Leicester City have reported losses of £6.2m for the financial year to 31 May 2009. Admittedly, the club lost more than £14m in the same period in 2007/8 and won promotion back to the Championship by winning League 1 in 2008/9. Chairman Milan Mandaric cited reduced television revenue in League 1 as a big reason for their losses.
Leicester City have reported losses of £6.2m for the financial year to 31 May 2009. Admittedly, the club lost more than £14m in the same period in 2007/8 and won promotion back to the Championship by winning League 1 in 2008/9. Chairman Milan Mandaric cited reduced television revenue in League 1 as a big reason for their losses.
Leicester have had a satisfactory Championship season, despite disappointment in the play offs, and it will be interesting to see their financial results for this season. Mandaric noted, ‘We have successfully stabilised our club … unfortunately the success comes at a price.’ Mandaric reiterated his commitment to the club ‘whatever its financial needs are.’
Commercially, Leicester should have the ingredients for success. They have a modern stadium and a good catchment area in the city and its prosperous rural hinterland. Rival clubs are some distance away and even towns like Kettering have Leicester supporters. Nevertheless, it is possible that they are one of those ‘cusp’ clubs in economic terms at least: arguably too good for the Championship, but facing challenges in reaching the Premiership and staying there.