Liverpool's failure to qualify for Champions League football in the 2010/11 season has adversely affected turnover as published in the accounts last week.
Media income was down £14m, but this loss was more than offset by a £15m rise in commercial revenues arising from Liverpool’s shirt sponsorship deal with Standard Chartered which shows how strong the global brand is.
During the year, the club spent £131.1m on new players but the rebuilding is work in progress as the club have failed to break into the top four or look capable of challenging the Manchester sides.
The profit on the disposal of player registrations has shown an increase from £22.8m in 2010 to £43.3m in 2011 largely due to the sale of Fernando Torres to Chelsea for £50m.
Gate receipts, the largest part of match day income was only down by £2m which shows attendances have been little effected by the lack of Champions League football.
On-going investment in transfer fees and wages will have to be funded by the Owners and the need to strengthen in midfield where a lack of goals has cost dear could easily require £100m to attract world class players should they look to join a club not offering Champions League football next season.