London: Liverpool made a pre-tax profit of £60 million ($83.8 million, 77.1 million euros) in 2014-15, the club announced on Tuesday, thanks largely to the sale of Luis Suarez to Barcelona.
Uruguay striker Suarez left Liverpool for the Camp Nou in a reported £75 million deal in July 2014, with then-manager Brendan Rodgers reinvesting the money in eight new signings and contracts for several players. Liverpool's profit for the previous financial year had been just £900,000.
"We continue to make solid financial progress and reported growth in our commercial, media and match-day revenues, which continues to add strength to our financial position," said chief executive Ian Ayre in a statement.
"Last year we saw a small profit for the first time in seven years, which demonstrated our recent progress. "This year the profit reported has significantly increased, which is mainly a result of the sale of Luis Suarez in July 2014 and that has already been reinvested into the playing squad. "Our real financial position is closer to break-even and it is the underlying revenue growth that's important and provides us with the long-term stability."
British press reports on Tuesday suggested that Jurgen Klopp, Rodgers's successor, will be given substantial funds to spend in the 2016 close-season transfer window. The announcement of 12 new partnerships and the opening of 180 new retail outlets around the world saw Liverpool's commercial revenue increase by 12 percent to Â£116.3 million in 2014-15.
Media revenue rose from £100.9 million to £122.6 million, due in part to Champions League participation and runs to the FA Cup and League Cup semi-finals. Liverpool's success in cup competitions helped match-day revenue climb by 15.9 percent to £59 million. Meanwhile, the accounts show that American owners Fenway Sports Group (FSG) wrote off a £69 million loan by turning it into equity.
FSG also invested Â£49 million in the expansion of Anfield's Main Stand, which is due to re-open in time for the start of next season. Liverpool are struggling to qualify for next season's Champions League via the league and were knocked out of the FA Cup by West Ham United last month. They reached the League Cup final, losing on penalties to Manchester City at Wembley on Sunday, and face Manchester United in the Europa League last 16.