2020/21 was a period largely without precedent in that it included the conclusion of two Premier League seasons – the overwhelming majority of which took place behind closed doors – and accounted for costs (including those related to COVID-19) and revenue associated to both. This is in keeping with the Club’s policy for recognising the revenue over the months of the season where games are played.
Outstanding on-pitch performance during the period saw the Club’s men’s team secure fifth place in each of those seasons (jointly, the Club’s second-best ever Premier League finishes), ongoing participation in the UEFA Europa League and a first FA Cup in its 138-year history – all of which contributed to notable growth in revenue.
Success was also achieved in the women’s game, where LCFC Women won promotion to the FA Women’s Super League during the Club’s first professional season. 2020/21 is the first set of consolidated accounts since the acquisition of LCFC Women in August 2020.
Despite the effects of COVID, such as playing behind closed doors, revenue grew by £76.2M on the previous year to £226.2M (£150M in 2020). While timing differences relative to the conclusion of the 2019/20 season have affected this figure, the Club’s on-pitch success in the Premier League and the FA Cup, and participation in UEFA competitions have also increased revenue in the financial year.
The Club posted a pre-tax loss of £33.1M for the year ending 31 May, 2021 (£67.3M in 2020), which includes a loss of £36.1M directly attributable to the COVID-19 pandemic.
Our state-of-the-art new training facility in Seagrave, opened in December 2020, represents a long-term investment in the Club’s ability to attract and develop outstanding talent at senior and Academy level. The proposed expansion and development of King Power Stadium, details of which were shared publicly after the year-end, is a key part of the Club’s long-term strategy for growth. Further investment in facilities and personnel at Belvoir Drive has enabled the establishment of one of the country’s leading dedicated women’s training facilities and a suitable legacy for the Club’s longest-standing site.
The average number of non-footballers employed by the Club increased by fifty-seven during the year. Consistent with the previous season, the Club did not use the government’s job retention scheme and any staffing resource under-utilised as a result of the pandemic was redeployed, supporting the numerous and important community projects and charitable initiatives in which the Club is involved.
Responsible yet ambitious investment in the Club’s First Team playing squad continued – both through new registrations in the 2020 summer transfer window and contract extensions for key talent before the year-end. Such investments contributed to immediate on-pitch success and were offset through a £43.9M profit in player trading.
Now in its 12th year as part of the King Power Group – a period of unprecedented success for Leicester City – the Club’s long-term financial stability continues to be provided by the Srivaddhanaprabha family, whose passion for the Club, its supporters and the city continues to shape a long-term vision for sustainable success.
Susan Whelan, Leicester City Chief Executive, said: “A second season in the grip of the pandemic, played almost entirely without supporters, presented a great number of challenges. That we were able to turn that into one of the most successful seasons in the Club’s history – across our teams – is testament to the diligence and skill of our personnel, the unending support of our fans and the performances of our team on the pitch.
“Our Chairman, Khun Aiyawatt, and the entire Srivaddhanaprabha family have been there for the Club throughout, providing security across the business that has enabled us to continue investing in excellence, while supporting the welfare of our staff and communities throughout challenging times.
“The growth in our revenue streams is an encouraging indication of progress in our pursuit of sustainable success, particularly in the context of the obvious limitations brought about by the pandemic. As the world hopefully returns with confidence to more familiar settings, building on that commercial progress will be an important next step on that journey.
“Our supporters remain integral to our future planning. Their return to matchdays has been transformational this season and it’s been a pleasure to see them – with all their passion, colour and energy – in their rightful place, reunited with our teams.”
Full accounts can be found HERE.