Leicester have been referred to an independent commission by the Premier League for an alleged breach of profitability and sustainability rules during their previous seasons in the top flight.

The Foxes – currently second in the Sky Bet Championship on goal difference, but with a match in hand on leaders Leeds – could face a points deduction if found to have broken the financial regulations.

A statement from the Premier League read: “The Premier League has today referred Leicester City FC to an independent commission for an alleged breach of Profitability and Sustainability Rules (PSRs) and for failing to submit their audited financial accounts to the League.

“The alleged breach relates to the assessment period ending season 2022/23, when the club was a member of the Premier 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.

A statement read: “Leicester City is surprised at the actions the Premier League has taken today.

“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.

“The club continues to take careful advice about its position and, if necessary, will continue to defend itself from any unlawful acts by the football authorities, should they seek to exercise jurisdiction where they cannot do so, as occurred earlier this year.

“LCFC has repeatedly demonstrated its commitment to the P&S rules through its operating model over a considerable period, achieving compliance while pursuing sporting ambitions that are entirely credible given the consistent success that the club has achieved in that time, both domestically and in European competition.

“As we continue to represent the club’s position, we will continue to fight for the right of all clubs to pursue their ambitions, particularly where these have been reasonably and fairly established through sustained sporting achievement.

“The club thanks its supporters for their understanding in this matter and for their continued support for our team, whose success on the pitch during the final weeks of the season remains our primary focus.”

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.

The PA news agency understands the Premier League will push for an expedited process, as it did when Everton were charged for the first time just under a year ago.

Should that time frame succeed, it could mean any points deduction applying in the current season. However, the commission hearing the Everton case rejected an expedited process, saying the club were entitled to more time to prepare a proper defence.