Friday, June 5, 2009

Liverpool FC stadium construction on hold until 2012

Liverpool Football Club's mounting debts mean that it has put construction of its new stadium on hold.

Laing O'Rourke has been lined up to build a new ВЈ400m home for the club at Stanley Park, but work is now not due to start until 2012.

The news comes as it was revealed that the parent company of Liverpool FC, owned by Tom Hicks and George Gillett had made a ВЈ42.6m loss for the year.

Kop Football (Holdings) saw its debts climb to ВЈ86m, from nearly ВЈ44m in the previous year.

A statement in the accounts said the owners were "committed to building a new stadium and actively seeking funding to complete the project".

But they admitted that "the opening of the new stadium will be delayed until 2012".

The club's auditors KPMG warned that the need to refinance loans by 24 July cast "significant doubt" on the future of the group as a going concern.