Liverpool, owned by the parent company of the Boston Red Sox, lost about $61 million during the 2011-12 season and has debts of about $131 million.

"I take comfort in the fact that the work we have done, some of which costs us a lot of money in this period and beyond, looks pretty painful at the time,'' managing director Ian Ayre said. ''But as long as you invest in it and manage it in the right way, then hopefully it bears fruit as we go forward.''

Liverpool is seventh place in the English Premier, 10 points behind fourth-place Chelsea for England's final berth in next season's Champions League, which Liverpool has not reached since 2009-10. The cost of firing Coach Kenny Dalglish was included in $14 million of "exceptional payments" during the 10 months ending last May 31. Heavy spending before the 201-12 season - including more than $50 million on Stewart Downing and Jordan Henderson, didn't result in improvement on the field.

Owner John Henry's Fenway Sports Group, which bought the team from fellow Americans Tom Hicks and George Gillett Jr. in 2010, injected about $70 million into the club last season.