Leicester City have announced a £19.4m loss in their accounts for the 2023-2024 Championship season, a significant reduction from previous deficits of £92.5m in 2021-22 and £89.7m in 2022-23.
The improved financial position comes after Leicester successfully appealed a Premier League charge for alleged breach of profit and sustainability rules (PSR). The Foxes argued that, as they were in the EFL when the charge was issued, the Premier League lacked jurisdiction to punish them.
However, uncertainty remains over whether Leicester will face a PSR charge from the EFL for the three-year period up to 2022-23. A Premier League statement in January indicated the issue of “jurisdiction” was “the subject of confidential arbitration proceedings.”
The outcome is unlikely to be known before Leicester learn which division they will compete in next season. Currently sitting in the Premier League relegation zone, they are 12 points from safety.
Under Premier League rules, clubs can lose £105m over three years, with a reduction of £22m for each year spent in the EFL. EFL regulations permit maximum losses of £39m over a three-year cycle.
The accounts include significant player sales that helped reduce the deficit, including Harvey Barnes’ £38m move to Newcastle, Timothy Castagne’s £15m transfer to Fulham, and Kiernan Dewsbury-Hall’s £30m switch to Chelsea. The club also received £10m compensation when former manager Enzo Maresca joined Chelsea.
Chief executive Susan Whelan stated: “As a club, we still have work to do to return to the consistent heights of the last 15 years and the ability to successfully adapt to different challenges is a strength we will rely on as we build for future seasons.”
On the pitch, Leicester face Manchester City on Wednesday having lost 13 of their past 14 games. The club sacked Steve Cooper in November, replacing him with Ruud van Nistelrooy, who has won just three of his 18 games in charge. Fans have also protested against the club’s management, with director of football Jon Rudkin facing particular criticism.
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