Leicester City have officially been welcomed to the Premier League.
City and fellow promoted clubs Burnley and QPR were formally confirmed at the Premier League AGM yesterday (Thursday).
City were handed shares in the Premier League which were vacated by the relegated teams Norwich, Cardiff and Fulham.
The Premier League is a private company wholly owned by its 20 member clubs, who each are a shareholder, with the FA holding a ‘golden share’ with the ability to vote on certain issues.
Peter McCormick, the acting Premier League chairman, formally welcomed the new clubs to the League and the clubs were awarded their framed share certificates.
City will be handed a huge financial boost by promotion. Commercial revenue increased by 21 per cent at Premier League clubs in the 2012-13 season and topped £2.5billion for the first time, according to the Annual Review of Football Finance by financial analysts Deloitte.
