Liverpool owners post £42m loss
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.
Liverpool owners post £42m loss" class="imageframe alignright" height="200" src="http://pictures.directnews.co.uk/liveimages/Liverpool+co-owners_1455_19204936_0_0_7011815_300.jpg" width="200"/>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.