Liverpool blame £50m loss on £35m stadium move write-off
LIVERPOOL have announced a huge loss of almost £50m, which Anfield chiefs have blamed largely on wasted spending on abandoned plans to build a new stadium.
Managing director Ian Ayre said £35m in design fees and legal and administrative costs relating to the proposed move to Stanley Park contributed to £59m of exceptional items and an increase in losses from £19.9m to £49.4m.
Contract terminations, including those of incoming England manager Roy Hodgson and former managing director Christian Purslow, amounted to £8.4m, while signings such as Andy Carroll hiked net transfer spend to £41m.
But Ayre insisted it was the decision of Fenway Sports Group, who took over in 2010, to settle costs related to the previous regime’s lavish stadium plans that cast the figures in an unhealthy light.
“It is a big write-off but it means that it’s gone forever now and we can move forward now without that around our neck,” he said. “It also means that we are in pretty good shape in being a sustainable business. It’s a positive step forward.”
Stadium costs are not included in Financial Fair Play calculations.