6 Jun 2009

Ausditors say Liverpool's owners lost $106 million

9:02 am on 6 June 2009

Liverpool's parent company, owned by Americans Tom Hicks and George Gillett, made a loss of $106.6 million last year mainly due to interest payments to service the debt taken out to buy the English football club.

Annual accounts for Kop Football (Holdings) Limited released by Companies Housealso include a warning from the Premier League club's auditors KPMG LLP.

The accountants say remaining uncertainty over the refinancing of an existing $890 million loan before the July 24 deadline may cast significant doubt on the ability of the group and parent company to continue as a going concern.

The accounts for the year to July 2008 show Liverpool made a $25 million profit but Kop Football (Holdings) lost money after paying just under $983 million in interest.

And despite a record turnover of $404 million the club's net debt - not including the holding company's - jumped from $111 million to $218 million.

However, KPMG says Hicks and Gillett are confident of securing a refinancing deal.