Liverpool on verge of financial meltdown

June 5th, 2009 - 1:58 pm ICT by ANI  

London, June 5 (ANI): Liverpool are reported to be on the verge of a financial meltdown, with club accountants issuing a statement admitting there is “significant doubt” as to whether the company which runs the Reds can “continue as a going concern”.

The report claims Liverpool’s parent company, Kop Football (Holdings) Ltd, which is run by club owners George Gillett and Tom Hicks, made a 42.6 million pounds loss last year.

More than 70 million dollars of that sum is owed in interest payments on the 700 million dollars loan taken out to refinance the club.

A top City analyst said: “Unless the owners find more money, the club is facing financial meltdown. Not only are the figures bleak, the future is gloomy too. The more you read through the accounts, the more transparent it is that the owners don’t have the resources to meet the targets they’ve set for next year either.”

“Everyone associated with Liverpool should be deeply concerned by this set of figures,” FOX Sports quoted the analyst, as saying.

The devastating news will intensify calls from fans for the US pair to sell up.

As things stand, the crippling repayments on the loan are swallowing up any profits being made on the pitch.

The disastrous figures not only place the club’s future in jeopardy, they also have serious side effects for boss Rafa Benitez. (ANI)

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