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Leicester City have just released their latest financial accounts for the 2023/24 season.
The club has faced restrictions due to PSR (Profitability and Sustainability Rules) issues in recent years but managed to avoid a points deduction this season.
In September, Nick De Marco successfully appealed Leicester’s PSR case, arguing that the Premier League lacked jurisdiction to punish the club, which spent last season in the Championship.
Many expected Leicester to breach PSR for a second time earlier this year, but they managed to avoid another potential points deduction.
While the club’s latest accounts show an improvement, finance expert Adam Williams explains that Leicester could still face two separate punishments.
Leicester City Still Faces Potential PSR Sanctions After Latest Accounts
Speaking exclusively to Leicester City News, Adam Williams outlined why the club remains vulnerable to two potential PSR penalties related to both the 2022/23 and 2023/24 assessment windows.
“As it stands, Leicester haven’t breached PSR for 2023-24, despite being the club most at risk,” Williams said. “However, the real concern lies with the previous season, or more precisely, the three-year window that ended with it.”
He added, “Leicester fans will know the issue centers around jurisdiction between the Premier League and the EFL’s PSR systems.”
“In 2022-23, Leicester avoided breaching Premier League rules on a technicality by adjusting their year-end financial reporting period to June 30, when they were technically an EFL club following relegation.”
“Now, in 2023-24, Leicester has reduced their losses to £19m, easing PSR concerns for the 2024-25 assessment. However, the issues from the previous three-year monitoring period remain unresolved.”
“If they lose the jurisdiction argument, Leicester may have exceeded the £105m allowable loss threshold for both 2023-24 and 2022-23.”
“That said, the situation with the Premier League is still unclear, and I expect this issue to drag on for a while.”
Leicester Owner’s Commitment to Reviving the Club’s Fortunes
It has been a tough few years for Leicester, who are now facing the possibility of a second relegation in three seasons. This decline has led some fans to question the commitment of club owner Khun Top.
However, in Wednesday’s statement, the chairman addressed these concerns directly.
“The long-term financial stability needed for the club’s recovery continues to be supported by Chairman Aiyawatt Srivaddhanaprabha, whose total investment in the club since 2010 now exceeds £420 million, following the latest debt-to-equity conversion in January 2025,” the club’s announcement read.
Clearly, Top, who still has strong support from many fans, has invested a significant amount of money into the club, which deserves recognition.
The major challenge for the chairman now is ensuring he has the right advisors in place—a point of contention, as many Leicester fans have protested against current sporting director Jon Rudkin.
