The Government has now published its Rating List for all occupiers of commercial property, effective from 1 April 2017.
Leicester City has achieved so much of late, but they’re set to face huge rises in business rates bills as of next year.
Following their rise through the English football leagues since 2009, the Rateable Value (or property assessment) of the Foxes’ King Power stadium has increased by more than 250%; from £566,000 in 2010 to just over £2million in Rateable Value for 2017 according to CVS, business rates specialists.
The Club’s new business rates are estimated to cost over £4million across the next five years- 54% higher than current levels.
Its business rates madness
The rise in business rates isn’t all down to their stunning victory last season. It’s a combination of improvements to the stadium and in the club’s business fortunes between 2008 and last year.
The same is true for clubs like Swansea City, Southampton and Hull, who, unfortunately for them, are a lot higher in the business rates league table than the current Premier League.
For the traditional big clubs, rates have been more stable or for some, have even fallen in value. Manchester City’s Rateable Value will rise by 23% and West ham by 3%, while Manchester United, Chelsea, Arsenal, Liverpool and Tottenham Hotspur will all see their Rateable Value fall.
You can read more on this by visiting the Leicester Mercury.