Foxes cut losses after successful Championship season
Leicester City cut their losses dramatically during a year in the Championship, according to newly-filed accounts for the year-ending June 2024.
After nine consecutive seasons of Premier League football, the Foxes’ first year outside of the top flight in a decade had a marked impact on revenues. However, a profitable period of player trading, positive commercial performance and management saw the club made a pre-tax loss of £19.4m for the 12-months to 30 June 2024. This compares with a loss of £89.5m to 30 June 2023.
Leicester City’s turnover for the year fell to £105.3m (2023: £177.3m). However, while broadcast rights revenue (£54.2m) and sponsorship revenue (£21.5m) were reduced as a direct result of absence from the top flight, gate receipts held firm (£18.4m in both 2024 and 2023) and other commercial revenues increased by £300,000 to £9.8m.
Chairman Aiyawatt Srivaddhanaprabha’s overall investment in the club since 2010 now exceeds £420m, following a latest conversion of debt into equity in January.
Susan Whelan, Leicester City chief executive, said: “Operating outside of the Premier League during the 2023/24 season required some obvious adjustments compared with previous years. However, we achieved success on the pitch and attained promotion and the Championship title at the end of the season.
“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.
“Thank you to our supporters, staff and partners for the vital roles they play in the Club’s development, for the loyalty they continually demonstrate and for the passion that will fuel our future progress.”
Leicester City look doomed to a swift return to the Championship. The Foxes currently sit 19th, some 12 points from safety, with just nine games left to play.
