Liverpool accounts raise fresh concern
Liverpool’s parent company owned by Tom Hicks and George Gillett suffered a £42.6million loss last year — mainly due to interest payments on the debts the Americans took on to buy the club.
In the annual accounts released, Liverpool’s accountants have also warned that remaining uncertainty over refinancing the £350million debt before the July 24 deadline "may cast significant doubt on the group’s and parent company’s ability to continue as a going concern".
Hicks and Gillett hope to secure a refinancing deal but figures reveal that the financial success of the club is being swallowed up by the cost of servicing the parent company’s loans. The accounts for the year ending July 2008 showed Liverpool made a £10.2million profit but the parent company Kop Football (Holdings) Ltd made a loss of £42.6million.