EPL: Reds are in the red again

In Uncategorized on 09/05/2010 at 6:50 am

Liverpool’s parent company posted a loss of £54.9m for the year ended on 31 July 2009 as debt interest payments and severance costs hit hard.

The loss was 34% worse than 2008’s figure as £40.1m went on servicing the club’s £351.4m debt to Royal Bank of Scotland (RBS) and US firm Wachovia.

Pay-offs to senior staff, including former chief executive Rick Parry, accounted for a further £4.3m.

BBC Sport understands that Parry’s severance package was £3m.

This sum – twice what Keith Edelman received when he left the chief executive job at Arsenal – will raise eyebrows on Merseyside as it was Parry who introduced Tom Hicks and George Gillett Jnr to the club and pushed for their eventual takeover in 2007.

He would come to regret this decision as the American duo’s ownership has proved to be deeply unpopular with fans and Parry was ultimately forced out of the club in February 2009. He had been in charge for over 10 years.

Full story.

No wonder the woeful duo want out. No Champs League next season and if Fulham win Europa Cup, no Europe at all.

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