Leicester City have announced they have made a �14.2m loss during the 2007/08 financial period.

The 12-month period ending 31 May 2008 saw the club relegated to the third tier of English football for the first time in its history.

Chief executive Lee Hoos told the club website: "These losses were expected for the 2007/08 season.

"It's a result of significant spending in the squad in a period where our income levels remained fairly stable."

Leicester are well placed for an immediate return to the Championship as they are currently nine points clear of MK Dons at the top of League One.

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