Liverpool report £19.8m annual loss

Liverpool announced a pre- tax loss of £ 19 . 8 m for last year on Wednesday despite record revenue of £ 301m , AFP reports .
The loss in the year ending May 2016 was due to investment in the first -team squad and pay – offs to manager Brendan Rodgers, who was sacked in October 2015 , and his back – room staff .
But with commercial revenue projected to climb and Anfield ’ s towering new Main Stand now complete , the club predicted “ significantly improved results ” for the current financial year .
“ These results demonstrate the solid financial progress that ’ s been made over the past six years under the leadership of FSG (Fenway Sports Group ) with continued investment in the playing squad and the completion of the Main Stand , ” said chief operating officer Andy Hughes in a press release .
“ The increase in the underlying revenue adds further strength to the club’ s financial position despite the cost of football rising with player transfer fees , wages and agents’ costs . ”
Liverpool signed 12 players in the 2015 – 16 accounting period , spending £ 32 million on striker Christian Benteke , who has since left , and £ 29 million on Brazilian forward Roberto Firmino .
They agreed six contract extensions and incurred costs relating to the redevelopment of the Main Stand.
But the club also earned £ 49 m from the sale of Raheem Sterling to Manchester City .
Overall revenue has grown every year since American owners Fenway Sports Group took over in October 2010 and rose to £ 301 m from £ 279 . 9 m .
Commercial revenue dropped slightly , falling £ 700 , 000 to £ 115 . 7 m , but there were increases in match – day (up £ 3 . 4 m to £ 62 . 4 m ) and media revenue ( up £ 1 m to £ 123 . 6 m ) .
Liverpool were ranked ninth in financial consultants Deloitte ’ s latest Football Money League despite being the only club in the top 10 who did not play in the Champions League last season .Liverpool-players-celebrate