Leicester City in line for £53m 2023/24 FFP transfer boost after latest accounts released The latest Leicester City news as the club have posted losses of nearly £90 million for the 2022/23 season with the club feeling the impact of no European football and relegation.
Leicester City should get a boost to their accounts next year with two of this summer’s sales included in next year’s accounts.
City confirmed that they made a £89.7 million loss in 2022/23, despite making £74.8 million profit on player sales. The two biggest fees came from the exits of Wesley Fofana to Chelsea and James Maddison to Tottenham in the two summers.
City attributed the losses to four factors, a loss of revenue from a lack of European football, a drop from eighth to 18th in the table the expensive sacking of Brendan Rodgers and his coaching staff, and a change in the accounting period.
City have been charged by the Premier League with an alleged breach of Profitability and Sustainability rules. The club have hit back with hard statements but have said that they anticipate to be found not in compliance with the rules.
It has been reported that City will need to make sales in the summer, even if they are promoted to the Premier League to avoid breaching rules for the period ending in the current season. They will however have two financial boosts to next year’s accounts.
Despite being made in the same summer as the sale of Maddison, the sales of both Harvey Barnes and Timothy Castagne will be included in the 2023/24 accounting period. While Maddison left in June, both Barnes and Castagne left later in the summer.
Barnes joined Newcastle United for a fee of around £38 million, with him being an academy graduate that will go down as pure profit. Castagne, meanwhile, joined Fulham for a fee of £15 million.
Apart from Maddison, they have been City’s biggest two sales in the accounting period so far. It will therefore add £53 million into the accounts, that figure could be boosted with any other sales made before July.Several members of the City squad had relegation clauses in their contracts, meaning that the wages are likely to drop in the next accounting period. There was also the exit of players such as Youri Tielemans, Jonny Evans, and Ayoze Perez who all left on free transfers, which could be reflected in the accounts, although being in the Championship is likely to see revenue drop.
