Leicester City Football Club has stated its push for promotion to the Premier League as the reason for the club’s latest financial results which show a £7.5m loss.
The figures for the year ending 31st May 2010 cover the Foxes first season back in the npower Championship after promotion from League One.
The club’s turnover increased from £10.9m up to £16.2m due to increased attendances, Football League payouts and reaching the play-off semi finals. Operating expenditure (not including staff wages) rose to £9.2m from £8.3m the previous year.
Speaking to the club’s official site chief executive Lee Hoos said: "Coming on the back of a promotion-winning season in 2008/09, these figures reflect our attempts to capitalise on the momentum generated by our immediate return to the Championship.
"Though a second successive promotion ultimately proved beyond our reach, our competitive position going into the final stages of the current campaign shows that these efforts were certainly not in vain.
"With the club now under new ownership, that momentum can now truly be maximised as we seek to achieve our ambition of winning promotion to the Premier League."
The Foxes were taken over by Vichai and Aiyawatt Raksriaksorn back in August 2010 following on from Milan Mandaric.