Liverpool have posted record revenue of £301million for the financial year to May 31, 2016, but made a loss of £19.8m over the same period.

The arrival of players such as Roberto Firmino, James Milner, Marko Grujic, Danny Ings, Nathaniel Clyne and Joe Gomez was blamed for the loss of almost £20m.

“These results demonstrate the solid financial progress that has been made over the past six years under the leadership of FSG [Fenway Sports Group] with continued investment in the playing squad and the completion of the main stand,” COO Andy Hughes stated.

“The increase in the underlying revenue adds further strength to the club’s financial position despite the cost of football rising with player transfer fees, wages and agents’ costs.

“During this reporting period, we also agreed a new five-year credit facility, which further secures the club’s long-term financial stability.

“All three main revenue streams continue to show strength and commercial revenues held firm irrespective of the impact of the Main Stand at Anfield.”

Liverpool announced profits of £60m last year, although those figures owed much to the lucrative sale of Luis Suarez to Barcelona.

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