Leicester have expressed their disappointment at the Premier League after they were charged with an alleged breach of Profit and Sustainability (PSR) rules.
The charge relates to the period of the 2022/23 season when the Foxes were relegated from the top flight to the Championship.
Leicester are now the third team this season to be hit with a charge relating to the Premier League's PSR rules.
Everton were handed a 10-point deduction, which has since been reduced to six, while Nottingham Forest have been hit with a four-point penalty.
Leicester have issued a strong response after they were charged by the Premier League
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Sky Sports claimed this week that Leicester's accounts for the 2022/23 campaign are to be made public later this month.
It is expected that the figures will show that Leicester have exceeded the £105million in losses they are permitted over a three-season period.
If found guilty, Leicester will not be hit with a points deduction this season but could be punished next term, as they aim for an immediate return to the top division in English football.
The Premier League released a statement on Thursday saying there was an alleged breach of PSR rules by the Foxes.
The statement read: "The Premier League has today referred Leicester City FC to an independent Commission for an alleged breach of Profitability and Sustainability Rules (PSRs) and for failing to submit their audited financial accounts to the League.
"The alleged breach relates to the assessment period ending Season 2022/23, when the club was a member of the Premier League.
"Leicester City were relegated to the EFL Championship prior to the introduction of the Premier League's new Standard Directions, which prescribe a timeline within which PSR cases should be heard.
"Therefore, the proceedings will be conducted in accordance with a timetable to be set by the independent Commission, and its final decision will be published on the Premier League's website."
Leicester have responded with a statement of their own, expressing their shock and disappointment at the timing of the charge.
The statement reads: "Leicester City is surprised at the actions the Premier League has taken today.
"The club is extremely disappointed that the Premier League has chosen to charge LCFC now, despite the club’s efforts to engage constructively with the Premier League in relation to the matters that are the subject of this charge, even though LCFC is not currently a Premier League club.
"LCFC remains willing and eager to engage constructively with the Premier League and the EFL to seek the proper resolution of any potential charges, by the right bodies, and at the right time.
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Leicester have expressed their disappointment at the timing of the charge
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"The club continues to take careful advice about its position and, if necessary, will continue to defend itself from any unlawful acts by the football authorities, should they seek to exercise jurisdiction where they cannot do so, as occurred earlier this year.
"LCFC has repeatedly demonstrated its commitment to the P&S rules through its operating model over a considerable period, achieving compliance while pursuing sporting ambitions that are entirely credible given the consistent success that the club has achieved in that time, both domestically and in European competition.
"As we continue to represent the club’s position, we will continue to fight for the right of all clubs to pursue their ambitions, particularly where these have been reasonably and fairly established through sustained sporting achievement.
Enzo Maresca's Leicester side won't face a points deduction until next season if found guilty
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"The club thanks its supporters for their understanding in this matter and for their continued support for our team, whose success on the pitch during the final weeks of the season remains our primary focus."
Leicester currently sit second in the Championship, level on points with leaders Leeds with a game in hand.
Enzo Maresca's side have won just one of their last five league matches.