Leicester facing fresh financial concerns after posting major losses | OneFootball

Leicester City have announced major losses of £89.7 million for the 2022/23 season, increasing the pressure on the club to alleviate their deficit before next year.

According to a report from the Daily Telegraph, the club have recently been hit with a transfer embargo over fresh concerns that they could potentially not comply with Profit and Sustainability Regulations for the current season.

The Foxes admitted to having the largest wage and transfer bill in the Premier League outside of the traditional ‘Big-Six’ clubs last season, and that includes the sales of Wesley Fofana for £70M and James Maddison for £40M.

As a result, the club could be forced into more major player sales ahead of the summer in an effort to comply.

Chairman Aiyawatt Srivaddhanaprabha said: “I want fans to be assured that the club’s financial position is entirely secure and that my personal support for Leicester City, and that of King Power, remains as strong as it has ever been.”

Leicester were the fourth club to be charged by the Premier League for breaching financial regulations, with Manchester City, Everton, and Nottingham Forest suffering similar fates.