Leicester announce record profits with latest figures

Thursday 3 March 2016 08:16, UK

Table-topping Leicester City have announced record profits for the last financial year.

The Premier League pace-setters - who only just avoided relegation last season - have tripled their income compared to their previous year; crowds are also up but costs have risen.

Total pre-tax profit was up to £26m, compared to a loss of £20m the previous year.

Leicester's return to the Premier League in 2014 saw their total income more than triple, reaching over £100m.

Top-flight football also brought more spectators, as average attendances at the King Power Stadium improved by 6,000.

As a consequence, gate receipts were up by nearly £4m but the investment into the squad, including keeping key players with new contracts meant that staff cost in total went up by over £20m.

City 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.

"The club continues to benefit from the remarkable support of our owners, chairman Vichai Srivaddhanaprabha and vice chairman Aiyawatt Srivaddhanaprabha, and the King Power group of companies.

"The wonderful way our supporters and the people of the city have embraced their vision and welcomed them as part of their community has strengthened both their passion for the club and their determination for it to succeed."