Profits drop dramatically at Leicester City

Profits at Leicester City fell dramatically last year as the Club failed to qualify for European competition.

The Club recorded a pre-tax profit of £1.6m for the year ending 31 May 2018, compared with a record £92.5m in for the year ending May 2017, when the Foxes enjoyed a lucrative Champions League run.

Turnover was also significantly down, from £233m in 2017 to £158.9m last year.

The Foxes said that increased operating playing costs and continued investment in player registrations reflect the Club’s “commitment to equip its squad and football operation to be a consistent, long-term competitor in the Premier League, aspiring to re-enter UEFA competition in the future”.

Leicester City chief executive Susan Whelan said: “The accounts of the previous two years have reflected unique seasons in Leicester City’s history, where our intention to invest in our future have been supported by considerable competition revenue.

“The accounts of 2017/18 demonstrate our continued commitment to ensuring revenues generated are reinvested into building a squad and infrastructure capable of competing at such levels on a more consistent basis.

“At a time when our biggest investment projects are visibly beginning to take shape, Leicester City supporters can feel excited about what the future holds for their Club and confident in the King Power Group’s vision to take them there.”