Gillett<\/span>.<\/span><\/p>\nThe co-owners were widely disliked on Merseyside<\/span> for false promises over a new stadium, while being blamed for the poor financial stability of the club prior to the takeover of Fenway<\/span> Sports Group (FSG).<\/span><\/p>\nAccording to the Liverpool Echo<\/em>, the interest payments rose from nearly \u00a313m in 2009 to \u00a317.7m a year later.<\/p>\nDuring the takeover, FSG repaid around \u00a3200m worth of debt accumulated by Hicks and Gillett<\/span>, and are thought to have invested some money into the squad in addition to the \u00a350m sale of Fernando Torres.<\/span><\/p>\nBut before the FSG takeover, the accounts filed for the final full year of Hicks and Gillett’s reign show that the revenue increased by \u00a37m, and administration expenses – largely due to player contracts – increased by \u00a320m.<\/p>\n
And profits from player trading was \u00a323m, which was likely due to the sale of Xabi Alonso to Real Madrid.<\/p>\n
The accounts read: “During the year the company committed a further \u00a32.9m to the planning, design and enabling works of its new stadium project, giving a total of \u00a348.4m carried forward under the heading of assets in the course of construction.<\/p>\n
“At the year end July 31, 2010 the directors were confident at that time that a new stadium would be funded and completed and were fully committed to the project.<\/p>\n
“Following the acquisition of the company subsequent to the year end, the new owners are currently evaluating the best course of action with regard to the stadium.<\/p>\n
“Whilst this review process has not been completed at the date of signing the accounts, it is highly likely there will be a significant write off of the new stadium project costs in the financial year ending July 31 2011.<\/p>\n
“The directors continue to monitor the useful economic life of the existing stadium, which they consider to be five years including the current year.”<\/p>\n
The club’s managing director, Ian Ayre<\/span>, called it a “footnote” in the club’s history, and said that Liverpool are in an “excellent position” to move forward under FSG.<\/span><\/p>\n“This is a historical footnote in the history of the club,” he said.<\/p>\n
“As much as we were well aware of the difficulties surrounding these accounts, everyone in the world is now aware of what has been achieved since.<\/p>\n
“That sets the club up in lots of different ways.<\/p>\n
“It has the ability to reinvest in the team, there is less debt and we can now continue to support the growth of the club.<\/p>\n
“We have also had significant commercial growth since these accounts were published.<\/p>\n
“The club is now in an excellent position to move forward.”<\/p>\n
<\/span><\/p>\n<\/div>\n
Read more from the original source:
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![\"Tom](\"http:\/\/u.goal.com\/24300\/24342_news.jpg\")
<\/p>\n<\/div>\n