Two insurers have been revealed as creditors of debt-laden football club Leicester City.
Gerling and American insurer, Teachers Insurance and Annuity Association (TIAA), were reported to have provided cover to the first division club, which is now under administration.
Several sources have revealed that Gerling UK is exposed to a £4m loss by insuring a "provider of sale" finance deal.
Finance deals transfer a football club's "right to use" a player to a bank, in return for a cash payment. The club then leases the player from the bank for regular payments covered by insurance.
Education cover firm TIAA is believed to have provided a £33m bond to help fund its new stadium.
Both companies refused to comment on the allegations.
