Leicester City could become the third side to face a points deduction (Picture: Getty)

Leicester City have been charged by the Premier League for allegedly breaking Profitability and Sustainability Rules (PSR).

The Foxes are currently competing in the Championship following their relegation from the top-flight are are locked in a promotion fight with Leeds and Ipswich.

Like Everton and Nottingham Forest – Leicester could face a points deduction ifthey are found guilty – but that wouldn’t be enforced in the current season.

A Premier League statement read: ‘The Premier League has today (March 21) 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 City have issued a statement in response (Picture: Getty)

Leicester have released a statement in re...