. Top-flight clubs are permitted to lose £105m over a rolling three-year period.

Announcing the latest set of accounts, the club released a statement which read: “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.”

The English Football League (EFL) has already placed Leicester under a transfer embargo after the club was charged in March. If found guilty, they could face a points deduction regardless of whether they achieve promotion back to the top flight.

Leicester have announced plans to take legal action against the Premier League and EFL.

More to follow