Leicester CIty referred over alleged EFL financial breach
"The alleged breach relates to the assessment period concluding at the end of the 2023-24 season, when the club was a member of the EFL Championship," said a Premier League statement on Tuesday.
"The tribunal confirmed that the Premier League has the power to investigate an alleged breach of the P&S Rules [PSR] because the EFL validly transferred responsibility for its investigation to the Premier League in June 2024, when the club was promoted from the Championship.
"The Premier League continues to have jurisdiction even though Leicester City will be relegated to the Championship at the end of this season."
Under the current rules the Foxes' losses cannot exceed £83m for the three years up to 2023-24.
Premier League clubs cannot lose more than £105m over three years but the figure is reduced by £22m for every season a club spends outside the top flight.
Leicester's latest accounts showed a loss of £19.4m for the period ending 30 June, 2024.
In their 2022-23 accounts Leicester confirmed an £89.7m loss while in the 12 months up to May 2022 they lost a club record £92.5m.
Those figures do not take into account 'add backs' - costs such as building infrastructure and investing in women's football that the Premier League and EFL view as in the general interest of clubs.
24 April 2023: Leicester change accounting period from 30 May 2023 to 30 June 2023
28 May 2023: Leicester relegated from Premier League
12 June 2023: Leicester formally cease to be Premier League club
30 June 2023: Accounting period for 2022-23 season ends
21 March 2024: Leicester charged by Premier League for breaching PSR rules for three-year period up to 2022-23
22 March 2024: Leicester appeal against the Premier League's charge
26 April 2024: Leicester promoted back to Premier League
3 September 2024: Leicester win appeal against Premier League charge
20 May 2025: Premier League refers Leicester over alleged EFL financial breach
