They have been "overspending" for years but keeping FFP issues at bay by selling some of their better players.
To illustrate, their accounts show:
Gross Loss 2019 57m, 2020 99m, 2021 51m, 2022 61m
Profit on players registrations 2019 58m. 2020 63m, 2021 44m, 2022 9m
Total losses 2019 17m, 2020 60m, 2021 31m, 2022 92m
2023 accounts are "late", I suspect they are pretty bad and causing a panic at the club!
The accounts are here:
https://resources.lcfc.com/leicester...ub-Limited.pdf
https://resources.lcfc.com/leicester...ults-21-22.pdf