Morgan sounds Reds debt warning
Liverpool shareholder Steve Morgan has reiterated his calls for the club to find new investment after alleging the Reds are more than £70m in debt.
Morgan, who has previously tried to buy the club, said the official figure of £17m hid other financial problems.
"When you take creditors and worsening financial conditions into account, the debt, I believe, is nearer to £73m," said Morgan at the club's AGM.
"It's imperative to get extra financial investment. We're on a dangerous line."
The figures in the club's financial report show the club made a gross profit of £7.53m on the year, which included their Champions League win, compared to the previous year's loss of £18.22m.
But in the same period, the net debt rose from £15.38m to £17.14m.
"New investment is needed sooner rather than later," added Morgan, the club's third biggest shareholder.
"Manchester United still make double what we do on match days.
"All I can say to the board is that we've been waiting for over two-and-a-half years and we need the investment sorted out."
Director Keith Clayton agreed that the club needed more funds but said the plans for a new stadium were crucial for the future of the club.
"It's still our view that we need further investment to sustain success on the field and the new stadium," said Clayton.
"We are at a critical point of our history and we need to get this right.
"We accept that the estimate of £160m for the new stadium is not far away from the figure but we do have contingency plans at Anfield."
Other figures in Liverpool's annual report showed their wage bill had been reduced by £2m to £64m, representing 53% of the club's turnover, while turnover had risen by 32% to £121.05m.
Liverpool have been linked to the American-based Kraft family and Thailand Prime Minister Thaksin Shiniwatra.
I have not seen Liverpool's annual report and don't have access. Anyone has any ideas on how to get hold of one? Only then can some light be shed on this allegation.
Liverpool has net debts of £17.14 million. Presumably this is debts owing to financial institutions. If Morgan claims that Liverpool have "total debts of £73 million" if all creditors are included, this means that Liverpool has some £55.9 million creditors of various forms - transfer payments committed but to be paid in instalments etc. I can't really fathom that Liverpool has so much debts with the bulk in the form of other creditors in addition to bank loans of some £17 million, because we don't spend that much in the transfer matket.
, i don't believe for one second that 95% or people aren't in dept in some form or another. IE mortgage, car loan, car insurrance etc.
