Leicester City have posted a pre-tax loss of UK£20.3 million (US$25.9 million) for the financial year ending 31st May 2019.
The loss, which followed a pre-tax profit of UK£1.6 million (US$2 million) for the 2017/18 period, has been attributed to significant investments into their new UK£100 million (US$127.8 million) training facility, costs related to the proposed expansion of the King Power Stadium, as well as the playing squad and staff.
Turnover rose from UK£158.9 million (US$203 million) year on year to UK£178.4 million (US$227.9 million).
Leicester say this ‘represents a continuation of a trend since the club’s promotion to the Premier League in 2014, with turnover increasing on average by nearly 20% every season, omitting the extraordinary figures of 2017 under the previous Uefa Champions League distribution model’.
The Foxes’ run to the quarter-finals of European soccer’s elite club competition that year saw them generate UK£70 million (US$89.4 million) alone, on their way to pocketing a UK£92.5 million (US$118.2 million) profit.
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The increase in turnover was mainly driven by commercial revenues more than doubling from UK£14.2 million (US$18.1 million) in 2018 to UK£29.9 million (US$38.2 million), as Leicester continue to develop their brand and international reach.