Leicester announce losses of nearly £100m but still plan to embark on a rebuilding job this summer… with the struggling Foxes likely to allow star player James Maddison to leave the club
- Leicester’s announced losses of £92.5m over a 12-month period ending last May
- That figure though does not include the £75m sale of Wesley Fofana to Chelsea
- Star player James Maddison could be allowed to leave in a summer rebuild
Leicester will embark on a summer squad rebuilding job against a backdrop of significant financial constraints after they announced losses of nearly £100million.
The latest set of results, which cover the 12-month period ending May 2022, reveal a pre-tax loss of £92.5m, though they do not include the £75m sale of Wesley Fofana to Chelsea, which was agreed last August.
Yet they still lay bare the difficulty of the situation at Leicester, who are fighting for Premier League survival this season and are preparing for a squad overhaul at the end of the campaign.
The priority is to balance the books and chief executive Susan Whelan indicated strongly that Leicester will follow the model that has served them well in the past – namely selling a key player every summer.
That would likely mean star man James Maddison departing while Harvey Barnes could also attract interest.
James Maddison could be allowed to leave Leicester as they look to embark on a rebuild
The Foxes announced pre-tax losses of £92.5m over a 12-month period leading up to May 2022
‘In order to remain compliant with the game’s regulations both domestically and in Europe – where we aim to compete regularly – our ongoing investment strategy must continue to reflect our underlying revenue progression,’ said Whelan.
‘Our long-term ambition is to achieve this through on-pitch success, the commercial growth that comes with it and through the expansion of our stadium.
‘In the shorter term, as we look to continue to compete with more established opponents, profits from player trading and continued successful recruitment will continue to feature prominently in our strategy. This approach has served us well in the past.
‘King Power’s unwavering support of the Club provides a secure position from which to capitalise on our opportunities.’
Harvey Barnes could also attract interest during the upcoming summer transfer window
Leicester are just two points above the bottom three ahead of Saturday’s clash with C
Leicester missed out on Champions League football on the last day of the season in both 2020 and 2021. Had they qualified, it would have delivered revenue at a time when all clubs were struggling to manage the effects of the Covid-19 pandemic.
They then broke from tradition by retaining their main players in summer 2021, but bought badly that summer. Not even the most optimistic Leicester fan would argue that the £60m for Patson Daka, Boubakary Soumare, Jannik Vestergaard and Ryan Bertrand was money well spent.
Leicester are only two points above the bottom three and face Chelsea on Saturday before travelling to Brentford in the final round of matches before the international break.
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