Foxes report pre-tax losses of £20m

Leicester City FC has reported a pre-tax loss of £20.2 million following a period of heavy investment in its training facilities and playing staff.

The Club has continued its impressive turnover growth, raising its revenues from £158.9 million in 2018 to £178.4 million, but its losses have increased thanks to the vast amounts spent on the development of its new training facility in Charnwood, plans for the expansion of the King Power Stadium and continued investment in its playing squad and key staff.

New figures for the year ended 31 May 2019 show that the Foxes’ turnover growth was mainly driven by commercial revenues, which jumped from £14.2 million to £29.9 million as a result of the Club’s increasing international stature.

The Club also said it had entered into a six-year facility with owners King Power which will finance the development of its new training ground.

Despite the scale of its losses, Leicester says its investments will make it a consistent, long-term competitor for domestic honours and facilitate its aspirations to return to European football – a suggestion which holds some weight given the Foxes currently sit third in the Premier League.

Leicester City chief executive Susan Whelan said: “Ten years on from King Power’s takeover in 2010, Leicester City finds itself in a position of strength from which we can all move securely forward with confidence and ambition. During that time, the Club’s supporters have put their faith in King Power’s long-term investment strategy and we aim to continue rewarding that faith with progress, growth and success both on and off the pitch.

“We remain a Club of fierce ambition: striving to progress every season; giving ourselves every opportunity to compete more consistently at the elite level of the game; giving amazing experiences to our fans in the stadium and around the world; and making our community proud of its football club. It’s the reason every penny of revenue generated during those 10 years under King Power’s ownership has been reinvested into the Club.

“I’m excited to assure our supporters that, even with the considerable progress that has been made in the last 10 years, we’re very confident that the best is yet to come.”