Liverpool FC says construction will be delayed by three years in light of mounting debts
Construction work on Liverpool FC's new stadium will be delayed until 2012 because of mounting debts at the club.
The club was planning to start construction on the 73,000-seat stadium in 2009.
The company formed to run the football club, Kop Football (Holdings), revealed that its debts almost doubled from £43.9m to £86m despite a record turnover of £159.1m and a pre-tax profit of £30.2m for the year ended 31 July 2008.
Debt rose despite the club paying £36.5 million in interest over the year.
Liverpool's auditor KPMG warned of a “material uncertainty which may cast significant doubt upon the group’s ability to continue as a going concern”.
The club owners Tom Hicks and George Gillett must negotiate their existing £350m loan with Royal Bank of Scotlan by July 24. They are continuing to seek outside investment.