Leicester City are confident they have not breached Financial Fair Play rules despite posting a larger deficit than the £8m allowed by the Football League.
Their 2013/14 accounts, released on Tuesday, showed a £20.8m loss but the Foxes say £13m of it was "allowable".
The Football League said on Wednesday the situation with the Premier League's bottom club was "ongoing".
A Leicester spokesman said the club, who were promoted last season, had "submitted compliant accounts".
In a statement, Leicester said the "allowable" expenses included costs relating to the club's promotion from the Championship and Academy expenditure.
A Football League spokesman said: "Leicester City supplied the relevant information in line with the League's Financial Fair Play rules and we remain in ongoing discussions with the club."
If Leicester are judged to have broken the rules, they could face a fine.
Nigel Pearson's side are seven points from safety at the foot of the Premier League, with 18 points from 26 matches, and their next game is at defending champions Manchester City later on Wednesday (19:45 GMT).