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| Liverpool FC continues to make losses | Liverpool FC continues to make losses |
| (about 2 hours later) | |
| Liverpool football club made pre-tax losses of £40.5m between July 2011 and May 2012, it has announced. | Liverpool football club made pre-tax losses of £40.5m between July 2011 and May 2012, it has announced. |
| Losses were lower than in the previous 2010-11 financial year, when it lost £49.3m. | Losses were lower than in the previous 2010-11 financial year, when it lost £49.3m. |
| But comparison with previous periods is difficult because the club's latest accounts cover a 10-month period, rather than the usual 12. | But comparison with previous periods is difficult because the club's latest accounts cover a 10-month period, rather than the usual 12. |
| The club made a loss on player transfers of £1.7m, compared with a £43.3m profit a year earlier. | The club made a loss on player transfers of £1.7m, compared with a £43.3m profit a year earlier. |
| That gain was largely thanks to the sale of striker Fernando Torres, who was sold to Chelsea for a reported £50m at the beginning of 2011. | |
| The football club is changing its accounts to report July to July, rather than May to May, in order to align them with the footballing year. | The football club is changing its accounts to report July to July, rather than May to May, in order to align them with the footballing year. |
| Net debt increased by a third from £65.4m in July 2011 to £87.2m in May 2012. | Net debt increased by a third from £65.4m in July 2011 to £87.2m in May 2012. |
| But managing director Ian Ayre played down the significance of this. | But managing director Ian Ayre played down the significance of this. |
| "We have money to pay out and money coming in, just like any business," he told the Liverpool Echo. | "We have money to pay out and money coming in, just like any business," he told the Liverpool Echo. |
| "The difference in football is some of the swings are significant, so if you look at player trading, we may need to make investments as we do in the summer before our key revenues come in: big sponsorships cheques, big ticket revenues, all the media revenues etc." | "The difference in football is some of the swings are significant, so if you look at player trading, we may need to make investments as we do in the summer before our key revenues come in: big sponsorships cheques, big ticket revenues, all the media revenues etc." |
| Commercial growth | Commercial growth |
| While Liverpool did not play in any big European competitions in the period, its success in domestic competitions resulted in more matches, which made up for the loss of media and matchday revenue, the club said. | While Liverpool did not play in any big European competitions in the period, its success in domestic competitions resulted in more matches, which made up for the loss of media and matchday revenue, the club said. |
| During the period, it won the Carling Cup and reached the FA Cup final. | During the period, it won the Carling Cup and reached the FA Cup final. |
| Speaking to the club's official website, Mr Ayre said: "Although we didn't play in a European competition, we had great success in both domestic competitions, which gave a boost to our revenue. | Speaking to the club's official website, Mr Ayre said: "Although we didn't play in a European competition, we had great success in both domestic competitions, which gave a boost to our revenue. |
| "In addition, areas like our commercial partnerships continued to grow, despite a global recession." | "In addition, areas like our commercial partnerships continued to grow, despite a global recession." |
| The club pointed out that the results were now quite old, and said matters had improved since last summer. | The club pointed out that the results were now quite old, and said matters had improved since last summer. |
| "Off the pitch, we forged new partnerships with Warrior, Garuda and Chevrolet - the revenue from these contracts will show in the 2013-14 financial accounts; however, these partnerships continue to demonstrate the strength and reach of the LFC brand," Mr Ayre said. | "Off the pitch, we forged new partnerships with Warrior, Garuda and Chevrolet - the revenue from these contracts will show in the 2013-14 financial accounts; however, these partnerships continue to demonstrate the strength and reach of the LFC brand," Mr Ayre said. |
| The club also said in its statement that it would not be paying a dividend to shareholders. | The club also said in its statement that it would not be paying a dividend to shareholders. |