Leicester City's long-standing dispute with the English Football League over an apparent breach of Financial Fair Play regulations was resolved Wednesday, with the Foxes agreeing to pay £3.1 million to settle the matter.

Leicester posted £20.8 million in losses as it won the Championship and promotion to the Premier League during the 2013-14 season - well above the £8-million threshold.

The east Midlands side argued that £13 million in losses were "allowable" under the EFL's 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," reads a club statement. "All relevant matters were taken into account when determining the quantum of the settlement."

Had the EFL found Leicester guilty, it could've faced a transfer ban or a heftier fine. Bournemouth was left with a £7.6-million penalty for posting a £38.3-million loss during the 2014-15 season.