London, March 8 (IANS) Premier League outfit Leicester City have announced a record loss of 92.5 million pounds (109.5 U.S. dollars) for the 2021-22 season.
That figure is almost three times the loss of 31.2 million pounds for the previous season, with the club putting part of the blame down to the COVID-19 pandemic which led to games being played behind closed doors.
The club explained in a statement that part of the loss was due to a decision taken to try and strengthen the first team squad in order to compete in Europe, a Xinhua report said.
“The club retained its primary playing assets while making further significant investments in player acquisitions and salaries.”
The club’s Chief Executive Susan Whelan said: “We have consistently sought to invest in the club’s future and to build from established positions of strength.”
“However, in order to remain compliant with the game’s regulations both domestically and in Europe – where we aim to compete regularly – our ongoing investment strategy must continue to reflect our underlying revenue progression.”
“Our long-term ambition is to achieve this through on-pitch success, the commercial growth that comes with it and through the expansion of our stadium and the development of the associated masterplan,” she continued.
The club also highlighted that the 70-million-pound sale of defender Wesley Fofana to Chelsea in August last year doesn’t appear in last season’s accounts and will appear this season.