Category
- LFC News ( 713 )
- Transfers - Rumours ( 110 )
Popular Posts
-
Samuel Eto'o was undergoing a medical with Liverpool on Friday afternoon ahead of signing a one-year deal The 33-year-old was ...
-
Manchester City, preseason title favorites, remain on top of that list, while Liverpool, who didn’t even finish high enough last season to r...
-
Liverpool’s new away kit and shirt for season 2009/10 will be black with gold adidas trim and red piping. Liverpool’s Carlsberg sponsor will...
-
Every liverpool fan is worried by the fact of the team losing week in week out.Fans,Players or any one related to Liverpool football club ha...
-
Liverpool midfielder Xabi Alonso had the last laugh on Chelsea rival Frank Lampard yesterday. The England midfielder was controversially sen...
-
Liverpool defender Jamie Carragher has warned that no player in the Anfield dressing room is irreplaceable, following rumours that a host of...
-
Valencia striker David Villa has hinted at hopes of joining Liverpool. Villa has good friends playing at Anfield and is ready to move to Eng...
-
LIVERPOOL have opened talks with Monaco over a stunning move for striker Radamel Falcao. Sources in Italy claim the Reds are set t...
-
Liverpool captain Steven Gerrard believes the dressing-down the players received from boss Rafael Benitez last week played a key role in the...
-
Fernando Torres has dashed Manchester City's hopes of luring him away from Anfield by admitting he already feels like a dyed-in-the-wool...
Thursday, June 4, 2009
Liverpool Owners Suffer Huge Loss
Liverpool's parent company owned by Tom Hicks and George Gillett suffered a £42.6m loss last year - mainly due to interest payments on the debts the Americans took on to buy the club.
In the annual accounts released tonight, Liverpool's accountants have also warned that remaining uncertainty over refinancing the £350m 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''.
Although Hicks and Gillett say they are confident of securing a refinancing deal, the figures reveal that the financial success of the football 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 £10.2m profit but the parent company Kop Football (Holdings) Ltd made a substantial loss of £42.6m, mainly due to interest payments totalling £36.5m.
The clubs accountants KPMG LLP also expressed a warning in their notes in the filed accounts.
The accountants said: ''The group has credit facilities amounting to £350m which expire on 24 July 2009. The directors have initiated negotiations to secure the replacement finance required by the group and these negotiations are ongoing.
''These conditions.. indicate the existence of a material uncertainty which may cast significant doubt on the group's and parent company's ability to continue as a going concern.''
The club's turnover was a record £159.1m compared to £133.9m the year before, with a profit of £10.2m.
That was reflected by a similar turnover for Kop Football (Holdings) of £164m - most coming from the football club - but the overall loss of £42.6m.
Hicks and Gillett have been scouring the globe to find investors keen on putting money into the club but so far without success.
It is not Hicks' only problem - he has said he is prepared to sell a majority shareholding in his Texas Rangers baseball team after the Hicks Sports Group in April defaulted on £325m (525m US dollars) in loans relating to that team and his Dallas Stars ice hockey side.
Sean Hamil, a lecturer at the University of London's Birkbeck Sport Business Centre, told Bloomberg: ''Any company, never mind a sports company, which is not able to cover interest from operating activities has three options: refinance, get new equity investors, or sell it to somebody else who's prepared to absorb the debt and start from scratch.''
Labels:
LFC News
Subscribe to:
Post Comments
(
Atom
)
Contact Us
Please Feel Free to Give Comments Or Suggestion.Mail us at
liverpoolfc4ever10
@gmail.com
liverpoolfc4ever.blogspot
@gmail.com
No comments :
Post a Comment