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Foxes announce major loss
26 Jan 2009 - 16:38:05
Leicester City have announced that they have suffered losses of £14.2million during the 2007-08 financial year.
The financial year ending 31st May 2008 saw big losses which coincide with the club's drop to English football's third tier for the first time in their history.
Chief executive Lee Hoos told the club's official website: "These losses were expected for the 2007-08 season.
"It's a result of significant spending on the squad in a period where our income levels remained fairly stable."
Leicester are currently nine points clear at the top of League One and are firm favourites for an immediate return to the Championship.