Leicester's financial woes continue as the Foxes record £89.7MILLION in losses for the 2022/23 season - as the club faces a potential points deduction next season

The state of Leicester's troubling financial situation has been laid bare after the club published their accounts for the year ending 30 June 2023.

In a statement posted on the club's website, Leicester revealed they suffered a pre-tax loss of £89.7m during their final season in the Premier League.

Initially under Brendan Rodgers and then Dean Smith, the Foxes failed to build on their repeated successes in the top flight in 2022/23, with statement describing that investment in the first-team squad was, 'for the first time, not matched by on-pitch results.'

The club's turnover for campaign was more than £35m less than the previous season after they missed out on European football for the first time in three years.

Because they will have spent at least one season in the EFL, Leicester can afford to lose only £83m over a three-year period, rather than the £105m permitted to Premier League clubs.

As such, the club will likely have to raise funds by selling a number of players before the end of the current financial year in order to avoid breaching for this season.

The significant loss is especially damning given the club recorded £74.8m in profit from their transfer business, with the departures of James Maddison and Wesley Fofana, to Spurs and Chelsea respectively, likely to have significantly contributed to the total.

The news comes as just the latest blow for Enzo Maresca's side as they attempt to make an immediate return to the top flight.

Last month The Foxes referred to an independent commission by Premier League ‘for an alleged breach of Profitability and Sustainability Rules (PSRs) and for failing to submit their audited financial accounts to the League.’

Such a breach could have resulted in a six-point deduction for the current campaign, and club responded by announcing that they had launched 'urgent legal proceedings' which their promotion rivals are said to believe is little more than a stalling tactic.

Outside of the financial difficulties, the club have embarked on a decidedly mixed run of form in recent weeks following an excellent start to life back in the Championship.

After winning 13 of their first 14 games the Foxes appeared on course to break the Championship points record and cruise to automatic promotion.

However, a run of just two wins in their last six has seen the club drop into third, with both Ipswich and Leeds leapfrogging them into first and second respectively.