(Reuters) - Leicester City will pay 3.1 million pounds ($4.3 million) to settle a dispute with the English Football League (EFL) over the club's financial results for the 2013-14 season.
The club, owned by Thai based company King Power, were deemed to have breached EFL's Financial Fair Play (FFP) regulations when they won the second-tier Championship to secure promotion to the Premier League.
Leicester had recorded a loss of 20.8 million pounds but said at the time they had reduced their costs and increased their revenue streams to submit a return which was in compliance with FFP rules.
"In reaching a settlement, the EFL acknowledges that the club did not make any deliberate attempt to infringe the rules or to deceive and that the dispute arose out of genuine differences of interpretation of the Rules between the parties," Leicester said in a statement.
"All relevant matters were taken into account when determining the quantum of the settlement."
The proceedings were pending with Queens Park Rangers challenging the FFP rules in 2015.
British media reported QPR were fined in the range of 58 million pounds. The case is still ongoing.