Finance woe for Reds owners

05 June 2009 07:49
Liverpool's parent company Kop Football Holdings Ltd has reported a loss of £42.6million for the year ending July 2008. The company, owned by Tom Hicks and George Gillett, recorded a record turnover of £164million, with the football club itself responsible for £159.1million on its own - including a profit of just over £10million. The club's accountants, KPMG LLP, reported in their notes: "The group has credit facilities amounting to £350million which expire on 24 July 2009. "The directors have initiated negotiations to secure the replacement finance required by the group and these negotiations are ongoing. "These conditions indicate the existence of a material uncertainty which may cast significant doubt on the group's and parent company's ability to continue as a going concern."

Source: ESA