He also stressed that, although there is still a £17.5million debt from a loan taken out three years ago on the Walkers Stadium, the club does not have any other debt.
"It does not look good because we have a lot of losses," Mandaric told the Leicester Mercury. "Again, I am covering those losses but it is nothing that looks as though we are in trouble or that we will be unable to pay our bills or our players because I am 100% behind the club .
"Anywhere but in the Premier League this stadium is a liability financially because you have to service it. We have a £17.5million debt that has to be serviced but in 10 years it could be a real asset and you could have something that is profitable.
"You have to subsidise the losses and this year it will be at least £5-6million. It is not something I did not know about or was not prepared for."