Club accounts paint grim picture

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Kop Football (Holdings) Ltd, the parent company of Liverpool Football Club owned by American tycoons Tom Hicks and George Gillett made losses of £33million in the year ending July 2007, according to a report in this morning’s Times newspaper.

In figures obtained through accounts sent to Companies House, the report paints a bleak picture for the club’s financial future, stating the £350million of loans must be refinanced by January in addition to interest on a £64million from Kop Football Ltd, the club’s immediate parent company.

The report also reveals that the two owners claimed over £1.4million in expenses in seven months.