‘Extremely disappointed’: Leicester charged by Premier League over alleged financial breach

Championship club Leicester have been referred to an independent commission by the Premier League for an alleged breach of profitability and sustainability rules during their last three seasons in the top-flight.

Currently second in the Championship as they chase an immediate return to the Premier League after last season’s relegation, Leicester could be hit by a points deduction if they are found to have broken the financial regulations.

“The Premier League has today referred Leicester City FC to an independent commission for an alleged breach of Profitability and Sustainability Rules (PSRs) and for failing to submit their audited financial accounts to the League,” a statement said on Thursday.

“The alleged breach relates to the assessment period ending season 2022/23, when the club was a member of the Premier League.

“Leicester City were relegated to the EFL Championship prior to the introduction of the Premier League’s new Standard Directions, which prescribe a timeline within which PSR cases should be heard.

“Therefore, the proceedings will be conducted in accordance with a timetable to be set by the independent commission, and its final decision will be published on the Premier League’s website.”

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Leicester have not made their accounts for their last season in the Premier League publicly available.

The Foxes lost £92.5 million (AU$178 million) in the 12 months up to May 2022 and reported a pre-tax loss of $63.7 million a year earlier.

Premier League rules allow clubs to make losses of $202 million over a three-year period or $67 million per season.

Leicester also face a financial