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Liverpool owners report £42m loss
The holding company owned by American businessmen Tom Hicks and George Gillett, which is the parent company of Liverpool Football Club (LFC), has reported a £42.8m loss in the year ending 31 July 2008.
Kop Football Holdings' latest results revealed that the company was forced to pay £36m interest payments on the debt acquired when Hicks and Gillett acquired the club in February 2007. The Guardian newspaper said that KPMG, LFC's accountant, has also warned that the viability of the holding company as a going concern has been put at risk, with the American duo having to refinance existing credit deals worth £350m ahead of a 24 July deadline.
According to the newspaper, KPMG said: "The directors have initiated negotiations to secure the replacement finance required and these negotiations are ongoing. These conditions indicate the existence of a material uncertainty which may cast significant doubt on the group's and parent company's ability to continue as a going concern."