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5 months ago 05th Jun 09:46
Kop Football Holdings, the parent company, of Liverpool FC, lost £42.6m in the year to August 2008.
The bulk of the loss - £36m was due to interest payments that Kop Football Holdings owned Tom Hicks and George Gillett,had to make to service the debt taken on to buy the club.
The parent company's auditors warned that the need to refinance loans by 24 July cast "significant doubt" on the future of the group as a going concern. Though they were quick to add the club's owners were confident they would secure the funds.
Tom Hicks and George Gillett bought Liverpool in February 2007, promising to build a new stadium, this intention is still maintained in their accounts, They say they are "committed to building a new stadium and actively seeking funding to complete the project but the project is stalled 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, Peter Crouch, John Arne Riise and Scott Carson.
The results for the parent company showed net debt on 31 July 2008 of £300m.
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Readers' Comments
#1 by magnumopus - 5 months ago 05th Jun 10:05
The sky is falling! The sky is falling! The sky is heading to the ground!!!!!!
#2 by Teresa Brazil - 5 months ago 05th Jun 10:24
Are Liverpool going two let hicks and gillett run liverpool into the ground or are ues going two somthingi about it
#3 by steve - 5 months ago 05th Jun 23:48
lets do what barca have done with fans owning club, and get rid of these stupid yanks once and for all!! yanks fuck off we hate you