Tom Hicks snd George Gillett, co-owners of Liverpool FC reported a loss of £42.6m in the year to August 2008.

The substancial financial loss was mainly due to the £36m of interest payments that Kop Football Holdings had to make to service the debt taken on to invest in the club.

Auditors warned that the need to refinance loans by 24 July cast "significant doubt" on the future of the group as a going concern. But they added the club's owners were confident they would secure the funds.

The American owners had purchased Liverpool in February 2007, promising to build the club a new stadium.