Liverpool Financials: The Expert's View
Kieran Maguire walks us through what the 24/25 figures could look like
Analysing club accounts is a curious thing.
When football clubs publish their financials every year the actual information that is gleaned from them is actually 12 months out of date, it covers a snapshot in time and doesn’t tell the story of the here and now, but it does tell us the trends and the financial situation of the club in detail.
For Liverpool, the most recent set of publicly available accounts were released early in 2025, covering the financial year from June 1, 2023, to May 31, 2024. The results covered a season when the club weren’t the beneficiaries of participation in the UEFA Champions League, instead having to settle for the significantly lesser riches of the Europa League after finishing fifth at the end of the 2022/23 season.
The upshot of a season out of European football’s elite knockout club competition, which has become the bedrock of financial success for the over the past decade, was a pre-tax loss of £57m due to the decline in broadcast revenue as a result of a lack of Champions League football. The total revenue of £614m showed strength, up £20m year on year thanks to a record-breaking commercial year of £308m, while the increased capacity as a result of the completed Anfield Road redevelopment saw matchday revenue rise £22m, meaning that the Reds surpassed the £100m mark for the first time with a figure of £102m.
Commercial revenue was a success, with new partnerships inked with the likes of Orion Innovation, UPS, Google Pixel and Peloton, as well as extensions with Kodansha and Carlsberg, driving the club forward £36m compared to the 12 months previous. Retail revenues also reached record levels across the club’s seven global locations.
Most of the financial results were broadly in line with expectations. However, one standout was the sharp rise in other expenses, which jumped £30m (22%) from £137m to £167m. Over the past five years, this category has grown by £67m—an increase of 68%. Like all clubs, high inflation has driven up utility costs, contributing to an 80% rise in matchday expenses.
Still, one figure that caught fans’ attention was the club’s wage bill, which rose 4% year-on-year from £372.9m in 2023 to £386.1m in 2024.
The wage bill increase came during a season without Champions League football and following the departure of several high earners, names such as Fabinho, Jordan Henderson, Roberto Firmino, Alex Oxlade-Chamberlain, Naby Keita, and James Milner.
Given the lack of Champions League revenue and the reduction in high-salary players, some questioned why wages still rose. While speculation online veered into the absurd the reality was more grounded in financial mechanics.
Liverpool’s third-place finish in 2023/24 secured Champions League qualification for the current season, triggering performance-related bonuses likely totalling tens of £m. This aligns with FSG’s incentive-based wage structure, similar to the bonuses awarded after the 2019 Champions League win. With UEFA’s new ‘Swiss Model’ expanding the prize pool, participation has become more lucrative than ever.
Additionally, Alisson Becker activated a clause in his contract during summer 2023, resulting in a substantial pay rise. Previously earning £150,000 per week, his new deal is believed to be closer to £250,000 per week, placing him just behind Mohamed Salah and Virgil van Dijk among the club’s top earners. His contract runs for another two years.
To replace outgoing players, Liverpool brought in Dominik Szoboszlai, Alexis Mac Allister, Ryan Gravenberch, and Wataru Endo. While their salaries are generally lower than those who departed, Szoboszlai and Mac Allister are among the higher earners in the current squad.
Contract renewals also played a role. Conor Bradley’s first major deal came with a significant pay bump, while extensions for Kostas Tsimikas and Ben Doak added further upward pressure. Cody Gakpo’s wages, previously accounted for only five months following his January 2023 arrival, were fully reflected in the 2023/24 accounts, likely adding around £3.5m, based on reported weekly wages of £120,000.
With 2023/24 having been boxed off, what of 2024/25?
