Debt up, losses down at Liverpool FC
LIVERPOOL FC saw net debt rise by £21.8m to £87.2m in the 10 months to the end of May 2012.
The club, which has changed its year-end to the end of May, has also refinanced £120m of facilities with three lenders, while its US parent company Fenway Sports Group has provided a £40m interest-free loan.
Despite not playing in European competition last season, revenue was up £5m to £188.7m, while pre-tax losses fell from £49.3m to £40.5m.
Managing director Ian Ayre told the official club website: “These financial results are now up to 18 months old and show that we have made some good progress towards putting the financial health of the club on a firmer footing.
“Although we didn’t play in a European competition, we had great success in both domestic competitions which gave a boost to our revenue. In addition, areas like our commercial partnerships continued to grow, despite a global recession.”
During the year exceptional payments of just over £9.5m were made – these related to a number of costs including stadium project costs, general restructuring costs and severance payments made to some senior employees including former manager Kenny Dalglish.
Mr Ayre added:”A lot has happened since the reporting period. Some new players joined the club during the summer and January transfer window which has added depth and strength to the team on the pitch.
“Off the pitch, we forged new partnerships with Warrior, Garuda and Chevrolet – the revenue from these contracts will show in the 2013-14 financial accounts; however, these partnerships continue to demonstrate the strength and reach of the LFC brand.”
The club said its 9th place on the Deloitte Money League was testament to its commercial might – it was the only club not playing in Europe to make the top 10.
