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Leicester reveal pre-tax losses of £33.1 MILLION despite winning FA Cup and coming fifth in Prem due to Covid pandemic

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LEICESTER CITY suffered pre-tax losses of £33.1million during the Covid-hit 2020-21 season which was largely played behind closed-doors.

But Brendan Rodgers’ Foxes were bailed out by Chairman Top Srivadhannaprabha who loaned the club £30million to get through the worst effects of the pandemic.

Boss Brendan Rogers and chairman Aiyawatt ‘Top’ Srivaddahanaprabha with the FA Cup trophyCredit: Reuters
Youri Tielemans’ goal won the game for Leicester in front of a pilot crowd of 20,000Credit: Getty

On a more positive note, winning the FA Cup and finishing fifth in the Premier League for the second season on the spin saw the Foxes increase their revenue by £76.2million on the previous year to £226.2million (£150M in 2020). 

The club’s accounts for 2020-21 show Covid cost the Foxes an eye-watering £36.1million in total due to lost gate receipts, reduced FA Cup payments and the collapse of a broadcasting deal in China. 

To cover the costs, owners King Power and chairman Aiyawatt ‘Top’ Srivaddahanaprabha continue to back the club, with Top himself providing a £30m working capital loan during the season.

The club said in a statement: “Now in its 12th year as part of the King Power Group – a period of unprecedented success for Leicester City – the club’s long-term financial stability continues to be provided by the Srivaddhanaprabha family, whose passion for the club, its supporters and the city continues to shape a long-term vision for sustainable success.”

Leicester City’s total debt is currently £267m, with £180m of that owed to King Power or the chairman.

Leicester also noted they opened their new £100million state-of-the-art training facility in Seagrave during the same financial period which they believe will help attract top senior and Academy level talent to the club.

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City Chief Executive Susan Whelan said:  “A second season in the grip of the pandemic, played almost entirely without supporters, presented a great number of challenges. 

“That we were able to turn that into one of the most successful seasons in the Club’s history – across our teams – is testament to the diligence and skill of our personnel, the unending support of our fans and the performances of our team on the pitch.

“Our Chairman, Khun Aiyawatt, and the entire Srivaddhanaprabha family have been there for the Club throughout, providing security across the business that has enabled us to continue investing in excellence, while supporting the welfare of our staff and communities throughout challenging times.”

Source: Soccer - thesun.co.uk

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