Premier League leaders Leicester City "announced record pre-tax profits" of £26.4M for the '14-15 financial year, according to Samuel Stevens of the London INDEPENDENT. The club, which was only promoted from the Championship just under two years ago, describes the results as the "most successful financial year in the club’s recent history" as revenue climbed from £31.2M to £104.4M. Leicester had previously made a loss of £20.8M on its way to the second-tier title in '14 but entry to the Premier League has made available to it "riches including television rights, increased attendances and wider international appeal." Club CEO Susan Whelan, who works closely with parent company King Power Int'l, said, "At a time when the club is competing in the upper reaches of the Premier League table, it has been very important for us to consolidate the firm foundations we have put in place over the last five seasons and to ensure that we have the appropriate structures in place for the continued growth and long term development of the club." Attendances at the King Power Stadium, "widely acclaimed for its positive atmosphere," rose from an average of 25,003 to 31,693 as Leicester City retained its Premier League status last season. As a direct result, match receipts rose from £6.9M to £10.6M with 98.5% "of the arena’s capacity being used." It is believed that Leicester has considered the merits of expanding the King Power Stadium in recent years, "with the option to build a new tier onto the East and Family stands," in a move which would increase the capacity to over 41,000 seats (INDEPENDENT, 3/3). REUTERS' Shravanth Vijayakumar reported the club invested an additional £25M ($35.5M) "in the recruitment of players" after it had tied down several others to long-term contracts, which led to a £20.7M ($29.4M) increase in staff cost to £57M ($80.8M) (REUTERS, 3/3). In Leicester, Tom Pegden reported Whelan said that the turnaround "was not just a result of improvements in form -- but the long-term vision of the Thai owners." Whelan: "The club continues to benefit from the remarkable support of our owners, Chairman Vichai Srivaddhanaprabha and Vice-Chairman Aiyawatt Srivaddhanaprabha, and the King Power group of companies. The wonderful way our supporters and the people of the city have embraced their vision and welcomed them as part of their community has strengthened both their passion for the club and their determination for it to succeed." The club "picked up" £5.6M for being in the Championship in '13-14. In the Premier League the following year, that figure went up to nearly £74M "mainly thanks to increased TV revenue in the top flight." Match receipts also went up from £7M to £10.6M. Ticket prices for next season "have yet to be released." If the club does achieve the "unimaginable and win the Premier League it will pocket" around £100M ($142M). Despite the change in fortunes and capacity gates this year, it is understood the club has "no immediate plans to cash in on ticket demand and extend the stadium capacity" (LEICESTER MERCURY, 3/3).
