Liverpool FC has reported a loss of almost £50m for the last financial year.
The loss has been widely attributed to the costs of the unrealised HKS-designed Stanley Park project and the payoffs made to former manager Roy Hodgson and former managing director Christian Purslow. The doomed stadium project cost the club £35m, where most of the cost was focused around a design for a 70,000 seat stadium, a project of previous owners Tom Hicks and George Gillett, which never got built.
Fenway Sports Group, owners of the club since October 2010, scrapped the project and also wiped out existing club debts of £200 million. The losses incurred due to staffing changes were considerably smaller, a further £8.4m was lost due to contract terminations. To put the amount in perspective, fellow Premiership rivals Manchester United’s current owners the Glazers’ reported a loss of £108.9 million last year.