Leicester's Thai owners have their sights set on a return to European action after their club announced record profits.

Leicester recorded profits of £80 million ($110 million, 89 million euros) after tax for the financial year ending May 31, 2017 thanks to their qualification for the lucrative Champions League.

The Foxes made it into Europe's elite club competition for the first time in their history by winning the Premier League title in 2016.

In the financial statement, Leicester's profits before tax increased to £92.5 million from £16.4 million and the club's turnover was £233 million.

Leicester reached the quarter-finals of the Champions League during the 2016-17 season where they were beaten by Spanish side Atletico Madrid.

Owners the Srivaddhanaprabha family have vowed to reinvest money on new players and a state-of-the-art training complex in order to get back into the competition.

"That experience has strengthened the resolve of all involved with the club to qualify for European football again," a Leicester statement read.

"The club continues to make substantial net transfer investments into its squad and to increase the overall playing budget to allow it to compete and challenge at the top half of the Premier League.

"Securing a legacy for the club's recent achievements is among our greatest responsibilities, as it will be the platform from which Leicester City can grow and achieve further, sustainable success in the future.

"It is central to King Power's vision for the club and the determination of the Srivaddhanaprabha family to reward our fans for their immeasurable and unconditional support."