Foxes Trust had dialogue with LCFC subsequent to the issuing of sanctioning statements by the English Premier League (EPL) and English Football League (EFL) and has had further dialogue with the Club today.
Given the legal nature of the situation, we have to be careful in our approach by not stating anything publicly which could harm our Club’s position, but we have robustly challenged the Club to explain the current situation to the Trust.
We will be meeting with the Club during next week to discuss the 22/23 accounts just prior to their publication and will again raise questions about the financial consequences of relegation from the EPL, compliance with Profit & Sustainability Rules (PSR) and the likely impact across the 23/24 and 24/25 seasons.
Like the majority of Leicester City fans and football supporters in general, we are frustrated by the lack of clarity about the current situation regarding financial regulations and sanctions for breaches – both the purpose and implementation of the rules and how these affect Leicester City’s current position.
We are currently monitoring all the statements being made by all parties, not only in our case, but relating PSR breaches at other clubs too (such as, the statement recently issued by the Everton Fan Advisory Board).
The Trust has in the past been assured of the financial viability of our Club and is proud of its aspirations and success. The need for the Club to take legal action is clearly concerning and raises further issues about whether this will be to the detriment of any sanctions levied. This demonstrates the failure of the EPL and EFL to adopt a cohesive process that is clear to all parties involved. The Trust regards this as another situation that proves the urgent need for an Independent Regulator.
The Trust thanks Jonathan Ashworth MP for his open letter to Richard Masters, EPL Chief Executive, regarding this matter and calls on the other Leicestershire MPs to press for more transparency too.
It is more important now than ever that the fans get behind Enzo and the team for the remaining games, and to be that 12th man to help get us back into the Premier League.