Liverpool announce first profit for seven years

Liverpool returned to profit for the first time in seven years in the last financial year, new figures have revealed.

A statement released by the Premier League club on Tuesday confirmed they posted a "small profit" in the year ending May 31 2014 - a stark contrast to a loss of around £50 million reported 12 months previously - while their revenue increased by 19 per cent to £255.6m.

This upturn in revenue has been primarily attributed to the rise in income from the Premier League's lucrative TV rights deal, with Liverpool moving back up to ninth from 12th in the Deloitte Football Money League.

"Since Fenway Sports Group completed its takeover of Liverpool FC in October 2010, revenue has steadily increased year on year and the club has transformed to a sustainable business," Liverpool's statement added.

Liverpool chief executive Ian Ayre commented: "We continue to make good financial progress. Although these results are nearly 12 months old, they demonstrate that the transitional period we've been through over the past four years have stabilised the club and provided a platform for growth.

"Revenue has been consistently increasing from around £170 million in 2009 to over £250 million today and our commercial revenues continue to add strength to our overall results.

"During these past transitional years, it was important that we took a measured approach to bring back financial stability by ensuring the club is properly structured both on and off the pitch.

"We continue to add strength and depth to our playing squad while continuing to develop young talent."