Blood Red: A chilling reminder of Hicks and Gillett regime

May 7 2011 by James Pearce, Liverpool Echo

THE publishing of Liverpool’s accounts this week provided a chilling reminder of what life would have been like if Tom Hicks and George Gillett hadn’t been ousted from Anfield.

Despite revenues climbing to £184million for the year ending July 2010, the Reds managed to make a £20million pre-tax loss.

That figure would have been considerably worse but for the fact that Liverpool made a £23million profit on player trading.

Administration expenses, which includes players’ wages, had risen sharply to £182million, while it cost £8million off-loading Rafa Benitez and his staff.

With interest payments on the soaring debt up to £17.7million, it all made pretty grim reading.

Liverpool were in a financial mess and it was only going to get worse with that wretched double act at the helm.

Thankfully, Anfield is now a very different place. Fenway Sports Group wiped out £200million of debt and now cash can be diverted to strengthening the side rather than feeding the banks.

No longer do Liverpool have to sell their prized assets in a desperate bid to balance the books. Thankfully, that tale of woe has been banished to the history books.