Susan Whelan, in a statement accompanying the reports, which showed losses of £90 million last season, says the impact of relegation would be felt at Leicester City for some time. Leicester City’s relegation “will be felt for some time,” the club’s chief executive Susan Whelan has warned, following the announcement of £90 million in losses for the 2022-23 season.
After five consecutive top-10 finishes, City dropped down the Premier League standings last season and into the Championship. Whelan has claimed that the cost of such underperformance cannot be remedied merely by receiving a quick promotion back to the top division. The Premier League has charged City with a probable breach of Profit and Sustainability guidelines for the three-year cycle ending in 22-23, and the club admits in their accounts that they expect to be judged non-compliant. If an independent commission finds City in breach, it will be sanctioned, most likely with a points deduction next season.
But City’s troubles don’t stop there. The EFL has imposed a transfer ban because they anticipate the club will contravene the rules throughout the three-year term that ends this summer. And with such significant losses, City must exercise caution in the future. In a statement accompanying City’s reports, Whelan stated: “After the club’s prolonged era of growth and success over the last decade, the 2022/23 season was a severe setback, the ramifications of which will be felt for some time. We must now focus on rebuilding and returning to the Premier League.
“Having finished fifth, fifth, and eighth in the Premier League in the previous three seasons, our aims and budgets for 2022/23 were quite acceptable. However, for a club like ours, whose consistent sporting achievements have justified the levels of investment required to compete with the most established clubs and pursue our ambition, a season of such significant under-performance on the pitch poses financial challenges, particularly in light of the game’s current Profitability and Sustainability rules.
“The long-term financial security and dedication offered by Khun Aiyawatt, the Srivaddhanaprabha family, and King Power International allows the club to rebuild with certainty and confidence. We are eternally grateful for our supporters’ faith and support, whose dedication and loyalty continue to fuel our quest to return Leicester City to the level at which we all want to compete.”
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