Liverpool report £19.8m annual loss

London : Liverpool announced a pre-tax loss of £19.8 million ($24.5 million, 23.2 million euros) for last year on Wednesday despite record revenue of £301 million.

The loss in the year ending May 2016 was due to investment in the first-team squad and pay-offs to manager Brendan Rodgers, who was sacked in October 2015, and his back-room staff.

But with commercial revenue projected to climb and Anfield's towering new Main Stand now complete, the club predicted "significantly improved results" for the current financial year.

"These results demonstrate the solid financial progress that's been made over the past six years under the leadership of FSG (Fenway Sports Group) with continued investment in the playing squad and the completion of the Main Stand," said chief operating officer Andy Hughes in a press release.

"The increase in the underlying revenue adds further strength to the club's financial position despite the cost of football rising with player transfer fees, wages and agents' costs."

Liverpool signed 12 players in the 2015-16 accounting period, spending £32 million on striker Christian Benteke, who has since left, and £29 million on Brazilian forward Roberto Firmino.

They agreed six contract extensions and incurred costs relating to the redevelopment of the Main Stand.

But the club also earned £49 million from the sale of Raheem Sterling to Manchester City.

Overall revenue has grown every year since American owners Fenway Sports Group took over in October 2010 and rose to £301 million from £279.9 million.