Date: 4th March 2012 at 8:39pm
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Leicester City have announced the financial results for the year ending May, 2011.

For the full details please Click Here.

In brief, the club recorded losses of £15.2m up from £7.5m the previous year.

The majority of the losses relate to the investment made in purchasing new players for the first team. This is also reflected in the increase of staff costs to £16.6m up from £14.5m the previous year.

The good news though is our turnover increased from £16.2m to £17.4m, following an increase in commercial revenue and an increase in TV income.

Chief Executive Officer Susan Whelan said of the results.

‘These results indicate the ambition and intention of Leicester City Football Club Limited and its owners to achieve excellence in everything that we do. We continue to invest in both the playing squad and the capital assets of the club, but we are also working hard to increase our commercial revenue. The goal of the club remains to achieve promotion at the earliest possible time. We believe that we now have a robust infrastructure and management team in place to sustain the long term future of the club.’

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