Liverpool debt rises to $130M
LIVERPOOL, England -- Liverpool's debt rose by a third to more than $130 million after spending on players who have failed to re-establish the club as a power in England or Europe.
Liverpool is seventh in the Premier League and no closer to returning to the lucrative Champions League it last played in during the 2009-10 season.
Accounts released Monday showed that Liverpool's debt rose to 87.2 million pounds (about $131 million) between Aug. 1, 2011 and May 31, 2012.
Liverpool managing director Ian Ayre says "net debt comes largely as a result of our activity around player trading."
Liverpool reported a loss of 40.5 million pounds (about $61 million) in the accounts covering a 10-month period, in line with the losses in the previous full financial year.