Premier League outfit Leicester City have announced a record loss of 92.5 million pounds (109.5 U.S. dollars) for the 2021-22 season.<\/p>\r\n\r\n
That figure is almost three times the loss of 31.2 million pounds for the previous season, with the club putting part of the blame down to the COVID-19 pandemic which led to games being played behind closed doors.<\/p>\r\n\r\n
The club explained in a statement that part of the loss was due to a decision taken to try and strengthen the first team squad in order to compete in Europe, a Xinhua report said.<\/p>\r\n\r\n
"The club retained its primary playing assets while making further significant investments in player acquisitions and salaries."<\/p>\r\n\r\n
The club's Chief Executive Susan Whelan said: "We have consistently sought to invest in the club's future and to build from established positions of strength."<\/p>\r\n\r\n
"However, in order to remain compliant with the game's regulations both domestically and in Europe - where we aim to compete regularly - our ongoing investment strategy must continue to reflect our underlying revenue progression."<\/p>\r\n\r\n
"Our long-term ambition is to achieve this through on-pitch success, the commercial growth that comes with it and through the expansion of our stadium and the development of the associated masterplan," she continued.<\/p>\r\n\r\n
The club also highlighted that the 70-million-pound sale of defender Wesley Fofana to Chelsea in August last year doesn't appear in last season's accounts and will appear this season.<\/p>\r\n\r\n
"Our long-term ambition is to achieve this through on-pitch success, the commercial growth that comes with it and through the expansion of our stadium and the development of the associated masterplan," she continued.<\/p>\r\n\r\n