Leicester's Golden Balance Sheet Survives a Silver-Medal Season

In the 2024-25 season covered by these accounts, Leicester Tigers finished runners-up in the Premiership with 61 points, beating Sale 21-16 in the semi-final before falling 23-21 to Bath in a final that doubled as a farewell. Julian Montoya, Handre Pollard, James Cronin and Matt Rogerson all made their final Tigers appearances that day, alongside the retirements of long-serving duo Ben Youngs and Dan Cole, a genuine changing of the guard for a title-chasing squad. In Europe, their Champions Cup campaign ended in the round of 16, beaten 43-19 by Glasgow Warriors.

Turnover for the year sat at around £21m, with a pre-tax loss of close to £5m, broadly in line with the rest of the division. Bank and cash balances weren't disclosed in these accounts, marked n/d rather than estimated here.

What separates Leicester from almost every other Premiership club is the strength of the rest of the balance sheet: net assets of roughly plus £50m, comfortably the healthiest of any club in this dataset and by a wide margin. That reflects Leicester's long-standing plc ownership structure and a more conservative approach to funding than clubs reliant on a single benefactor absorbing annual losses.

With several senior, higher-cost players departing at once, the following year's wage bill has room to fall even as the club looks to replace genuine international quality, the kind of squad turnover that can reshape a club's finances for several seasons rather than just one.

Turnover vs staff costs, FY2024-25