Sports
Liverpool Announces $42m Pre-Tax Profit
Liverpool has announced pre-tax profits of £42million for the financial period ending May 31, 2019, despite a club-record spend on players.
The club’s turnover increased by £78m to £533m thanks to rises in media, commercial and match revenue.
A new Champions League broadcasting deal and the team’s second-place finish in the Premier League under Jurgen Klopp last year also boosted profits.
Their Champions League triumph in 2018-19 is expected to be included in the next set of financial results.
The positive figures come despite a club-record £223m spend on the signings of Alisson, Naby Keita, Fabinho and Xherdan Shaqiri, as well as 11 new contracts for established first-team players.
Liverpool, who became champions of Europe for the sixth time last June, are seventh in the Deloitte Football Money League, a rise of two places from the previous financial year.
Andy Hughes, Liverpool’s chief operating officer, said via the club’s website: “This continued strengthening of the underlying financial sustainability of the club is enabling us to make significant investments both in player recruitment and infrastructure.
“Being able to reinvest over £220m on players during this financial period is a result of a successful business strategy, particularly the significant uplift in commercial revenues.
“The cost of football, however, does continue to rise in transfers and associated fees but what’s critical for us is the consistency of our financial position, enabling us to live within our means and continue to run a sustainable football club.”
The club have also boasted of six million more social media engagements than any other Premier League club during the 2018-19 season, while they say investment in the new training base at Kirkby and further planned expansion of Anfield is testament to the support of owners Fenway Sport Group.
“What we’re seeing is sustained growth across all areas of the club, which is aligned to the recent performance on the pitch,” said Hughes. “There is more work to do and importantly, we will continue our dialogue with all key stakeholders, including local residents, businesses and community groups.
“These financial results and this sustained period of solid growth is testament to our ownership, Fenway Sport Group, who continue to support the club’s ambitions.
Hon Dike who spoke with sports journalists shortly after the flag off the 2024 edition of Chairman’s Football Unity Tournament at Botem Tai in Tai LGA, said the tournament is an annual event to promote peace and unity in Tai as well identify budding talents in the area for global competition.
The opening ceremony of the tournament was more like a carnival was witnessed by huge crowd including prominent indigenes of Ogoni Kingdom, sports lovers and people from all works of life.
The LGA boss revealed that special sports committee will be setup in the area to work out modalities to strengthen sports development in Tai.
He advised the participants in the tournament from various wards in the LGA to play the game by the rules and conduct themselves in a peaceful and orderly manner and use the opportunity to showcase their talents.
Hon Dike further disclosed that his administration will also give priority attention to skills development among the youth to enhance their human capacity and promote enterprise development in the area.
Earlier in his address the Chairman of Tai LGA Football Council, Elder Wisdom Gorgor said the annual football competition has been a unifying factor in Tai LGA that need to be sustained to forge more unity and development in the area.
He urged the participants to see the competition as an opportunity to embrace football as a full career and earn sustainable livelihood.
Elder Gorgor who commended the Chairman of Tai LGA, Hon Dike for his visionary leadership and tremendous development achievements recorded in the LGA under his administration, appealled to the Chairman to build a Mini Sports Stadium in the area to promote sporting activities.
The training was held at the Sani Abacha Stadium Indoor Basketball Court in Kano last Saturday.
According to the Vice President and Head of NBA Nigeria, Gbemisola Abudu, the event was part of the league’s commitment to growing broader basketball ecosystem in Nigeria and making the game more accessible across the country.
“Our first Jr. NBA clinic in Kano speaks to our commitment to growing the game in Nigeria and creating more opportunities for boys and girls to learn and play the game,” Abudu said.
“Nigeria has a rich basketball history and abundance of talent, which is evident every time you watch an NBA game. We look forward to continuing to engage with basketball stakeholders, business leaders and members of the community to further the game’s reach and impact on young people around the country,” she added.
The 2024 basketball initiative clinics of NBA Nigeria also included the league’s inaugural Jr. NBA elite camp for 150 boys and age-16 girls held at the American International School in Lagos in July.
Others include the NBA’s building of 1,000 courts in Africa over the next decade, Nigeria’s Festival Coins and Salubata named the top two winning businesses at NBA Africa Triple-Double Accelerator’s inaugural Demo Day in New York City held last September, and the third edition of “NBA Meets Art,” a curated installation celebrating basketball through the lens of Nigerian art and culture as part of West Africa’s premier art fair Art X Lagos, held in November.
Central to this vision is the federation’s investment in capacity building, evident in the just-concluded one-week Level 1 Badminton World Federation (BWF) Coaching Course, which marked a significant milestone for Nigerian badminton.
Held in Abuja, the course brought together 13 young coaches from across Nigeria. The last time such a course was held in the country was in 2017, making this a historic and transformative step.
The training was facilitated by the Badminton Confederation of Africa (BCA) in partnership with the Badminton Federation of Nigeria (BFN) and conducted by Dr. Ahmed Radah, the BCA Development Manager.
Radah, impressed by the talent he witnessed, praised Nigeria’s potential.
“Nigeria is blessed with immense talent and a strong badminton tradition. I believe this country has what it takes to dominate on the global stage,” he remarked.
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