Premier League side Liverpool recorded a £57 million in annual pre-tax loss for the year to 31 May 2024 after missing out on competing in the UEFA Champions League during the 2023-24 season, latest financial report shows.

According to Guardian UK, Liverpool’s financial account during the review period revealed the club’s revenue rose by £20 million to £614 million, with the Reds’ commercial revenue seeing a historic rise above £300 million for the first time.

However, Liverpool’s media revenue dropped by £38 million to £204 after the club finished fifth in the Premier League during the 2022-23 season, which meant they missed out on the Champions League and competed in the lesser Europa League the season afterwards.

With the arrival of new players and the extension of players’ contracts in men’s and women’s teams, Liverpool’s administration costs, which mainly cover salaries and overheads, rose by £38 million to £600 million, resulting in a pre-tax loss of £57 million.

Meanwhile, the report showed that the club’s match-day revenue grew by £22 million to £102 million due to the expansion of the Anfield Stadium and the increase in number of matches played.

The biggest gain for the Reds was breaking of £300 million in commercial revenue as operations grew £36 million to £308 million thanks to the club’s four new global partners in 2023-24 with UPS, Google Pixel, Peloton and Orion Innovation.

Speaking on the report, Liverpool’s chief finance officer, Jenny Beacham, said: “Operating a financially sustainable club continues to be our priority and, with the continued increase in costs, it’s essential to grow income streams year on year to maintain financial stability.”

Mr Beacham added, “The success of our commercial operations, together with the opening of the new Anfield Road Stand, has increased our revenues during this reporting period, which demonstrates our desire to continue to compete at the highest levels of football in the men’s and women’s game.

“The global appeal of this football club continues to be phenomenal and is the underlying strength and opportunity we have for continued growth.”