Leicester have won their appeal against a decision that could have seen them facing a points deductions for an alleged breach of the Premier League's profit and sustainability rules.
The Premier League said it was "surprised and disappointed" by the move to uphold the Foxes' appeal.
An independent appeal board found that Leicester's accounting period - after it was claimed the club had exceeded the maximum permitted £105million loss over a three-season period - ended on June 30, 2023, after the club were relegated from the top flight.
The Premier League said that the appeal board's decision "effectively means that, despite the club being a member of the (Premier) League from seasons 2019-20 to 2022-23, the League cannot take action against the club for exceeding the relevant PSR threshold in respect of the associated accounting periods".
A statement continued: “If the appeal board is correct, its decision will have created a situation where any club exceeding the PSR threshold could avoid accountability in these specific circumstances. This is clearly not the intention of the rules.
“It is of critical importance that the Premier League is able to enforce its rules consistently to maintain the principle of fairness. The League will now consider what further action it can take to ensure this is the case.”
Leicester welcomed the decision, adding the verdict supported their "consistently stated position that any action against the club should be pursued in accordance with the applicable rules".
The panel upheld Leicester's appeal on the grounds that they were "no longer a club" bound by PSR rules following their relegation.
"It is not obvious why such a club should be subject to the disciplinary jurisdiction of the Premier League," their decision stated.
It added: “LCFC was not in breach, and should not be treated to be in breach, of the Rules.”
