'Positive trends among concerning numbers' - analysis

There is clearly going to be concern, from any business, when it makes a pre-tax operating loss of over £71m.

Leicester City fans are also within their rights to feel concern around a football club that earlier this season received their first ever points deduction.

However, I think it's fair to point in the direction of significant investment from the owners as the main reason behind these losses - in a failed attempt to re-establish themselves in the Premier League.

While the club clearly has some way to go to become more self-sufficient, supporters could take a form of relief from the fact that Leicester believe they have sufficiently fallen in line with the financial rules (PRS) in the Premier League for 2024-25, falling under the £35m allowable loss due to the add-backs.

There are some positive trends in among all the numbers within the murky world of football finance. One of those is the reduction in staff costs. Down from over 100% of total revenue the previous year to around 82% in this year.

The overriding feeling though should be that it's clear the club appear to be moving in the right direction financially, but there is a fair way to go both on and off the pitch to take Leicester City back to where they feel they belong.