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- May 26, 2004
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www.skysports.com/story/0,19528,11669_6139378,00.html
Liverpool's parent company have announced losses of £54.9million for the last year.
Overall, the club's finances have taken a hit as, in accounts to 31st July 2009, they made an operating loss before tax of £16million - down from a £10.2million profit the previous year.
Kop Holdings, the company set up by Tom Hicks and George Gillett to buy the club, continues to run up more debt as annual interest repayments on loans taken out to finance the purchase rose by £3.6million to £40.1million.
Pay-offs to senior staff, including former chief executive Rick Parry, accounted for a further £4.3m.
Parry received a £4.295million pay-off when he left last summer, according to club's accounts.
The sum was apparently negotiated with former chairman David Moores around the time current owners Tom Hicks and George Gillett entered the bidding to buy Liverpool back in 2007.
Under the terms of the deal, Parry received £4.238million in emoluments - the total remuneration for salary and bonuses - and a further £57,000 in company pension contributions.
It is understood to be one of the biggest pay-offs ever to a sports administrator, dwarfing the £1.2million Brian Barwick received when he left his post as Football Association chief executive in December 2008 and Keith Edelman's £1.5million deal from Arsenal in the same year.
Parry, who became Liverpool's chief executive in July 1998, announced he was quitting Liverpool in February last year after enduring difficulties in his relationships with both manager Rafa Benitez and Hicks, and eventually departed in the summer.
Wow. That is some figure on interest repayments, that's more than the local Scouse loansharks will do you for!
I know we've achieved nothing yet, but I know which club looks like it's got the better future for the next year or so at least. I'm just glad that we've got such a decent group of people running this club.
Liverpool's parent company have announced losses of £54.9million for the last year.
Overall, the club's finances have taken a hit as, in accounts to 31st July 2009, they made an operating loss before tax of £16million - down from a £10.2million profit the previous year.
Kop Holdings, the company set up by Tom Hicks and George Gillett to buy the club, continues to run up more debt as annual interest repayments on loans taken out to finance the purchase rose by £3.6million to £40.1million.
Pay-offs to senior staff, including former chief executive Rick Parry, accounted for a further £4.3m.
Parry received a £4.295million pay-off when he left last summer, according to club's accounts.
The sum was apparently negotiated with former chairman David Moores around the time current owners Tom Hicks and George Gillett entered the bidding to buy Liverpool back in 2007.
Under the terms of the deal, Parry received £4.238million in emoluments - the total remuneration for salary and bonuses - and a further £57,000 in company pension contributions.
It is understood to be one of the biggest pay-offs ever to a sports administrator, dwarfing the £1.2million Brian Barwick received when he left his post as Football Association chief executive in December 2008 and Keith Edelman's £1.5million deal from Arsenal in the same year.
Parry, who became Liverpool's chief executive in July 1998, announced he was quitting Liverpool in February last year after enduring difficulties in his relationships with both manager Rafa Benitez and Hicks, and eventually departed in the summer.
Wow. That is some figure on interest repayments, that's more than the local Scouse loansharks will do you for!
I know we've achieved nothing yet, but I know which club looks like it's got the better future for the next year or so at least. I'm just glad that we've got such a decent group of people running this club.
