Leicester appeal against breaching Premier League financial rules has been rejected by an independent panel. Which will see them face a points deduction.
The board has ruled that the top flight can punish the Foxes for alleged breaches of the rules for three seasons until 2022-23. After they were charged in March.UFABET
Leicester appealed the charge as they played in the Football League (EFL) at the time. And felt the Premier League had no jurisdiction after they were relegated in 2023. But the board ruled the top flight could continue to punish them.
Leicester returned to the Premier League at their first attempt by winning the Championship last season. But were charged in March after being found guilty of breaching Premier League financial rules.
At the time, the club said they were surprised and disappointed with the pace of the Premier League’s proceedings. While they were not playing in the top flight.
Their latest accounts for the year ending June 30, 2023, confirmed a loss of £89.7m. Taking their total losses for the previous three Premier League seasons to more than £215m.
Clubs can claim additional funds, such as money spent on football infrastructure, compared to the figures.
In the 12 months to May 2022, they posted a club-record loss of £92.5m, compared to a year earlier. In the season they won the FA Cup for the first time in the club’s history, when they made a pre-tax loss of just £33.1m.
Top-flight rules allow clubs to lose £105m over three years, or an average of £35m a season, before facing punishment.