Foxes announce huge financial loss

26 January 2009 11:31
The club blamed the huge deficit on 'significant' spending on the playing squad as their bid to gain promotion to the Premier League turned into relegation to the third tier for the first time in their history.

Chief executive Lee Hoos said: "As the club announced in March last year, those losses were expected for the 2007/08 season.

"This is a result of significant spending in the playing squad during a period in which our income levels remained fairly stable.

"Since our relegation to League One the club has significantly reduced its cost base in line with the associated reductions in income.

"Our aim for this season was to gain promotion back to the Championship and we are currently in an excellent position to achieve that goal."

Source: Team_Talk