Marine management

Leicester City takes out another bank loan

Leicester City has taken out a loan from the Australian bank Macquarie.

The loan is secured against the Premier League payments that City will receive through January 2022.

The club is estimated to receive around £ 147m in prize money and TV payments for this season, and a similar deal in 2020-21 will yield a similar amount, with the Premier League paying out three or four times a year.

However, the size of the loan is that of city is not known.

It is the seventh time the club has entered into an agreement with Macquarie, beginning in October 2018 when City took out a loan to advance payments for Riyad Mahrez, with Manchester City’s installments going to Macquarie.

Another loan was taken out in December of the same year to support the construction of the new training ground in Seagrave.

Prior to this week’s loan, City last closed a deal with Macquarie in January when the loan was guaranteed against payments in the Premier League through March 2021.

The latest financial report shows City borrowed £ 54 million in FY 2018/19 and a £ 45 million loan from Macquarie after May 2019.

They also signed a six-year £ 91 million loan with the club’s owner, King Power, to complete construction of the new training site.

In the unlikely event City is relegated next season, Macquarie will then collect the parachute payments the club receives from the Premier League.