Pool feel pain of €47m hit

Liverpool managing director Ian Ayre insists the “pain” associated with the cost of restructuring the squad will be worth the effort after the club posted losses of £40.5 million (€47m).

The club’s debt rose by £21.8m (€25.2m) to £87.2m (€101.1m) in the 10 months between August 1 2011 to May 31 2012 — a restructured period designed to bring alignment with the football season.

However, the loss was less than the £49.3m (€57.2m) made the previous year and done against the backdrop of no European football, although Liverpool did get to two cup finals, winning one.