Friday, 19 March 2021

Leicester City post pre-tax losses of 67.3 million pounds


Leicester City posted pre-tax losses of 67.3 million pounds ($93.67 million) for the year ending May 31, 2020 after their finances took a hit during the Covid-19 pandemic, the Premier League club said on Friday.

Turnover decreased to 150 million pounds from 178.4 million pounds in 2019.

The interruption of the 2019-20 season in March due to the pandemic, followed by its resumption of football behind closed doors, significantly affected both costs and revenue.

Leicester said their contribution to the Premier League's broadcaster rebate were borne in the accounts before the year-end, while the late finish to last season meant almost a quarter of Premier League revenues, prize money and sponsorship revenue will be deferred to next year's accounts.

"While the early impact of Covid-19 on commercial revenues is clear, 2019/20 was still a season of considerable progress," Leicester chief executive Susan Whelan said in a statement.

"On the pitch, we secured a return to European football with our second highest ever Premier League finish and, off it, we were able to support our people through times of hardship, further strengthening the bond between the club and its communities."

Leicester, who are third in the Premier League on 56 points from 29 matches, host Manchester United in the FA Cup quarter-finals on Sunday.

source here

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