Kevin Davies, who recently stepped up from finance director to become the new chief executive, has released a statement following the publication of the club’s accounts
New Leicester City chief executive Kevin Davies (right), sat next to chief football officer Jon Rudkin during the defeat to QPR(Image: Michael Regan/Getty Images)
Leicester City’s new chief executive Kevin Davies has admitted there is “work to do” to meet the balance of responsible finances and success on the pitch after the club posted a loss of £71.1m for the 2024-25 season.
Not only is the loss, described as “substantial” by Davies, the third heaviest under King Power, it comes in a season in which City failed to produce on the pitch as they were relegated from the Premier League with a whimper.
Davies, who recently stepped up from his role as finance director, notes that City’s loss is in part due to the timing of sales before and after this accounting period.
He also mentions the “absence of non-recurring other operating income”, which is in reference to the compensation City received from Chelsea for former manager Enzo Maresca and his staff in the previous year’s accounts.
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But there is acknowledgement that improvements are needed to meet the levels of financial stability expected by fans.
In a statement, Davies said: “These accounts reflect the reality of returning to the Premier League. Our revenues increased significantly during the year, but so too did the costs of trying to compete at that level, and the loss we are reporting is a substantial one.
“While it is natural to look first at that headline number, it is important that it is seen in its full context. The underlying operating position improved year on year as the increase in revenue was substantially larger than the increase in costs.
“Staff costs as a percentage of turnover reduced to their lowest level since 2017-18. However, the timing of profits generated on player trading and the absence of non-recurring other operating income heavily affects the final reported loss in comparison to the prior year.
“We know supporters want to see Leicester City run responsibly, with the right balance between giving us the best chance of success on the pitch and building greater financial stability for the future.
“These financial statements show there is still more work to do, and we are clear about that. Improving our financial position over time remains a priority and will continue to shape the decisions we take as a club.”
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