1. ITV Report

Leicester City announce record profits

Leicester City's Andy King (right) celebrates scoring his teams second goal in their 2-2 draw with West Brom on Tuesday. Photo: PA

Leicester City Football Club has announced its financial results for the year ending 31 May, 2015 posting record profits in the most successful financial year in the club's history.

The Club recorded a pre-tax profit in the year to 31 May, 2015 of £26.4 million (Compared to a 2014: loss of £20.8 million).

Those results take into account the club's promotion to the Premier League in 2014 and their fight to beat relegation. However, the club can expect even greater financial rewards for their title chasing heroics this season, and stand on the brink of the rewards and fortunes brought from Champions League football if they secure a place in the top four.

Leicester City are owned by the Thailand-based Srivaddhanaprabha family, and their parent company, King Power International.

A return to the Premier League drove exponential revenue growth for the Club, with total income rising to £104.4m (£31.2m in 2014).

On-pitch success led to an increase in average attendances to 31,693 (2014: 25,003), which compared very favourably with other Premier League clubs and represented 98.5% of capacity being utilised. Match receipts subsequently grew to £10.6m (£6.9m in 2014).

The King Power Stadium could be hosting Champions League football next season. Credit: PA

Leicester City Chief Executive Susan Whelan said:

“Our long-term goals for Leicester City have always been to ensure success, stability and sustainability for the Club. Premier League football, and the on-and-off-pitch benefits that are associated with it, are obviously central to that plan, which made prudent investment essential to ensure top-flight status was achieved and then retained."

“At a time when the Club is competing in the upper reaches of the Premier League table, it has been very important for us to consolidate the firm foundations we have put in place over the last five seasons and to ensure that we have the appropriate structures in place for the continued growth and long term development of the Club."

"This has put Leicester City in a very strong position to move forward, and our commitment to delivering success on a continuous basis is foremost in our planning. We know what the Club is capable of, and we will work with diligence and purpose to ensure that Leicester City will achieve success, stability and be a proud representative of its community and city."