‘Leicester City’s major financial loss won’t affect on-field ambition’

Leicester City have declared that their major losses won’t affect their ambitions.

The club recorded a loss of nearly £70million in their latest financial results.

Leicester’s results do not reflect their transfer spending last summer, when Chilwell joined Chelsea for about £50m while Wesley Fofana and Timothy Castagne joined the club for a joint fee of about £47m.

They have also invested substantially in a £95m training complex and plan to expand the King Power, while unlike some of their rivals, Leicester did not use the furlough scheme and kept on all permanent staff.

Chief executive Susan Whelan said: “The commitment of the Club’s parent company also underpins our long-term ambition to be a consistent challenger domestically and a competitor in Europe each season – a vision of which sustainable reinvestment in our football operation is a key component.”