Leicester finances soar after Premier League return
Leicester City have announced huge improvements in their financial position following their Premier League return.
The shock top-flight leaders released their results for the period ending May 31, 2015, which covers up to the conclusion of last season, when Leicester surged to survival in the final weeks under then-boss Nigel Pearson, who led them to promotion back to the big time a year earlier.
Leicester revealed revenue soared to £104.4 million, a staggering increase on the £31.2m generated from the year ending in May 2014.
Pre-tax profits were also a record £26.4m, a welcome return to the black after they lost £20.8m in their last Championship season.
The figures also revealed the King Power Stadium was filled to 98.5 per cent of capacity over the course of 2014-15, while the club’s staff costs increased to £57m from £36.3m due to the bigger burden of paying Premier League-level players.
Leicester’s chief executive Susan Whelan said: “Our long-term goals for Leicester City have always been to ensure success, stability and sustainability for the club.
“Premier League football and the on-and-off-pitch benefits that are associated with it, are obviously central to that plan, which made prudent investment essential to ensure top-flight status was achieved and then retained.
“At a time when the club is competing in the upper reaches of the Premier League table, it has been very important for us to consolidate the firm foundations we have put in place over the last five seasons and to ensure that we have the appropriate structures in place for the continued growth and long term development of the club.
“This has put Leicester City in a very strong position to move forward, and our commitment to delivering success on a continuous basis is foremost in our planning.”
Leicester, three points clear with 10 games left, will be confident of further improvements in their next set of accounts, with their efforts this season likely to earn them bumper Premier League prize money and the lucrative prize of Champions League football.