Liverpool debt increases to £87.2m

Liverpool debt increases to £87.2m
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Published March 4th, 2013 - 22:42 GMT via SyndiGate.info

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Liverpool debt increases to £87.2m as club announce financial results
Liverpool debt increases to £87.2m as club announce financial results
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Liverpool
,
Steven Gerrard
,
Sebastian Coates
,
Ian Ayre
,
Jose Enrique

Liverpool have announced that their net debt has increased by £21.8 million to £87.2m for the 2011-12 financial year.

The figures account for the period between August 1 2011 to May 31 2012 to coincide with the English football season and include £9.5m in "exceptional payments" related to stadium project costs, general restructuring costs the departure of senior employees, according to a statement on the club's website.

The club say that turnover increased during the equivalent 12-month period due to a rise in the amount of domestic fixtures played - Liverpool reached the FA Cup final and won the Capital One Cup - despite the lack of participation in a European competition.

"These financial results are now up to 18 months old and show that we have made some good progress towards putting the financial health of the club on a firmer footing," managing director Ian Ayre said.

"Although we didn't play in a European competition, we had great success in both domestic competitions which gave a boost to our revenue. In addition, areas like our commercial partnerships continued to grow, despite a global recession.

"For the equivalent 12-month period, the club's unaudited turnover has increased by £5m and we were delighted to further strengthen our portfolio of commercial partnerships as we continued to focus on growing successfully at home and internationally.

"During the period we signed seven new players including Jose Enrique and Sebastian Coates, extended five player contracts including Steven Gerrard and signed eight players from scholar to professional contracts, demonstrating the club's commitment to youth talent.

"In addition three players were loaned out and eight players transferred out. As part of our transition, we also implemented a new transfer strategy, ensuring we bring in talented players on sensible contracts that provide value to the club."

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