Leicester have announced a £20.8 million loss but have still met Financial Fair Play rules. The Foxes have fallen within the Football League's FFP regulations after announcing their financial results for the year ending May 31, 2014 with the loss down from £34m in 2013. A club statement read: 'Through reducing its costs and increasing its revenue streams, the club has been able to submit a return which is in compliance with the Football League's Financial Fair Play (FFP) regulations. Leicester City boss Nigel Pearson watches his players in training ahead of their game with Manchester City . Leicester's Andy King (left) is under pressure from Danny Drinkwater (centre) and Esteban Cambiasso (right) Cambiasso (left) gives chase to Foxes midfielder Matty James (right) at the Belvoir Drive training ground . 'After costs relating to the club's promotion, academy expenditure and other costs allowable under FFP guidelines are added back, the club recorded losses within the allowable parameters set by the League.' Leicester's promotion-winning season last term, where they clinched the Sky Bet Championship title, helped the club increase their revenue to £31.2m - up from £19.6m. Staff costs increased to £36.3m after promotion bonus payments of £9.4m while match receipts rose from £5.7m to £6.9m with the average attendance climbing to 25,003. Chief executive Susan Whelan said: 'The establishment of Leicester City as a successful, self-sustainable Premier League football club remains a long-term work in progress, but these results are a positive reflection of our efforts to build solid foundations to that end. 'It should be noted that one of the most successful seasons in the club's recent history was achieved while ensuring compliance with the Football League's FFP regulations, for which our football management staff and senior management deserve great credit. The club's responsible approach to adapting to the demands of the Premier League has also ensured such compliance, should it be required, would not be compromised in the future.' Leicester are bottom of the Barclays Premier League and go to Manchester City on Wednesday. Leicester's Andrej Kramaric (right) is closed down by teammate Richie De Laet (left) during training . Marcin Wasilewski (left) and Jeff Schlupp (right) share a joke during the Leicester City training session .
Leicester have announced an annual loss of £20.8 million . However, the loss falls within Financial Fair Play rules . The loss is down from the £34 million recorded in 2013 . Leicester are currently bottom of the Premier League table . Nigel Pearson's side face Manchester City on Wednesday .