Leicester have posted a pre-tax profit of £1.6million which is down £90.9m due to not being in the Champions League.

Turnover for the accounts for the year ending May 31, 2018, was £158.9m – only the second time the club have had an income of over £150m.

Twelve months before the club's profits were £92.5m following a run to the Champions League quarter-finals in 2016/17.

Gate receipts of £12.9m also compared favourably with previous seasons and were up 11 per cent compared with 2016 and 2015.

Chief executive Susan Whelan said: "The accounts of the previous two years have reflected unique seasons in Leicester City's history, where our intentions to invest in our future have been supported by considerable competition revenue.

"The accounts of 2017/18 demonstrate our continued commitment to ensuring revenues generated are reinvested into building a squad and infrastructure capable of competing at such levels on a more consistent basis.

"At a time when our biggest investment projects are visibly beginning to take shape, Leicester City supporters can feel excited about what the future holds for their club and confident in the King Power Group's vision to take them there."

The club have continued to invest in the playing staff, with £92.9m spent in player registrations, and the directors valued Leicester's playing assets at £346.7m.