Leicester City financial troubles have been revealed as the club reported a loss of £89.7 million for the 2022-23 season following their unexpected relegation. Despite attempts to compete with the Premier League elite by increasing their wage bill, Leicester now faces challenges in complying with financial regulations. Legal disputes with the Premier League and the English Football League have added to their woes with a transfer embargo hindering their ability to register new players.
The club attributes the loss to various factors, including the absence of European football, a significant drop in revenue and managerial changes. Despite high-profile player sales, Leicester still faces financial concerns and may need to sell more players to alleviate their situation. Relegation has also delayed plans for stadium expansion. However, the club chairman, Aiyawatt Srivaddhanaprabha assures fans of Leicester City financial stability and commitment to returning to the Premier League.
Chief executive Susan Whelan acknowledges the setback but emphasizes the club determination to rebuild and regain its place in the top flight.
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