EFL: Leicester City to pay £3.1m for failure to comply with Financial Fair Play rules in 2013-14

"The EFL and the club have reached an agreement to settle a dispute between them, arising out of the financial results of the club in 2013-2014," said Leicester City FC, who participated in the Sky Bet Championship at the time, and will pay a settlement of £3.1m (€3.5m) for a deficit of £20.8m (€26m on 30/06/2014) versus the £8m authorised (€10m) by EFL regulations.

"The Club was deemed to have breached the EFL's Championship Financial Fair Play Rules at the time (the rules have since been modified, see below). 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. All relevant matters were taken into account when determining the quantum of the settlement," added Leicester City.

"The agreed settlement of £3.1m is in full and final settlement of all and any claims by the EFL against the Club and its officers, in respect of the FFP Regulations for season 2013/14," said the club that has played in the…