News24

Liverpool loses £50 million

2012-05-03 13:02

London - Liverpool reported  £50 million ($79.9 million) losses in the last financial year following pay-offs to staff and costs associated with the club's failed new stadium plans, it was revealed on Thursday.

Although new owners the Fenway Sports Group wiped out 200 million in debts when they took over in October 2010, the club was forced to write off 35 million over their moribund HKS-Stanley Park stadium project.

The sacking of manager Roy Hodgson after just six months, also contributed to a further 8.4 million in costs relating to contract terminations, figures lodged with Companies House showed.

Liverpool's managing director Ian Ayre however insisted the club's finances were in good shape, explaining that the results had been distorted by "extraordinary" expenditure.

"I guess people will focus on the loss of £50 million and there's no business - or people running any business - who are going to be pleased with any loss," he told the Liverpool Echo.

"But I think the important indicator here is this 59m charge for exceptional items and as a business that's been in a transition, it's about moving from where we were to where we want to be.

"We have written off a huge amount on the stadium project. A big chunk of that 50m loss relates to the HKS project - which is now defunct - and associated costs around that."

The figures do not include a record kit deal with American company Warrior Sports worth at least 25 million a year.

"If we had not written off these extraordinary costs, we would have been looking at breaking even," Ayre said.

"We have reduced interest charges from 18m to about 3m. That puts us in a much stronger position to utilise our revenues more effectively on the team."

SAPA

Comments
  • Lunga - 2012-05-03 13:53

    YNWA - You'll Never Win Again!

      Bob - 2012-05-03 14:28

      Lunga, YNWA means "you never walk alone" you sound like some sad Scum Utd supporter, we might just win our second trophy of the current season on Saturday, how many has the team you support won this season, err let me guess, NONE.

      Lucas - 2012-05-03 14:28

      DREAM ON

      Selwyn - 2012-05-03 14:39

      Hay Lunga, you are so right, the once how many years ago Liverpool won EPL, uh let me guess, hahaha wont even bother. Every year it gets worse. I will bet you will loose against the blues!!! YOU WILL NEVER WIN AGAIN!!!!!! But then liverfools are sore loosers. Go go ManU!!!!!

      Shawn - 2012-05-03 14:44

      @ bobo errrrrrrrr when last did you team win the league...waaaaaaaaaaahahahaha

      Bob - 2012-05-03 14:50

      Selwyn, no we won't loose aginst the blues, we might lose but that's a completely different story, at least we are in the final, we had a fairly easy run getting there, only the Scum Utd and the toffees to overcome in the later stages, what are you doing Saturday evening ? I think I'll pop down to my local, sample a few cold ones whilst watching my team in the FA Cup FINAL at WEMBLEY, might be having a few more celebratory cold ones after that.

      dhirshan.gobind - 2012-05-03 14:55

      DIDN'T TORRES COST EXACTLY 50MIL TO CHELSEA LOL?

      Selwyn - 2012-05-05 18:34

      @BOB, no you won't win, personal message coming your way.

  • Sharmilen - 2012-05-03 15:38

    Doesn't Bobby remind us all of Juju....when something is said he puts the blame on one specific ethnic group..or in Bobby's case one club. Everything to him is the scum, manure. His wonderful team have recorded a loss 50m pounds and he goes on about ManUtd. Wait for his response...so predictable..."see you didn't take my advice Sharm and follow the PSL, you know nothing about the EPL." Bobby while you watching the FAC final at your local this weekend enjoy the cold ones....the cold feeling of a loss.....

  • aidan.w.naude - 2012-05-03 17:42

    Here is one for Man United fans for 2012 - new coach- Name is Win-One-S00N from Korea to take over from Fergie

      Lunga - 2012-05-03 18:11

      Aidan, you are aware that there are still two games left in the season, right? Watch the Toon perform a smash and grab against Siteh. Heard of Papiss Demba Cissé? The most prolific striker in England today!!

      Sharmilen Naidoo - 2012-05-03 18:35

      Wow Aidan, please tell us what it takes to be a rocket scientist?

  • aidan.w.naude - 2012-05-03 19:32

    Lunga and Co - this was directed at Man United fans shouting there mouths off. We wont win the league , Very happy for the Toon - Norwich, Everton and especially City fans. All Dynasty's come to an end - And yes the changing of the guards have already begun. Sharmelion or whatever your name is remember this - Man Uniteds worst season in over 24 years .... We dealt with our problems , now deal with yours . Lunga Cisse is hottest striker in England , hell look good in A Liverpool shirt next season.:)

      Lunga - 2012-05-03 20:06

      Hello Aidey, Mind if I call you Aidey? I am a United supporter shouting my mouth off. It's what we do to get under the skins of supporters of small clubs. :-)

  • aidan.w.naude - 2012-05-03 19:33

    Sharmelion - the loss Pool had the season excludes THE BIGGEST Shirt deal in FOOTBALL HISTORY

  • Sharmilen - 2012-05-03 22:03

    Aidey...my boy...or should I say seuntjie...learn to spell you dyslexic twat. Problems...what problems - we are 34 points ahead of your sorry bunch of whingers. Even if the FA extended the season..you'd still be singing...wait till next year. Shirt deal..nice one and that wins you trophies...rather let your team play with no shirts...will no make no difference. Yeah Cisse will look good in Liverpool shirt then watch his career take a nose dive....Torres ring a bell in your empty cranium? Shows how much you know about football....this is not Utd's worst season in 24 years. Rather go and follow rugby or athletics my seuntjie.

      aidan.w.naude - 2012-05-04 09:16

      Camelion , True racist colours coming out now hey, u fink u know it all. while u live in a tin cup , i watch live games every other week. I live i a 1st world country where isee the facts each day - like i said in first blog WIN-ONE-SOON will take over from Fergie.

  • aidan.w.naude - 2012-05-04 09:19

    http://bleacherreport.com/articles/983578-manchester-united-uniteds-10-worst-defeats-in-the-premier-league-era

  • aidan.w.naude - 2012-05-04 09:21

    http://kevfoulds.wordpress.com/2011/12/10/manchester-united-worst-season-for-a-decade/

  • aidan.w.naude - 2012-05-04 09:23

    http://community.manutd.com/forums/t/215934.aspx driehoek time , stick to bunnychows ekse

  • Sharmilen - 2012-05-04 15:16

    Aidy, my boy...getting hot under the collar I see. What does the W stand for in your name? WALLY cos you're proving to be one. After reading your childish comments I have renewed respect for Bob cos you have proven how silly you are. Watching lives games every other week doesn't make you an expert. Don't give me crap about racist colours my boy..I respect all races...never made a racist remark. Oh and yes I will stick to bunny chows ekse..much better than your Porky chops...remember if you ate a hot bunny chow...your rear end would look like a Japanese flag!!!!

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