Leicester City have announced plans to sue the Premier League over the recent financial charges against them.

The Foxes were recently charged by the Premier League over allegations they breached the division’s Profit & Sustainability Rules during their final three years in the division, as well as failing to submit audited finances.

Following these Premier League charges, the English Football League have since placed Leicester under a transfer embargo, prompting the Foxes to announce plans for legal action against both the Premier League and EFL.

“LCFC has been compelled today to issue two urgent legal proceedings against the Premier League and the EFL,” a statement read. “LCFC will be seeking that each of these proceedings is determined by an appropriate and fully independent legal panel.

“The Club is committed to ensure that any charges against it are properly and proportionately determined, in accordance with the applicable rules, by the right bodies, and at the right time.

“While LCFC would prefer the proceedings to be in public, so its supporters and the wider world can be informed about the important issues of football governance that will be considered, the relevant rules require that these proceedings are conducted confidentially, and LCFC will therefore not be able to comment further about them at this stage.

“We reaffirm the Club’s position that we will continue to fight for the right of Leicester City and all clubs to pursue their ambitions, particularly where these have been reasonably and fairly established through sustained sporting achievement.

“The Club further notes that at 4pm today [Friday] the EFL issued a public notification that LCFC has been placed under a registration embargo pursuant to its P&S rules. The EFL is aware that LCFC has disputed the EFL’s entitlement to impose this constraint, which is both restrictive and premature, with more than a quarter of the Club’s 2023/24 reporting period remaining.”

90min understands Leicester’s financial situation could see them forced to part ways with at least one key player this summer, with Manchester United among the sides interested in midfielder Kiernan Dewsbury-Hall.