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Liverpool's debts increase by £21.8 million

The Premier League side's latest accounts, which run from August 1, 2011 to May 31, 2012, show the club recorded a loss of 40.5 million pounds and debts increased to 87.2 million pounds.

The club said the cost of rebuilding their squad during a period without European football played a large part in the debt increase and said revenue actually increased by five million pounds.

Liverpool, five times European and 18 times domestic champions, have been out of the lucrative Champions League since 2010, while they even failed to qualify for the Europa League, Europe's second-tier competition, for the 2011/12 season.

They did, however, enjoy success in both domestic cup competitions, winning the League Cup and finishing runners-up to Chelsea in the FA Cup.

"If you think of the period that this concerns - in that year we didn't play in European competition but we had great success in both domestic competitions. That made up some of the revenue and, in addition, areas like our commercial partnerships continued to grow, despite a global recession," managing director Ian Ayre said on the club website.

"Everyone at the club is working hard to ensure that we continue to transition our day-to-day operations and we have made good progress on this journey. This is testament to the hard work and dedication of our staff who work diligently every day to do the right thing for the club."

Liverpool are seventh in the Premier League after 28 games and are 10 points off fourth place and Champions League qualification.