Liverpool have announced a figure of almost £50m losses for the last financial year but managing director Ian Ayre has insisted that the deficit was caused by the previous regime.
The Merseyside club have pinpointed costs for a new stadium, which failed to come to fruition, as a reason for the loss as well as contract pay-offs for former manager Roy Hodgson and other members of staff during Tom Hicks and George Gillett's reign at the club.
Despite a large financial hit, Ayre has claimed that the Premier League outfit is "stable" under current American owners, Fenway Sports Group.
"We are certainly very stable," Ayre told the club's official website. "The important thing to note from these accounts is that in the period they relate to we weren't playing Champions League football, we were playing Europa League football, and in that period our revenue was largely flat so it shows that as a Club, while European football and Champions League football are important to this football club, it's also important to know that we have a sustainable business that can move forward in that type of scenario.
"In that same period although our total revenue was largely flat our commercial revenue grew significantly, as the accounts will show. That's the best basis on Liverpool Football Club growing in the future.
"We've always said it's about building a sustainable business that can support itself, just as Financial Fair Play alludes to. This shows we have a business growing underneath the football and the ability to invest to grow the football, and that has to be the best way forward."
Meanwhile, Liverpool's focus resumes to issues on the pitch this weekend as they prepare to face Chelsea in the FA Cup final on Saturday.
Danielle Joynson
