The Foxes have gained promotion back to the Premier League from the Championship.
However, they have already reported financial losses in the previous fiscal year.
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Per The Telegraph, the penalty for the breach could be anything between six and 15 points.
This would put a huge dent on the club's bid to stay in the top flight for the long term.
Leicester also have to find a new manager, as Enzo Maresca has signed for Chelsea.