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Last Updated: Thursday, 23 February 2006, 23:17 GMT
Morgan fears over Liverpool debt
Steve Morgan
Shareholder Morgan has tried to buy the club in the past
Liverpool shareholder Steve Morgan has reiterated his calls for the club to find new investment after alleging the Reds are more than 70m in debt.

Morgan, who has previously tried to buy the club, said the official figure of 17m hid other financial problems.

"When you take creditors and worsening financial conditions into account, the debt, I believe, is nearer to 73m," said Morgan at the club's AGM.

"It's imperative to get extra financial investment. We're on a dangerous line."

The figures in the club's financial report show the club made a gross profit of 7.53m on the year, which included their Champions League win, compared to the previous year's loss of 18.22m.

But in the same period, the net debt rose from 15.38m to 17.14m.

"New investment is needed sooner rather than later," added Morgan, the club's third biggest shareholder.

We need to get this right
Liverpool director Keith Clayton

"Manchester United still make double what we do on match days.

"All I can say to the board is that we've been waiting for over two-and-a-half years and we need the investment sorted out."

Director Keith Clayton agreed that the club needed more funds but said the plans for a new stadium were crucial for the future of the club.

"It's still our view that we need further investment to sustain success on the field and the new stadium," said Clayton.

"We are at a critical point of our history and we need to get this right.

"We accept that the estimate of 160m for the new stadium is not far away from the figure but we do have contingency plans at Anfield."

Other figures in Liverpool's annual report showed their wage bill had been reduced by 2m to 64m, representing 53% of the club's turnover, while turnover had risen by 32% to 121.05m.

Liverpool have been linked to the American-based Kraft family and Thailand Prime Minister Thaksin Shiniwatra.


SEE ALSO
Parry aiming for more investment
18 Dec 05 |  Liverpool
Parry eyes Club World cash boost
17 Nov 05 |  Liverpool
Morgan withdraws Liverpool offer
21 Dec 04 |  Liverpool
Parry still hopeful over stadium
07 Mar 05 |  Liverpool
Morgan waits for Liverpool prize
03 Dec 04 |  Liverpool


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