Leicester City to Pay £3.1m Fine for Breaching Financial Fair Play Rules in 2013/14
Leicester City have reached a compromise with the English Football League to pay a settlement of £3.1m for breaching the Financial Fair Play rules in the 2013/14 season.
Talks over reaching an agreement between the two were delayed due to another club, Queens Park Rangers, challenging said rules.
The Hoops also encountered trouble in 2013/14 and are still contesting the EFL's decision to pay £40m, following heavy spending the season before.
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QPR eventually went on to seal promotion at the first attempt via the playoffs.
The violation comes when Leicester were also still in the Championship, and brought in several players including Kevin Phillips, Ignasi Miquel and Riyad Mahrez, before earning promotion themselves.
The EFL and Leicester reached an agreement for the club to pay a fine of £3.1m in total for financial irregularities during the campaign, with the Premier League side releasing a statement.
As part of the settlement, the EFL must acknowledge the Foxes made no actions to deliberately deceive or bypass the governing body.
The Foxes were in hot water after recording financial losses exceeding £20m, having been granted a maximum deficit of £8m.
The difference of over £12m was initially thought to be acceptable as it went mostly towards unforeseen bonuses for players and staff alike.
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It is also stated "all relevant matters were taken into account when determining the quantum of the settlement."
Leicester conclude in saying no further details regarding the agreement will be disclosed.
The fine is unlikely to be detrimental to Leicester, however, as they were ranked fourteenth in the revenues table from the 2016/17 season by Deloitte, amassing £233m thanks to UEFA Champions League exposure.
