Leicester City have reported annual losses of £6m for the 2008/2009 financial period ending on 31 May.

The club, who lost more than £14m for the same period in 2007/08, earned promotion back to the Championship by winning League One in 2008/09.

But chairman Milan Mandaric cited reduced television revenue in League One as a big reason for their losses.

Mandaric said: "We have successfully stabilised our club...unfortunately the success comes at a price."

He added: "With much lower broadcasting income in League One, we are reporting losses of £6m for the season ending 31 May.

"Nevertheless this is a significant improvement when compared to the £14m of losses of the previous record.

"Reporting these losses, I am mindful of the demanding nature of football finances and I am fully committed to standing by this club, whatever its financial needs are."

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