Liverpool owners post £42m loss

Friday 5th June 2009

The holding company controlled by Liverpool co-owners Tom Hicks and George Gillett has announced losses of more than £40 million in the year to August 2008.

Kop Football Holdings announced an overall loss of £42.6 million, of which the majority (£36 million) was to service the £300 million loans taken out by the American businessmen to buy the club in February 2007.

The news comes despite the football club reporting an overall pre-tax profit of more than £10 million in the same period.

According to the financial report, these profits came as a direct result of player sales - including England internationals Peter Crouch and Scott Carson to Portsmouth and West Brom, respectively - and an increase in TV revenue.

The publication of the report is a worry for Reds fans, especially as the owners must refinance their debts by the end of July in order to stay afloat - or they face having to sell the club.

Liverpool enjoyed their most successful Premier League season to date in 2008/09, finishing second behind champions Manchester United.

The club also reached the quarter-finals of the Champions League, losing to English rivals Chelsea. ADNFCR-1783-ID-19204936-ADNFCR

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