Rick Parry received huge Liverpool FC pay-off
May 7 2010 by Dominic King, Liverpool Echo
LIVERPOOL dipped further into the red last year as their interest payments rose from £36.5m to £40.1m – as it emerged ex chief executive Rick Parry received a severance deal of more than £4m.
The annual financial results for Kop Football (Holdings) Limited were published today and revealed that the club made £4.33m in termination payments to “the former chief executive... and coaching staff following a restructure of the Academyâ€.
It is understood to be one of the biggest pay-offs ever to a sports administrator, dwarfing the £1.2m Liverpool-born Brian Barwick received when he left the Football Association in 2008 and Keith Edelman’s £1.5m pay-off from Arsenal in the same year.
Parry, who became Liverpool’s chief executive in July 1998, announced he was quitting Liverpool in February 2009 after enduring difficulties in his relationships with both Rafa Benitez and co-owner Tom Hicks.
Dallas based Hicks at one stage publicly humiliated the Ellesmere Port born Anfield supremo, labelling him “a disaster.â€
Liverpool made a pre-tax loss of £54.9m in the year to July 31, 2009, up £14m from 2008, a significant chunk of that figure being the crippling interest payments.
Turnover increased over the 12 months by more than £20m to £184.8m, a total largely attributed to increases in television revenue.
Meanwhile, operating profit – nothing to do with player sales, tax and interest – has increased by 10 per cent to £27.4m.
The information is a season old and does not include any of the figures from the record-breaking sponsorship deal that was struck with Standard Chartered.
One significant revelation, however, is the fact the club’s commercial and administrative team increased by nearly half to 275 full-time employees.
Commercial revenues, which include merchandise and sponsorship, grew by £13.5m to £67.7m.Included in this is a trebling in overseas revenues and highlights the work of Commercial Director Ian Ayre, who was made a director of the club last December.
As last year, The auditors – KPMG – have said that Kop Football (Holdings “is dependent upon short term facility extensions.
“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.â€
This once again highlights the need for significant investment or a full sale that would see Hicks and George Gillett finally leave Anfield.
May 7 2010 by Dominic King, Liverpool Echo
LIVERPOOL dipped further into the red last year as their interest payments rose from £36.5m to £40.1m – as it emerged ex chief executive Rick Parry received a severance deal of more than £4m.
The annual financial results for Kop Football (Holdings) Limited were published today and revealed that the club made £4.33m in termination payments to “the former chief executive... and coaching staff following a restructure of the Academyâ€.
It is understood to be one of the biggest pay-offs ever to a sports administrator, dwarfing the £1.2m Liverpool-born Brian Barwick received when he left the Football Association in 2008 and Keith Edelman’s £1.5m pay-off from Arsenal in the same year.
Parry, who became Liverpool’s chief executive in July 1998, announced he was quitting Liverpool in February 2009 after enduring difficulties in his relationships with both Rafa Benitez and co-owner Tom Hicks.
Dallas based Hicks at one stage publicly humiliated the Ellesmere Port born Anfield supremo, labelling him “a disaster.â€
Liverpool made a pre-tax loss of £54.9m in the year to July 31, 2009, up £14m from 2008, a significant chunk of that figure being the crippling interest payments.
Turnover increased over the 12 months by more than £20m to £184.8m, a total largely attributed to increases in television revenue.
Meanwhile, operating profit – nothing to do with player sales, tax and interest – has increased by 10 per cent to £27.4m.
The information is a season old and does not include any of the figures from the record-breaking sponsorship deal that was struck with Standard Chartered.
One significant revelation, however, is the fact the club’s commercial and administrative team increased by nearly half to 275 full-time employees.
Commercial revenues, which include merchandise and sponsorship, grew by £13.5m to £67.7m.Included in this is a trebling in overseas revenues and highlights the work of Commercial Director Ian Ayre, who was made a director of the club last December.
As last year, The auditors – KPMG – have said that Kop Football (Holdings “is dependent upon short term facility extensions.
“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.â€
This once again highlights the need for significant investment or a full sale that would see Hicks and George Gillett finally leave Anfield.
