Kop meltdown: Transfer shock for Benitez as Liverpool cash crisis deepens
05 June 2009 07:42
Liverpool were facing meltdown last night after their dire financial crisis was exposed.
Only 48 hours after losing out to Manchester City on the signing of Gareth Barry, and with Glen Johnson - another long-term target - expected to join Chelsea, details of their fragile state became clear.
Owners Tom Hicks and George Gillett were warned that there is 'significant doubt on the group's and parent company's ability to continue as a going concern' because of the club's debts.
Though Liverpool's most recent accounts showed a profit of£10.2million, their parent company lost £42.6m, mainly due to interest payments of £36.5m.