Championship news: Sunderland's league rivals report massive £89.7m loss

Leicester City have reported a loss of £89.7million for the 2022-23 season, despite making a profit of £74.8m from player sales.

The club were charged by the Premier League last month for an alleged breach of that competition’s profitability and sustainability rules (PSR) in relation to the figures now released. The Foxes are currently bidding to secure promotion back to the top flight at the first attempt.

Leicester chief executive Susan Whelan said: “After a sustained period of growth and success for the club during the last decade the 2022-23 season was a significant setback, the consequences of which will be felt for some time. We must now focus on rebuilding and seeking to return to and re-establishing ourselves in the Premier League.

“Having achieved finishing positions in the Premier League of fifth, fifth and eighth in the three preceding seasons, our targets and associated budgets for 2022-23 were entirely reasonable. However, for a club such as ours, whose sustained sporting achievements have justified the levels of investment required to compete with the most established clubs and pursue our ambition, a season of such significant under-performance on the pitch presents financial challenges, particularly from the perspective of the game’s current profitability and sustainability rules.

“The long-term and ongoing financial security and commitment provided by Khun Aiyawatt, the Srivaddhanaprabha family and King Power International enables the club to rebuild with certainty and confidence. We’re infinitely grateful for the faith and support of our fans, whose commitment and loyalty continue to inspire our mission to restore Leicester City to the level at which we all want it to compete.”

As well as being charged by the Premier League, Leicester were placed under a transfer embargo by the EFL and responded by issuing “urgent legal proceedings” against the governing bodies.

“Leicester will be seeking that each of these proceedings is determined by an appropriate and fully independent legal panel,” the club said in a statement on February 22.

Premier League PSR charges against Everton and Nottingham Forest have resulted in points deductions being imposed on those clubs. In announcing their financial results, Leicester said the club “remains engaged in a confidential process with the Premier League and the English Football League regarding the club’s profitability and sustainability calculations.

“The club is determined to ensure that any charges against it are properly and proportionately resolved, in accordance with the applicable rules, by the right bodies and at the right time.”