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• Total income of £184m lags behind main rivals
• FSG lent club interest-free £30m to help with cash flow

Liverpool's American owners lent the club £30m in 2010-11 as the club's income fell but the wage bill increased significantly during the first of three seasons without Champions League football. John Henry's Fenway Sports Group, which bought Liverpool from the previous American owners, Tom Hicks and George Gillett, then arranged for the club to have a £120m borrowing facility with three banks.

Liverpool's accounts for the year to 31 July 2011 state that the £120m borrowing facility, with Royal Bank of Scotland, Bank of America and Barclays, has been arranged so the club can finance their proposed new stadium project, and for the general running of the club. Arranged on 30 September 2011, the facility is for three years and split, £45m to finance "the existing stadium project facility" and £75m "available for general corporate purposes including working capital and letters of credit".

Accounts filed by Fenway's UK-based holding company of Liverpool, UKSV, (although ultimate ownership is in the US) suggest they will make use of that £120m borrowing facility. The directors of UKSV, in their legal duty to state whether they are confident their company will continue as a going concern, state they are, because they have "prepared detailed cash flow forecasts incorporating the new credit facilities".

The £30m loan from FSG, to help with the club's cash flow during a year in which £131m was spent on players including £35m to Newcastle United for the striker Andy Carroll, is interest free. The accounts confirm what was announced when Liverpool was sold in October 2010 following a fierce court battle with Hicks and Gillett, that FSG paid £224m for the club. Of that, £200m was used to repay the banks from which Hicks and Gillett had borrowed that sum to fund the purchase of Liverpool in 2007.

Liverpool's accounts show £105m of Hicks and Gillett's own heavy loans were loaded on to the club to pay. The interest Liverpool paid, on that and other finance costs, reduced from £18m to £3m. The club did not pay off £38m in bank loans and an overdraft that had been taken on in Hicks's and Gillett's period in charge.

Ian Ayre, Liverpool's managing director, gave an interview to the Liverpool Echo before the accounts were made publicly available, in which he highlighted increased commercial income, and a £49m loss he said was largely attributable to £35m written off relating to Hicks's and Gillett's previous stadium design.

The accounts show Liverpool's total income fell by £1m to £184m, with TV and media £14m down due to Liverpool not playing in the Champions League. The wage bill increased by £13m in 2010-11, the year in which Fernando Torres moved to Chelsea for £50m in January 2011 and Liverpool bought Carroll, having already signed Luis Suarez for £22.8m. It will not be clear until next year's accounts whether the wage bill for this season, in which Kenny Dalglish's team are now guaranteed to finish lower than sixth, and again have not qualified for the Champions League, will have risen again. There was a clear-out of players, including those signed by Dalglish's predecessor, Roy Hodgson, but the accounts barely include the wages of the summer signings that included Jordan Henderson, Charlie Adam, Jose Enrique, Stewart Downing, Craig Bellamy and Sebastian Coates.

Overall, Liverpool made a loss on their operations of £90m. This did include £59m in "exceptional costs," with £49m of that written off work on the proposed new stadium. Ayre's figure, that £35m of this was for Hicks's and Gillett's costs of a new design and plans by architects HKS with which FSG did not want to proceed, is not detailed in the published accounts. As Ayre said, £8.4m was spent paying off Hodgson, his coaching staff and former directors, whose compensation was £500,000. The highest paid director during the year, who is not named in the accounts, received £713,000.

Liverpool did not ultimately record the full loss of £90m largely because they made a profit of £43m on selling players, although that is essentially due to the methods by which football clubs account for the buying and selling of players.

For Henry and the club's chairman, Tom Werner, who are in England for Saturday's FA Cup Final, the major financial concern will be the club's stagnant income. The current year is likely to show an increase because FSG raised ticket prices at Anfield – a ticket on the Kop now costs £45 for a category A game – and sealed a lucrative kit deal with Warrior. However, Liverpool will not to be in the Champions League next year and the £184m income for 2010-11 lags way behind the resources available to Chelsea and Manchester City, whose owners invest huge amounts, and the incomes of Manchester United, £334m, and Arsenal, £256m, both of which surged further ahead financially this year.

The new stadium has for more than 15 years been proposed as the solution to Liverpool falling behind, but Ayre said FSG are still considering whether to try redeveloping Anfield instead, which, in a hemmed-in residential area, has always been beset by planning difficulties. Read More

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