The Foxes - currently second in the Championship and fancied to go back up to the Premier League - could face a points deduction if found to have broken the financial regulations.

The club has been accused of breaching profit and sustainability rules (PSR) and failing to submit audited finances.

"The alleged breach relates to the assessment period ending season 2022/23, when the club was a member of the Premier League," said a statement from the 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, who also face a financial investigation from the EFL, issued a statement following the Premier League charges defending the club's position.

"Leicester City is surprised at the actions the Premier League has taken today," the club said.

"The club is extremely disappointed that the Premier League has chosen to charge LCFC now, despite the club's efforts to engage constructively with the Premier League in relation to the matters that are the subject of this charge, even though LCFC is not currently a Premier League club.

"LCFC remains willing and eager to engage constructively with the Premier League and the EFL to seek the proper resolution of any potential charges, by the right bodies, and at the right time."

Nottingham Forest were deducted four points after being found to have broken Premier League financial regulations, which saw them drop into the relegation zone.

Everton, meanwhile, saw an initial 10-point deduction for breaching profitability and sustainability rules reduced down to six following an appeal, but also face a second case.

Australian Associated Press