Leicester are targeting a return to European football after reporting a record turnover for the financial year ending May 31, 2017.
The club, who qualified for the Champions League for the first time in their history by winning the Premier League title in 2016, recorded profits of £80million after tax.
In the financial statement, Leicester’s profits before tax increased to £92.5million from £16.4million and the club’s turnover was £233million.
Leicester reached the quarter-finals of the Champions League during the 2016/17 season where they were beaten by Spanish side Atletico Madrid.
The club have vowed to reinvest money on new players and a state-of-the-art training complex in order to get back into the competition.
Leicester recently announced the purchase of the former Park Hill Golf Club with a view to developing for the club’s new training ground complex, with an estimated cost of £80million.
“That experience has strengthened the resolve of all involved with the club to qualify for European football again,” said a Leicester statement.
“The club continues to make substantial net transfer investments into its squad and to increase the overall playing budget to allow it to compete and challenge at the top half of the Premier League.
“Securing a legacy for the club’s recent achievements is among our greatest responsibilities, as it will be the platform from which Leicester City can grow and achieve further, sustainable success in the future.
“It is central to King Power’s vision for the club and the determination of the Srivaddhanaprabha family to reward our fans for their immeasurable and unconditional support.”