The English Football League handed down the punishment earlier this month after determining that the 141-year-old club had overspent under profit and sustainability regulations.
It dropped Leicester to 20th in the table, outside the relegation zone only on goal difference.
Two successive defeats since have left the Foxes in the bottom three, two points from safety.
The case stems from charges brought in May by the Premier League relating to breaches of profit and sustainability rules in the three years up to 2023-’24.
Despite the Premier League holding jurisdiction at the time of the alleged breaches, the English Football League took on the case following Leicester’s relegation to the second tier, and the sanction was applied under EFL rules.
Premier League officials said it would be “seeking to have the appeal resolved urgently” and before the end of the season.
The process will also include a ruling on the League’s own appeal against the independent commission’s decision not to sanction Leicester for the late submission of the club’s annual accounts.
Both parties have submitted appeals to the chair of the judicial panel, who will appoint an appeal board to hear the case.
Leicester, who have just appointed Gary Rowett as head coach have not commented on the appeal.
When the deduction was announced, however, the club described the penalty as “disproportionate”.
In a statement, Leicester City said: “While the commission’s findings significantly reduced the unprecedented scale of the sanction originally sought by the Premier League, the recommendation remains disproportionate and does not adequately reflect the mitigating factors presented, the importance of which cannot be overstated given the potential impact on our sporting ambitions this season.”
Under Profit and Sustainability Rules, Premier League clubs are permitted to lose no more than £105 million over a three-year period, a figure reduced by £22 million for each season spent outside the top flight.
Leicester’s accounts to 30 June 2024 showed a loss of £19.4 million.
In 2022-’23 the club recorded a loss of £89.7 million, while in the 12 months to May 2022 they posted a club-record £92.5 million loss.
Those figures do not include “add backs” – costs such as infrastructure projects and investment in women’s football that are excluded under the regulations.
Leicester argued their case should have been assessed over 36 months rather than 37, a discrepancy caused by the delayed submission of their 2023-’24 accounts.
The commission ruled the period should be 36 months, concluding Leicester exceeded the EFL’s £83 million limit by £20.8 million.
Although a maximum 12-point penalty was available, the committee reduced the sanction to six points, citing the club’s “improving financial position” over the assessment period.
