Leicester City revealed a huge financial loss for 2019/20, exacerbated by COVID-19. But the Foxes remain on track to expand their stadium beyond the 40,000 mark.
2020 was painful for all of the football industry but we’re yet to learn just how painful. First part of the data is coming up as the 2019/20 season financial reports are published. For Leicester City that campaign ended with a record pre-tax loss of £67 million (€77.7m), which is over three times the deficit of 2018/19.
Of course not all of the outcome can be blamed on the ongoing coronavirus pandemic. Breaking down the data suggests only £13 million (€15m) is the direct outcome of COVID-19, of which 9 million is the rebate on broadcasting, while 4 million is the loss in ticket sales (expected gate receipts and ticket refunds).
At the same time, City’s financials reveal further work being put into King Power Stadium expansion to over 40,000. Such a move would allow the Foxes to even potentially host the World Cup, while regular ticket demand seems to fit the scale.
During 2019/20 Leicester City acquired a plot of land next to the stadium, which is crucial to the expansion plans. According to the leaked renderings and master plans, King Power Stadium is to be expanded in the east and joined by secondary facilities to boost revenue. Also, during the last season LCFC have paid £1.8 million (€2.1m) for design and planning.
Despite the pandemic, the club has confirmed that all plans are moving forward as previously expected. It means that, after the recent delivery and opening of the training centre, stadium expansion is the biggest upcoming project.