Leicester lose £14.2 Million

Leicester City have lost £14.2M in the year to May 31st according to figures just released. Their turnover was £14.1M. They blame the huge deficit on trying to avoid relegation to League One.

Part of the problem can be put down to spending on new players. DJ Campbell cost £2.1M, and Steve Howard was bought for £1.5M. There was also money paid to two former managers Martin Allen and Ian Holloway.

Leicester are backed by multi-millionaire owner Milan Mandaric, however the club is expected to lose money again this season.

Match receipts for last season were £5.7M and income from sponsorship, executive suites and advertising increased to £3.2M. As yet it has not been revealed how much the club spent on wages but according to the Leicester Mercury they spent £10.7M the previous season.

The club's debt - mostly owed for the Walkers Stadium - grew to £21.7M, from £14.3M.

Leicester's turnover is around eight times higher than that of Hereford United.

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