HIGH-FLYING FOXES KEEN TO RESOLVE P&S ISSUES
LEICESTER City insist they remain committed to ‘seeking an appropriate overall outcome’ with regards to EFL profitability and sustainability (P&S) rules after a key decision went in their favour.
On Wednesday, the EFL published a decision which found its own Club Financial Reporting Unit (CFRU) had acted outside its powers in dealings with the Foxes.
The club was forecast to breach loss limits for the current three-year term and it was asked to submit a business plan on how it would comply with P&S rules.
But an independent Club Financial Reporting Panel (CFRP) concluded that under the rules “as currently written”, Leicester were “under no obligation to submit and agree to a business plan”.
The Foxes said they were “pleased” the panel found in their favour but “concerned” that it was necessary for the CFRP to “intervene in this way to prevent the CFRU from acting outside established EFL rules”.
“Leicester City confirms it is in discussions with the football authorities regarding its profitability and sustainability calculations,” a club statement continued.
“Notwithstanding the CFRP’s decision, the club remains committed to seeking an appropriate overall outcome in this matter.”
For two of the three years of the three-year period ending 2023-24, which the inquiry is looking at, the Foxes were a Premier League club.
Based on financial information submitted by Leicester, earlier this season the EFL’s independent reporting unit (CFRU) concluded the club was forecasting to breach the P&S loss limits for the three-ye
