Leicester City FC Financial Results 2013/14
Leicester City’s future continues to be safeguarded by the ambition and long-term vision of the Srivaddhanaprabha family, fortified by the support of the Club’s parent company, King Power International.
The 2013/14 accounts reflect the latest positive effects of the family’s long-term investment strategy, initiated over the course of their involvement with Leicester City since 2010.
The Club recorded losses in the year to 31 May, 2014 of £20.8 million (2013: £34m). Through reducing its costs and increasing its revenue streams, the Club has been able to submit a return which is in compliance with the Football League’s Financial Fair Play (FFP) regulations.
After costs relating to the Club’s promotion, Academy expenditure and other costs allowable under FFP guidelines are added back, the Club recorded losses within the allowable parameters set by the League.
A promotion-winning season assisted the Club in growing all its main sources of revenue, which rose to £31.2m from £19.6m in 2013.
This increase has arisen from growth in almost all the Club’s sources of income, including the signing of a long- term international marketing and licensing deal with Trestellar Limited.
The on-pitch success of the team contributed to a significant increase in match receipts, which rose to £6.9m (£5.7m in 2013), while the average league attendance climbed to 25,003 (22,569 in 2013).
Operating expenditure (excluding staff costs) was reduced by £8m to £12.3m (£20.3m in 2013). Staff costs increased to £36.3m (£26.8 in 2013), almost entirely due promotion bonus payments of £9.4m.
Other increases in staff costs were managed by a prudent approach to the judicious strengthening the Club’s football management felt the squad needed to achieve its goals.
The interest cost incurred by the Club also reduced to £4.1m from £7.2m in 2013, thanks to the conversion of all the Club’s shareholder-provided loan funding into equity at the end of November 2013.
Susan Whelan, Leicester City’s Chief Executive Officer, said:“The establishment of Leicester City as a successful, self-sustainable Premier League football club remains a long-term work in progress, but these results are a positive reflection of our efforts to build solid foundations to that end.
“It should be noted that one of the most successful seasons in the Club’s recent history was achieved while ensuring compliance with the Football League’s FFP regulations, for which our football management staff and senior management deserve great credit. The Club’s responsible approach to adapting to the demands of the Premier League has also ensured such compliance, should it be required, would not be compromised in the future.
“Very firmly established among the King Power International Group of Companies, Leicester City continues to take secure, sure-footed steps forward in the Srivaddhanaprabha family’s vision of a sustainable, successful, Premier League football club of which both the city of Leicester and the Kingdom of Thailand can be enormously proud.”
Aiyawatt Srivaddhanaprabha, Leicester City’s Vice Chairman, said:“The scenes of elation we witnessed and were part of during the 2013/14 season were beyond anything my family could have imagined when we first became involved with Leicester City. They were experiences beyond value.
“We remain entirely committed to delivering such success on a regular, long-term basis and will continue to pursue this vision with the ambition and forethought this great Club deserves.
“I would like to extend our family’s thanks to the fans and partners of Leicester City for their extraordinary support during an incredible 2013/14 season. They represent the very essence of our organisation and remain at the heart of our vision for their Club.”
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