Leicester announce £89.7m loss as delicate financial picture is laid bare

Leicester, who are vying for an immediate return to the top flight, are facing a points deduction. Photograph: Mike Egerton/PA

The delicate picture concerning Leicester’s finances has been laid bare after it emerged the club lost £89.7m for the 2022-23 season, underlining the cost of a shock relegation.

Leicester’s attempt to bridge the gap to the Premier League’s elite saw them inflate their wage bill to one of the biggest outside the top six, presenting severe challenges to comply with financial regulations.