In a letter sent to creditors and shareholders at the weekend, the troubled Foxes revealed they went into administration with debts totalling £74 million, a figure much higher than was expected to be revealed.
City owe £4.5 million to the Inland Revenue as well as a further £2.7 million in VAT.
However, the biggest debt owed is the £28 million owed to Teachers Insurance and to their American backers, Annuity Association.
Leicester City fans were also shocked to learn that the club also owes in excess of £20 million to its parent company, Leicester City plc but it is thought that loans taken out by the plc were used to fund the club's expenditure.
Chelsea and Tottenham Hotspur are still awaiting £75,000 and £500,000 respectively for transfer deals involving Dennis Wise and Ian Walker and some of the other debts relate to the club ceasing to exist, as creditors would include sponsors, shareholders, etc.
Cliff Ginnetta, chairman of the Leicester City Supporters' club told the Blue Army website: "The document shows how much trouble the club are in."
Creditors will also be asked this week to vote on whether or not the club should accept proposals to buy the club from a consortium headed by Foxes` favourite son, Gary Lineker.
The true revelations of City's financial crisis will not affect the bid and the group has already raised more than £4 million which they hope will be enough to get the club on an even financial footing.
The bid by the consortium also includes plans to rent the Walkers Stadium from Teachers for more than 10 years.
