Leicester City, the team of Reggae Boyz defender Wes Morgan, will pay 3.1 million pounds to settle a dispute with the English Football League over the club’s financial results for the 2013-2014 season.
The club, owned by Thai based company King Power, were deemed to have breached the EFL’s Financial Fair Play regulations when they won the English League Championship title to gain promotion to the Premier League.
The Foxes had recorded a loss of 20.8 million pounds but said at the time they had reduced their costs and increased their revenue streams to submit a return which was in compliance with financial fair play rules.
Leicester in a statement said “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.”
Leicester City are currently 8th on the Premier League table on 35 points, the team returns to action against Stole City on Saturday.