Accounts 22/23

[Lionator]

Might as well start a separate thread as it’s different to a points deduction issue. This is horrific and borderline criminal mismanagement. 
 

 

[SecretPro]

£206m in wages 

[STUHILL]

How is this compared to Everton and Forest out of interest? 

 

Top isn't going to sack himself, but all those directly below him should be kicked out immediately and not play any role in cleaning this mess up.

[Lionator]

1 minute ago, STUHILL said:

How is this compared to Everton and Forest out of interest? 

 

Top isn't going to sack himself, but all those directly below him should be kicked out immediately and not play any role in cleaning this mess up.

A lot worse 

[Nick]

I blame Wellens, covid and ambition. Not necessarily in that order. Although Wellens to be fair does have a lot to answer for.

 

 

[filbertway]

£206m 

£4m a week being spent

 

Christ.

[Jethrolcfc]

Shocking figures. Complete mis management

[phoneticerror]

What a ****ing mess

[Globalfox]

Only Villa and Chelsea worse than us. To be honest it’s better than I was expecting. Chasing success on our income is just not possible. We fell lucky when we won the league but quickly paid the price literally. I said for a while we were never prepared for success and got hammered on over inflated deals. The current rules will change as not fit for purpose. Will not help us now. We are poorly managed in all aspects. We need a real hard ass to keep Top and Rudkin in check dump the soft Buddhist crap.

[SecretPro]

Average wage £90k per week, for this bunch of fannies? **** me.

[Finn Claw II]

How on earth can a club spend more on wages than it generates in revenue.  Even if we finished say 10th those would be terrible numbers.

 

In any normal business the CEO would be gone and their team. 
 

[glenny_fox]

Absolute shocking management from all aspects. If someone doesn't lose their job over all of this, then it'll show just how weak willed our senior management is.

[cruzFOX]

Guess we have to wait until the appeal process is done & dusted to know for sure what punishment is going to be dished out to us and how that will impact us next season. we don't have time and can't afford to worry about it now. We've got a job to do in clinching promotion back up to the Premier League. This drama will drag on into the summer and next season. The EUROS & moaning about England will be a good distraction from it all.

[Haywood_6]

We'll get the book thrown at us now won't we. 

[LVFox]

Who the hell has a business losing £1m a week in cash and thinks, yeah this is fine.

 

Top is clueless 

[peterborofox]

90k a week on average 😂

 

Biggest wages outside top six 😂

 

This club really is a ****ing joke. Those at the top should be gone, complete mismanagement. Embarrassing tbh and hss already set us back years with the relegation too.

[KFS]

4 minutes ago, SecretPro said:

Average wage £90k per week, for this bunch of fannies? **** me.

Of course you’re going to lose every shred of professional integrity and get relegated if THAT is your weekly incentive. What the flying **** are we doing?

[Leicester_Loyal]

Top, Susan and Rudkin all need to go, now. 

[Lionator]

6 minutes ago, Globalfox said:

Only Villa and Chelsea worse than us. To be honest it’s better than I was expecting. Chasing success on our income is just not possible. We fell lucky when we won the league but quickly paid the price literally. I said for a while we were never prepared for success and got hammered on over inflated deals. The current rules will change as not fit for purpose. Will not help us now. We are poorly managed in all aspects. We need a real hard ass to keep Top and Rudkin in check dump the soft Buddhist crap.

That must mean that Villa are in a mess too then? 

[LVFox]

We are basically ****ed as a club until 2027, and that's if we get competent owners in asap

[HankMarvin]

So when we used to post link to the salaries sites, and those that said no way are they on those obscene amounts, they were right it was probably more 

[Mike Oxlong]

A £30 increase on STs shoukd sort out this minor blip 🤔

Edited 2 April by Mike Oxlong

[honeybradger]

How reliable is this guy? Are they accounting for wages covered by other teams for our players on loan? Are these wages taking into account the relegation clauses?

[davieG]

 

Leicester City: Championship club report £89.7m in losses after Premier League charge
By Andrew Aloia & Nick Mashiter
BBC Sport
Last updated on15 minutes ago15 minutes ago.
From the sectionLeicester
Breaking news
Leiceter City have reported £89.7m loss for 2022-23 season
Leicester City have reported a loss of £89.7m for the 2022-23 season - taking total losses for their last three Premier League campaigns to over £215m.

The Foxes were charged last month for allegedly breaching profit and sustainability rules (PSR) relating to the figures they have now released.

Top-flight rules permit clubs to lose £105m over a rolling three-year period.

It comes despite the Foxes, who were relegated at the end of last season, making a £74.8m profit in player sales.

 

The Championship club's chief executive Susan Whelan said: "After a sustained period of growth and success for the club during the last decade, the 2022-23 season was a significant setback, the consequences of which will be felt for some time.

"We must now focus on rebuilding and seeking to return to and re-establishing ourselves in the Premier League.

"Having achieved finishing positions in the Premier League of fifth, fifth and eighth in the three preceding seasons, our targets and associated budgets for 2022-23 were entirely reasonable.

"However, for a club such as ours, whose sustained sporting achievements have justified the levels of investment required to compete with the most established clubs and pursue our ambition, a season of such significant under-performance on the pitch presents financial challenges, particularly from the perspective of the game's current Profitability and Sustainability rules."

The Foxes raised about £70m by selling French centre-back Wesley Fofana to Chelsea in August 2022 and England midfielder James Maddison completed a £40m move to Tottenham last summer.

But those figures were offset by the sacking of Brendan Rodgers and his coaching staff in April 2023, and a lower-than budgeted league position.

Rodgers voiced his frustration at the Foxes' inability to spend in the 2022 summer transfer window. At the start of the season he predicted Leicester would struggle and needed to target 40 points to survive - they finished 18th and were relegated with 34 points.

Turnover decreased to £177.3m - down from £214.6m the previous year - but chairman Aiyawatt Srivaddhanaprabha cleared the club's outstanding £194m debt to parent company King Power International last February.

The Foxes owed the amount in loans to KPI, which is owned by the Srivaddhanaprabha family, but a debt-to-equity transfer was completed.

"The long-term and ongoing financial security and commitment provided by Khun Aiyawatt, the Srivaddhanaprabha family and King Power International, enables the club to rebuild with certainty and confidence," added Whelan.

 

The release of Leicester's accounts comes 12 days after they were charged by the Premier League for alleged PSR breaches and for failing to submit audited finances.

Leicester will have "add backs", which includes spending on its women's team and the academy, which will bring their losses down in the Premier League's calculations, while they are reporting for 13 months rather than 12.

This was a long-term club decision to bring Leicester's accounting in line with the rest of the business.

The £215.3m loss over three years includes a £33.1m pre-tax loss from the 2020-21 season, in which they lifted the FA Cup, and the club-record loss of £92.5m a year later.

If found guilty of breaking spending rules, which allows clubs to average losses of £35m per season in the Premier League, Leicester could face a points deduction.

As the case, including any appeals, is likely to run beyond the end of this season, it means any sanctions, if applicable, will be enforced next season.

Premier League sides Everton and Nottingham Forest have already been punished with points deductions this season for breaking rules.

Leicester are also the subject of a separate financial probe by the English Football League (EFL), who then followed up the Premier League charge by imposing a registration embargo on the East Midlands club.

The Foxes reacted

[Mickyblueeyes]

Our biggest battle (as fans) since administration is getting  Top and his gang out.