2023/24 Financials (The Club made a pre-tax loss of £19.4M for the 12-months to 30 June 2024)

[87fox]

2 minutes ago, CosbehFox said:

It suggests money LCFC received 

Further notes from the Strategic Report:

 

Quote

The financial year included other operating income of £12.7m (2023: £0.2m) which related to the departure of the Club’s first team management and the confidential settlement of a commercial dispute before the end of the financial year. 

 

[Mike Oxlong]

35 minutes ago, moore_94 said:

https://www.lcfc.com/pages/en/media-article/lcfc-accounts-2023-24

 

Leicester City Football Club today publishes its annual accounts for the period ending 30 June 2024.

 

After nine consecutive seasons of Premier League football, our first year outside of the top flight in a decade had a marked impact on revenues. However, a profitable period of player trading, positive commercial performance and appropriate management of costs enabled us to make the investments we needed to deliver a successful season and an immediate return to the Premier League.

 

The Club made a pre-tax loss of £19.4M for the 12-months to 30 June 2024. This compares with a loss of £89.5M to 30 June 2023 (a 13-month period following a change to align year-ends across the Group).

 

Our turnover for the year fell to £105.3M (2023: £177.3M). However, while broadcast rights revenue (£54.2M) and sponsorship revenue (£21.5M) were reduced as a direct result of absence from the top flight, gate receipts held firm (£18.4M in both 2024 and 2023) and other commercial revenues increased by £0.3M to £9.8M.

 

Our financial results also continue to reflect our ongoing investment in LCFC Women, who secured a fourth successive season of Barclays Women’s Super League football, while maintaining their record of having improved their points total every year since promotion in 2021.

 

The long-term, financial security required for the Club to re-establish its wider position of strength continues to be provided by our Chairman, Aiyawatt Srivaddhanaprabha, whose overall investment in the Club since 2010 now exceeds £420M, following a latest conversion of debt into equity in January 2025.

 

Susan Whelan, Leicester City Chief Executive, said: “Operating outside of the Premier League during the 2023/24 season required some obvious adjustments compared with previous years. However, we achieved success on the pitch and attained promotion and the Championship title at the end of the season.

 

“As a Club, we still have work to do to return to the consistent heights of the last 15 years and the ability to successfully adapt to different challenges is a strength we will rely on as we build for future seasons.

 

“Thank you to our supporters, staff and partners for the vital roles they play in the Club’s development, for the loyalty they continually demonstrate and for the passion that will fuel our future progress.”

And a sneak preview at the introduction to next years’ release 

 

Leicester City Football Club today publishes its annual accounts for the period ending 30 June 2025.

 

After one consecutive season of Premier League football, our only year back in the top flight for the next decade had a marked catastrophic impact on future revenues. An absolute shit show regarding contracts, player and manager recruitment and a lack of leadership, transparency and accountability from those responsible for the running and direction of Leicester City has led to the club not having a pot to piss in for the foreseeable future. This total balls up has enabled the club to achieve an immediate return to the Championship where we hope and pray that it will be able to remain without experiencing a further relegation. 

 

 

[Stadt]

@davieG Can you put the loss in the topic title please 

[ian__marshall]

25 minutes ago, moore_94 said:

https://www.lcfc.com/pages/en/media-article/lcfc-accounts-2023-24

 

Leicester City Football Club today publishes its annual accounts for the period ending 30 June 2024.

 

After nine consecutive seasons of Premier League football, our first year outside of the top flight in a decade had a marked impact on revenues. However, a profitable period of player trading, positive commercial performance and appropriate management of costs enabled us to make the investments we needed to deliver a successful season and an immediate return to the Premier League.

 

The Club made a pre-tax loss of £19.4M for the 12-months to 30 June 2024. This compares with a loss of £89.5M to 30 June 2023 (a 13-month period following a change to align year-ends across the Group).

 

Our turnover for the year fell to £105.3M (2023: £177.3M). However, while broadcast rights revenue (£54.2M) and sponsorship revenue (£21.5M) were reduced as a direct result of absence from the top flight, gate receipts held firm (£18.4M in both 2024 and 2023) and other commercial revenues increased by £0.3M to £9.8M.

 

Our financial results also continue to reflect our ongoing investment in LCFC Women, who secured a fourth successive season of Barclays Women’s Super League football, while maintaining their record of having improved their points total every year since promotion in 2021.

 

The long-term, financial security required for the Club to re-establish its wider position of strength continues to be provided by our Chairman, Aiyawatt Srivaddhanaprabha, whose overall investment in the Club since 2010 now exceeds £420M, following a latest conversion of debt into equity in January 2025.

 

Susan Whelan, Leicester City Chief Executive, said: “Operating outside of the Premier League during the 2023/24 season required some obvious adjustments compared with previous years. However, we achieved success on the pitch and attained promotion and the Championship title at the end of the season.

 

“As a Club, we still have work to do to return to the consistent heights of the last 15 years and the ability to successfully adapt to different challenges is a strength we will rely on as we build for future seasons.

 

“Thank you to our supporters, staff and partners for the vital roles they play in the Club’s development, for the loyalty they continually demonstrate and for the passion that will fuel our future progress.”

Encouraging that they at least seem to be making some headway in terms of reducing the cost base which you'd hope will improve over coming season as current player contracts come to an end. 

 

That said, it does beg the question why we have Coady and Winks who were new additions on similar high level salaries, why we extended both JV contracts, and why we have one of our highest earners (Edouard) seemingly nowhere near the squad. Presumably Skipp will be on decent money too. 

 

Finally, was it really necessary to highlight how much KP have invested into the club? Seems tone deaf and rather condescending. We shouldn't be made to feel thankful for their investment. They're adults and no one is forcing them to do it.

[87fox]

Quote

The Club has been involved in certain regulatory proceedings with the Premier League and the EFL in relation to the extent to which their respective P&S rules apply to the Club, in the specific circumstances of the Club’s relegation to the EFL Championship and its immediate promotion back to the Premier League. The Club expects that it will continue to discuss such P&S rules with the relevant football regulators. If the Club was ultimately found to have failed to achieve compliance with any P&S rules which were held to be applicable to the Club in its specific circumstances then there would be a risk of sanction by the relevant governing body, but at the current time it is impracticable to estimate the likely impact of any such sanction.

 

Edited 2 April by 87fox

[ClaphamFox]

1 minute ago, 87fox said:

 

Well there you go, then. That clears that matter up!

[VLC86]

25 minutes ago, ian__marshall said:

Encouraging that they at least seem to be making some headway in terms of reducing the cost base which you'd hope will improve over coming season as current player contracts come to an end. 

 

That said, it does beg the question why we have Coady and Winks who were new additions on similar high level salaries, why we extended both JV contracts, and why we have one of our highest earners (Edouard) seemingly nowhere near the squad. Presumably Skipp will be on decent money too. 

 

Finally, was it really necessary to highlight how much KP have invested into the club? Seems tone deaf and rather condescending. We shouldn't be made to feel thankful for their investment. They're adults and no one is forcing them to do it.

Without parachute payments and assets to sell, a £10m loss in the championship is probably the equivalent of £100m so while it looks to be a step in the right direction, I’m not sure it’s all that encouraging.

Edited 2 April by VLC86

[Sol thewall Bamba]

14 minutes ago, Les-TA-Jon said:

So that's:

• £92.5m loss for period ending June 2022
• £89.5m loss for period ending June 2023
• £19.4m loss for period ending June 2024

£201.4m loss for 3 year period ending June 2024 

 

So £96.4m over the PSR allowable losses threshold of £105m - but of course you have the various allowable add-backs and player sales etc. 

£183k losses a day for three years. 

[ian__marshall]

14 minutes ago, Les-TA-Jon said:

So that's:

• £92.5m loss for period ending June 2022
• £89.5m loss for period ending June 2023
• £19.4m loss for period ending June 2024

£201.4m loss for 3 year period ending June 2024 

 

So £96.4m over the PSR allowable losses threshold of £105m - but of course you have the various allowable add-backs and player sales etc. 

Won't the threshold for last season not be lower? I was under the impression it's reduced downward for seasons in the EFL, so it will be lower than £105m won't it? 

[James_lcfc]

Suggests we're at least moving in the right direction doesn't it?

 

Nice period of promoting youth and making more sensible signings will see the good times return.

 

Onwards and upwards and all that!

[AKCJ]

12 minutes ago, 87fox said:

From the actual accounts document:
 

What does this relate to??

Maybe relates to the FBS sponsorship? They were due to sponsor us last season.

[StanSP]

11 minutes ago, CosbehFox said:

It suggests money LCFC received 

 

10 minutes ago, 87fox said:

It relates to income for the club - I thought the JD Sports thing would have been a fine?

Yeah I read it wrong. As you were! 

[ian__marshall]

2 minutes ago, VLC86 said:

Without parachute payments and assets to sell, a £10m loss in the championship is probably the equivalent so while it looks to be a step in the right direction, I’m not sure it’s all that encouraging.

I take your point and don't disagree, but from where we were at it is at least progress. I genuinely had zero confidence this lot would even attempt to reduce their cost base and take their usual approach of burying their head in the sand and pleading ignorance, so it is encouraging from that perspective. 

[lcfc278]

3 minutes ago, ian__marshall said:

I take your point and don't disagree, but from where we were at it is at least progress. I genuinely had zero confidence this lot would even attempt to reduce their cost base and take their usual approach of burying their head in the sand and pleading ignorance, so it is encouraging from that perspective. 

Logically yes, on paper in comparison it is progress - but progress from positions we should never have been in.

 

I can't praise the club for putting out a fire that they started themselves.

[AjcW]

9 minutes ago, AKCJ said:

Maybe relates to the FBS sponsorship? They were due to sponsor us last season.

It's this

[87fox]

Quote

The net expenditure of the purchase, sale and loans of various players occurring since 30 June 2024, taking into account the applicable levies and contingent fees but excluding value added tax is £66.7m (2023: net income of £9.1m). These transfers and costs will be accounted for in the year ending 30 June 2025. 

Confirms that since these 23/24 accounts closed our net spend on transfers for THIS 24/25 season (Skipp, Ayew, BEK, etc) has been £66.7m 

[AjcW]

The worrying line is that the £77m raised from player sales last relegation essentially saved our bacon.

 

I reckon we could raise £60m at most this time.... 

[st albans fox]

Back of fag packet accounting 

 

usual loss : 90m

players sold : 70m

new loss : 20m

how much have they paid for these accounts ?! 

Could have saved them a few quid ……

[SouthStandUpperTier]

21 minutes ago, Les-TA-Jon said:

So that's:

• £92.5m loss for period ending June 2022
• £89.5m loss for period ending June 2023
• £19.4m loss for period ending June 2024

£201.4m loss for 3 year period ending June 2024 

 

So £96.4m over the PSR allowable losses threshold of £105m - but of course you have the various allowable add-backs and player sales etc. 

It's worse. The threshold would actually be about £83m in losses, as the 23/24 season was in the Championship, where clubs are allowed just over £13m losses per year.

 

The EFL could even argue that our threshold could be as low as £61m, as we successfully argued that we were a Championship club for the 22/23 accounting period to avoid PL sanctions.

[splinterdream]

On 01/04/2025 at 08:36, Finnegan said:

 

We're all laughing but this is ****ing grotesque. 

 

On every level. 

 

We're getting relegated because rules designed to protect Chelsea and co vastly limit the money we can spend. We have owners that can afford to build one of the most advanced training facilities in the world and who consistently turn their loans in to equity yet apparently we couldn't let them spend another twenty odd million on players this year that might have kept us up for "our own good" because "sustainability."

 

Meanwhile Chelsea can make hundreds of millions of losses one year and make it back the next by sham selling their own women's team to themselves. 

 

Everyone's wound up about Man City and their dodgy sponsorship deals but time after time Chelsea have the brass ones to do shit like this, over valued back scratching sales to Saudi, selling youth players for inflated fees, selling buildings to themselves et all and just completely get away with it. 

 

****ing rank. It winds me up that the British are so apathetic about injustice being done to themselves that we'd all just have a laugh at the black humour of it instead of ****ing marching on FA HQ like we should. 

 

Edit before the inevitable apologists chime up: just because we've made bad transfer decisions it doesn't mean this isn't an enormous injustice. The two aren't mutually exclusive. 

 

And yet clubs again voted to keep it as it is

[AjcW]

Another line...

 

"As a privately owned company which is part of a much larger group"

 

How the **** does that work then if Top is listed as majority owner and not KP?

[VLC86]

19 minutes ago, ian__marshall said:

I take your point and don't disagree, but from where we were at it is at least progress. I genuinely had zero confidence this lot would even attempt to reduce their cost base and take their usual approach of burying their head in the sand and pleading ignorance, so it is encouraging from that perspective. 

I get that as well, they will absolutely be seeing this as a win but it’s very much we have got away with one and won’t continue to do that unless we improve our signings, improve contract negotiations and become able to shift players which I’m still seeing little evidence of them being capable of.

[moore_94]

10 minutes ago, SouthStandUpperTier said:

It's worse. The threshold would actually be about £83m in losses, as the 23/24 season was in the Championship, where clubs are allowed just over £13m losses per year.

 

The EFL could even argue that our threshold could be as low as £61m, as we successfully argued that we were a Championship club for the 22/23 accounting period to avoid PL sanctions.

It was mentioned that due to a technicality (again) we may still get the full £105m losses for that period

 

We are fine for the period ending 23/24 anyway

[87fox]

19 minutes ago, AjcW said:

It's this

[LVFox]

Not shit, so that's a start. Still a lot to improve upon. Sell Mads this summer pre 30th June and get a few big earners off the books.