Liverpool Football Club today announced that solid progress continues to be made as it filed its financial results for the year to May 31, 2013.
Revenue increased by nine per cent to £206.1million and external debt decreased by 29 per cent to £45.1million.
Since Fenway Sports Group (FSG) completed its takeover of Liverpool FC in October 2010, revenue has steadily increased year on year and external debt has decreased overall by nearly £200million. During this reporting period, FSG injected £46.8million to fully repay a historic stadium loan facility.
Managing director Ian Ayre said: "These results demonstrate that the financial health of the club continues to make good progress as we continue our journey to transform the club on and off the pitch.
"Over the past four or five years, revenue has been consistently increasing from around £170million in 2009 to over £200million today, and external debt has decreased significantly to less than £50million.
"With a hugely supportive ownership group, we have taken a measured approach to bring back financial stability to this great club by ensuring it is properly structured on and off the pitch.
"During the period, we signed six new players including Daniel Sturridge, Philippe Coutinho and Joe Allen, and we extended seven players' contracts which included Daniel Agger, Martin Skrtel, Martin Kelly, Lucas Leiva and Raheem Sterling - adding depth and strength to the squad while continuing to develop young talent. In addition, nine players were transferred out and eight players were loaned out."
Despite the club dropping three places to 12th in Deloitte's Football Money League, Liverpool remains the highest ranked club that is not in the Champions League. Its commercial revenue now accounts for 47 per cent of the total revenue, which is bettered by only the Money League's top six.
Ayre added: "These financial results are now up to 18 months old and we have continued to make further progress since this reporting period. Our strong links remain with our existing partners, signing new deals with Standard Chartered, Garuda Indonesia and Carlsberg, and we have recently announced five new partnerships which endorses the global appeal of the LFC brand.
"We continue to invest in our digital and TV platforms and recently announced nine new television partnerships, allowing millions of fans across the world to watch Liverpool games and receive exclusive content.
"We have also seen good progress being made regarding a proposed stadium expansion at Anfield. Any final decision continues to be based on certainty; however, since the partnership was established between Liverpool City Council, Your Housing Group and LFC only 16 months ago, we regard the progress as extremely positive.
"Given where Liverpool Football Club was only a few years ago, the progress that has been made since FSG acquired the club has brought back much-needed stability with an ambitious vision which everyone is focused on.
"I'd like to thank everyone involved in running the club - our owners, fans, partners, players and staff - for all the hard work and dedication."
Click here for reaction and analysis of the Reds' financial results by the Liverpool Echo.