Another Premier League club have announced a financial loss for the 2019/20 season. Leicester City suffered a loss £67 million in this period, largely down to the coronavirus pandemic.
Leicester City Suffered a Loss of £67 Million in This Period Due to Lasting Impact of Covid-19
The Foxes Have Still Continued to Spend Big Since the Onset of the Pandemic
A concentrated effort to improve infrastructure at the club has seen Leicester build a new, state-of-the-art training complex at Seagrave whilst also seeking to expand the King Power Stadium.
Per the Leicester Mercury, a pre-tax loss of £67 million, compared to £20 million the year prior, can be attributed to the continued absence of fans as well as the club’s expansion plans.
Despite these accounts including just three months where football was affected by coronavirus, the pandemic has resulted in a £13 million loss for Leicester, of which £9 million is the result of a Premier League broadcasting rebate and £4 million comes from a loss in matchday revenue.
However, as talkSPORT editor Jason Bourne revealed on Twitter: “The club did not utilise the government’s Job Retention Scheme, retained all permanent staff and, from its own funds, continued to pay the wages of all casual matchday and non-matchday personnel to the financial year-end”.
Leicester City Suffer Financial Loss But Stable in the Pitch
A fifth-place finish in the Premier League last season and a current league position of third has prompted the Leicester hierarchy to match the players’ improved performances with increased spending.
Accounts show that the total cost of their new training facility was over £100 million. A desire to increase capacity at the King Power Stadium resulted in the spending of a further £1.8 million.
Transfer dealings that saw the arrival of players including Youri Tielemans, Dennis Praet and Ayoze Perez in 2019 totalled £105 million.
Whilst a financial loss was to be expected off the pitch, the Foxes’ focus will be firmly set on their FA Cup quarter-final against Manchester United on Sunday, knowing a win would take Brendan Rodgers’ men to Wembley.
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