Liverpool owners suffer 42m loss

04 June 2009 07:37
The parent company of Liverpool FC, owned by Tom Hicks and George Gillett, lost 42.6m in the year to August 2008. The loss was mainly due to the 36m of interest payments that Kop Football Holdings had to make to service the debt taken on to buy the club. Its auditors warned that the need to refinance loans by 24 July cast "significant doubt" on the future of the group as a going concern. But they added the club's owners were confident they would secure the funds. The US owners bought Liverpool in February 2007, promising to build a new stadium. In their accounts, they say they are "committed to building a new stadium and actively seeking funding to complete the project". But they admit that "the opening of the new stadium will be delayed until 2012". The parent company's loss came despite the £10.2m pre-tax profit reported by the football club in the same period. The profit was helped by increased television revenues and the sale of players such as Peter Crouch, John Arne Riise and Scott Carson. The results for the parent company showed net debt on 31 July 2008 of 300m.

Source: BBC_Sport