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Leicester City made a club-record loss of £92.5m for the 2021/22 season according to their latest accounts.
The figure is almost three times the loss they made the previous year (£31.2m), although this is unusually high in part due to the Covid pandemic which forced most of the season to be played behind closed doors.
Leicester also didn’t cash-in on a big-name player during the period with the sale of Wesley Fofana to Chelsea last August, for a fee of more than £70m, set to appear in next year’s accounts.
Leicester’s owners were prepared for such a large deficit and made a conscious decision to increase their losses and maximise investment in the squad.
A club statement read: “Heading into a second straight European campaign for the first time in our history, following consecutive fifth-place finishes in the Premier League (2019/20 and 2020/21) and the lifting of our first FA Cup (2021), the club retained its primary playing assets while making further significant investments in player acquisitions and salaries.”
“This approach was the primary factor behind the club’s pre-tax loss of £92.5m for the year (2021: £31.2m loss) with the retention of the club’s key playing assets offsetting the profit derived from the sale of players in the year.”
That led to spending £23m on Patson Daka, £17m on Boubakary Soumare from Lille and around £15m on Jannick Vestergaard from Southampton, as well as a significant increase in the squad’s overall wage bill.
In December, Leicester chairman Aiyawatt Srivaddhanaprabha relieved the club of its outstanding £194m debt in a major statement of commitment from the owners.
Following the publication of the club’s accounts, Leicester chief executive Susan Whelan said: “Under 12 years of King Power ownership, we have consistently sought to invest in the club’s future and to build from established positions of strength.”
“King Power’s unwavering support of the club provides a secure position from which to capitalise on our opportunities.”
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