Liverpool Announce USD32m Loss in Final Year Under Hicks/Gillett

English Premier League soccer club Liverpool have said that they will reveal a £20m (US$32.85m) loss for the last full year of the reign of former owners Tom Hicks and George Gillett.

Despite revenues rising to £184m ($302.2m) in the 12 months to July 2010, net debt increased to £123m ($202m), incurring interest payments of more than £17m ($27.9m).

US company Fenway Sports Group, formerly New England Sports Ventures (NESV), bought the club in October of last year club for £300m ($492.6m) and since paid off £200m ($328.4m) of debt.

The latest accounts do not include the debt repayment, nor do they include income from the £80m ($131.4m) four-year shirt sponsorship deal agreed with Standard Chartered in September 2009.

Despite the loss, Liverpool’s managing director Ian Ayre sought to reassure fans that the club had a bright future, stating: “Since the end of the last financial year, Fenway Sports Group has paid off £200m of acquisition debt from the previous owners, dramatically reducing interest payments as a result and meaning we are able to invest more revenue in the team rather than servicing debt.

“We have also enjoyed significant commercial growth since these accounts were finalised, including our shirt sponsorship deal with Standard Chartered, which was the largest partnership contract in the club’s history.”