Leicester agree to Financial Fair Play fine
Leicester have have made an agreement to pay £3.1m to the EFL after they were deemed to have broken Financial Fair Play rules during the 2013-14 season.
The 'Foxes' were deemed to have exceeded the permitted loss of £8million during the season in which they won the Championship, but they vowed to to 'legally challenge' the ruling after claiming that £13million of their £20.8million deficit was allowable.
The EFL has taken this into account and acknowledged that the club did not make "any deliberate attempt" to flout the rules, but misinterpreted them.
In a statement released on Wednesday, Leicester said: "The Club was deemed to have breached the EFL’s Championship Financial Fair Play Rules (“the Rules”) at the time, but proceedings were stayed pending the outcome of a legal challenge by Queens Park Rangers against those Rules. That challenge by Queens Park Rangers is on-going.
"In reaching a settlement, the EFL acknowledges that the Club did not make any deliberate attempt to infringe the Rules or to deceive and that the dispute arose out of genuine differences of interpretation of the Rules between the parties.
"The agreed settlement of £3,100,000 is in full and final settlement..," it concluded.
Two seasons after being promoted from the Championship as winners, Leicester won the Premier League.